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Home Equity Line of Credit (HELOC)

family planning home improvement project.

What is a Home Equity Line of Credit?

A Home Equity Line of Credit (HELOC) is a great tool that allows you to establish a line of credit based on the available equity in your home. We’ve made it easy to access your funds, by online transfer or checks. The best part is you only pay interest on the money drawn from your line, and your payments are based accordingly!

A HELOC is great for all kinds of needs such as:

  • Home Improvement
  • Loan Consolidation
  • College Education
  • Emergency Funds



Q: Am I eligible for a HELOC if I am still paying on a mortgage?
A: Yes! You may still be eligible for a HELOC if you meet our credit qualifications and you have built enough equity in the home that you have a mortgage on.
Q: How much can I borrow with a HELOC?
A: You can borrow up to 80% of the home's value minus the dollar amount of your first mortgage. For example: If your home is valued at $200,000, then 80% of your home's value is $160,000. If you still owe $90,000 on the mortgage than you would have $70,000 available to borrow for your HELOC. ($160K - $90K = $70K available to borrow.)  
The minimum HELOC amount is $5000, but the borrower can allow the HELOC to have a $0 balance.  
Q: Does my first mortgage have to be with CES Credit Union to qualify for a CES HELOC?
A: No! Your first mortgage can be with most any financial institution. We will need that mortgage information (lender, account number) during the application process.
Q: Are there any fees I have to pay?
At the time of the application, funds (approximately $600) are collected from the applicant to pay for the appraisal. At closing, if the appraised value is sufficient and line is opened, the funds are returned to the applicant. There is also a $45 annual fee for the HELOC. (Annual fee is waived for the first year.)
Q: How much would my monthly payment be for a HELOC?
 Your monthly payment would be 1.5% of the current balance. For instance, if you have $10,000 remaining on your current balance your monthly payment would be $150.
For more information, please check out "What you should know about home equity lines of credit". 
*Your rate may vary depending on variables such as credit score of borrower. All loans subject to approval based upon creditworthiness, qualifications and collateral conditions. This is a variable rate plan, APR may change quarterly. Maximum APR is 18.00%. Minimum APR can never go below your initial APR. Must carry insurance on the property.
CES Credit Union: NMLS# 798565