Home Equity
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Home Equity
A home equity line of credit (HELOC) 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!
Finance with UICCU and get…
- Local lenders
- Personalized service
- Reusable for either 5 or 10 years
- Closings as quick as 4 business days
- Efficient, transparent application process
- Competitive interest rates
- Extremely low closing costs that are often forgiven entirely
- Builds credit through capacitance by raising available limit
- No house shopping
And benefit even after loan completion!
- All HELOC’s serviced in-house
- Online banking and app mortgage access
- Small, local team
- Insurance monitoring
Your HELOC Expert
Danny is here to make your lending experience pain-free.
Danny Hedin
Home Equity Loan Specialist
NMLS 1965895
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Documents and Details
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 effective as of January 2025.
| Loan to Value (LTV) Ratio | APR as low as: | Advances available | Repayment Term |
|---|---|---|---|
| 80% LTV | 8.00% | First 10 years | 20 years |
| 90% LTV | 8.00% | First 10 years | 20 years |
| 100% LTV | 10.50% | First 5 years | 15 years |
Documents Needed
You’ll need the following documents to apply for your home equity loan or line of credit.
- A copy of your current ID (driver’s license, state ID, passport, etc.)
- A copy of your most recent W-2 form(s) and/or 1099 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.
- A copy of your most recent mortgage statement
- See the full mortgage document checklist
Start Putting the Value in Your Home to Work!
FAQs
Q: 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 advance amount is $500 and the APR is subject to change.
Q: Which properties are eligible?
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 in Illinois and be your primary residence, with the title held in your name (not a second home, rental property, or home being purchased on contract).
Q: How does it all work?
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.