Home Equity

A home equity line of credit lets you borrow against the value of your home (above what you currently owe on it). You can use the money for home improvements, tuition, vehicles, refinancing high interest debt, or any other purpose. If you’re a homeowner in Illinois, it might be the very best way to borrow!

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How Much Can I Borrow?

Credit lines from $10,000 to $250,000 are available. Qualified members can borrow up to 100% of their equity in their home’s appraised value, and interest may be tax deductible (consult your tax advisor). The minimum initial advance amount is $1,000 and the APR is subject to change.

Eligible Properties

Home equity lines of credit are available for owner-occupied 1 to 4 family residential units. The property you offer as security on a home equity line of credit must be your principal residence, with the title held in your name (not a second home, rental property, or home being purchased on contract).

How It Works

With a home equity line of credit, you can apply once and access funds up to your approved limit any time you need them. You can access your funds through digital banking, by writing a share draft check (minimum $500), or by requesting the credit union to provide you an advance via funds transfer or check.

Required Documents

You’ll need the following documents to apply for your home equity loan or line of credit.

  • A copy of your most recent W-2 form(s) and most recent paycheck stub(s) or bank statements to verify income for retirement or Social Security. If self-employed, we need your last 2 years of income tax returns.
  • A copy of your most recent property tax assessment.
  • A copy of the declarations page of your homeowner’s insurance policy showing your coverage and premium.

Home Equity Line of Credit Rates

Your interest rate will be based on the loan to value ratio and the repayment term. The rates below are current as of April 2020.

Loan to Value (LTV) RatioAPR as low as:Advances availableRepayment Term
80% LTV3.75%First 10 years20 years
90% LTV3.75%First 10 years20 years
100% LTV6.25%First 5 years15 years


Start Putting the Value in Your Home to Work!

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Loan rates are subject to change without notice. Actual Annual Percentage Rate (APR) may be higher based upon loan amount, selected terms, and creditworthiness of the individual borrower. APR is variable and based on the Prime Lending Rate plus a margin determined by the individual creditworthiness of the borrower(s) and the loan to value (LTV). Rates are subject to adjust monthly. Maximum APR is 18.00%. Minimum APR is Prime Rate. Maximum Line of Credit is $250,000, minimum is $10,000. Minimum credit score requirements apply on LTVs greater than 90%. Closing costs are waived — however, if the member closes the home equity within two years, they must reimburse UICCU for all fees involved with opening the home equity. Fees may range from $133 to $400. No annual fee. Offers not valid on existing UICCU loans. Disclosure information is accurate and effective as of 04/01/2020 and is subject to change. To inquire about changes in these disclosures, call toll free 877-678-4328. Other restrictions may apply. Subject to credit approval. All terms and conditions of this offer are subject to change at any time without notice.

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