One of the biggest financial benefits of home ownership is building equity over time. At FFCCU, we offer multiple home equity options designed to fit your unique financial goals. By borrowing against your home value, you can often secure much lower rates compared to other types of borrowing. Explore our main loan programs below.
A HELOC provides you with a flexible, revolving line of credit. Similar to how credit cards work, you are approved for a maximum loan amount, but you only borrow what you need, when you need it, and you only pay interest on the amount you actually use. This is an excellent option for ongoing projects where the final costs might fluctuate.
A Fixed-Rate Equity Loan provides you with a lump sum of money upfront. Because the interest rates are locked in for the entire life of the loan, your monthly payments will stay exactly the same. This predictability makes it perfect for one-time, large expenses where you know exactly how much funding you need.
With a Home Equity Loan from FFCCU at a rate as low as 5.49% APR*, you don’t need to be a wizard to make your dreams come true. Here’s what you can do with the value already in your home:
🏡 From Dustbowl to Emerald Palace: Use the equity in your home for repairs or home renovations and reinvest in your nest.
🛣️ We’re Not in Ohio Anymore: Use the funds for a dream vacation and take the yellow brick road someplace life-changing.
📉 Pay No Attention to the Rates Behind the Curtain: Consolidate high interest from a credit card or other debt into a potentially lower payment.
🧠 If I Only Had a Brain: Pay off student loans before predatory lenders get you, my pretty, (and your little dog too!)
Get a home equity loan or line of credit, the choice is yours. Home equity loans are a great low-rate option when you want to tackle big home improvements, consolidate debt, or pay for college. And, depending on what you use the funds for, the interest may even be tax deductible!* Plus, FFCCU may cover up to $800 in closing costs!*
WHAT IS IT?
A lump-sum loan at a fixed interest rate that you’ll pay back, in equal installments, over time.
INFO TO KNOW:
Terms up to 15 years, with fixed rates
NO prepayment penalties (after one year)*
Your interest may be tax deductible.* (check with your tax advisor)
BONUS!
We'll cover up to $500 in closing costs when you borrow a minimum of $10,000, and up to $800 in closing costs when you borrow $50,000 or more!
WHAT IS IT?
A line of credit that uses the equity in your home as collateral. Use your line during the draw period, while paying a monthly balance throughout the life of the loan.
INFO TO KNOW:
7-year draw period with a 15-year repayment.
$10,000 initial advance, and as low as $500 for subsequent advances
BONUS!
We'll cover up to $500 in closing costs when you borrow a minimum of $10,000, and up to $800 in closing costs when you borrow $50,000 or more!
| Feature | HELOC | Fixed-Rate Equity Loan |
|---|---|---|
| How Funds Are Accessed | Revolving lines of credit (draw funds as needed). | One-time lump sum payout. |
| Interest Rate Type | Variable rate (may change over time). | Fixed rate (stays the same for the life of the loan). |
| Monthly Payments | Fluctuates based on your current balance and rate. | Predictable, fixed monthly payments. |
| Best Used For... | Ongoing renovations, tuition payments, emergency funds. | Debt consolidation, a single major home repair, large one-time purchases. |
Because these loans are secured by your property value, they offer incredible versatility. Here are some of the most popular ways our members use their funds:
When you search for a home equity loan, you will find plenty of options from big banks. But traditional banks are notorious for higher rates, strict terms, and hidden costs like steep maintenance fees or a costly appraisal fee.
As a member-owned cooperative, FFCCU operates differently. We return our profits back to our members in the form of competitive mortgage rates, better service, and fairer lending practices. We work closely with you through the credit approval process, taking your whole financial picture and credit score into account, not just a number on a screen. Plus, your funds are safely insured up to $250,000 per account by American Share Insurance (ASI).
| Loan Type | Fixed Rate APR* | Variable Rate APR* |
|---|---|---|
Home Equity Line of Credit LoanVariable Rate, 7 yr. draw period, 15 year repayment | as low as 6.75%** | |
| Home Equity Loan (Fixed Rate) | as low as 5.49%* | |
Yes! In fact, credit unions like FFCCU are often the best places to secure home equity financing because of our member-first structure, which typically translates to lower fees and better interest rates.
The total loan amount you qualify for depends on several factors, including your current property value, your existing mortgage balance, your credit score, and standard credit approval requirements. Contact our lending team to discuss your specific situation.
Because your loan is secured by your home, proof of adequate property insurance is required. An appraisal or property evaluation may also be necessary to determine your current home value. Our team will guide you through this process transparently so there are no surprises.
While both utilize your home’s equity, they are very different. A home equity loan is a second mortgage where you make monthly payments to repay the borrowed amount. A reverse mortgage is typically for older homeowners who receive payments from a lender based on their equity, and the loan is usually repaid when the borrower moves or passes away.
FFCCU allows members to borrow up to 90% of their home’s value (Loan-to-Value, or LTV). That said, borrowing at 80% or less of your home’s value typically qualifies you for our most competitive rates. Our lending team will work with you to find the right fit for your unique financial situation.
