Make room for more with your home’s equity
A home equity line of credit (HELOC) lets you borrow for projects or larger expenses using the equity you’ve built. Use funds as your plans take shape.
Room for projects and plans
See how a HELOC could help with home projects, debt consolidation, or another larger expense.
Improving the Home You Love
Tackle repairs, updates, or a room-by-room project, using funds as the work moves forward.
- A new roof, windows, or needed repairs
- Kitchen, bathroom, or accessibility updates
- Materials, contractors, and other project costs
Consolidating Debt
Bring multiple balances into one place, with one payment to track and a clearer payoff plan.
- Consolidate eligible credit card balances or other debt
- Compare your current rates with the HELOC rate
- Understand the total cost before making a change
Planning for a Bigger Expense
Use your home’s equity for education, medical costs, or another larger expense that may happen over time.
- Tuition, training, or other education costs
- Medical, dental, or family expenses
- Borrow funds as costs come up
Why open your HELOC with Linden?
Borrowing against your home is a big decision. We’ll take time to understand what you’re planning and help you decide whether a HELOC makes sense for your budget and plans. Here, you’ll find:
- Borrow only what you need and pay interest only on what you use
- Your variable rate, payment, and borrowing costs explained clearly
- Help comparing a HELOC with other borrowing options
- Real guidance from application through closing
As members for over 20 years, we have truly appreciated the dedication and commitment that this credit union has shown to its members. The staff has always been friendly, knowledgeable, and willing to help with whatever our financial needs may be. Their outstanding customer service and genuine care have made every interaction a positive experience. We are grateful to be members and highly recommend this credit union to anyone looking for a financial institution that truly puts its members first.
- Richard F
- Linden CU Member
Current Home Loan Rates
| Loan Type | Term | APR1 as low as | Loan to Value (LTV) |
|---|---|---|---|
| Fixed Rate Mortgage | 30 Year | 6.875% | Up to 85% |
| Fixed Rate Mortgage | 15 Year | 5.740% | Up to 85% |
| Fixed Rate Mortgage | 10 Year | 5.740% | Up to 85% |
| Home Equity Line of Credit (variable rate – changes quarterly to Prime Rate) | Line of Credit | Prime Rate | Up to 80% |
| Home Equity Second Mortgage | 5 Year Balloon | 5.99% | Up to 80% |
| Construction Loan | Up to 12 Months | 5.99% | Up to 85% of cost or 80% of appraised value, whichever is less |
| Land Loan | Up to 60 Month Balloon | 1% over Home Equity Loan Rate | Up to 80% |
| Lot Loan | Up to 60 Month Balloon | .50% over Home Equity Loan Rate | Up to 80% |
| FHA, VA, USDA Mortgages | Term Options Vary | Rates Change Daily | LTV Requirements Vary |
1APR = Annual Percentage Rate. Rate based on creditworthiness and term of loan. Rates are subject to change at any time and are not guaranteed.
Home equity line of credit questions, answered.
What does “home equity” mean?
Home equity is the difference between what your home is worth and how much you still owe on it. For example, as you pay down your mortgage or your home’s value increases, you may build more equity.
How does a home equity line of credit work?
A HELOC is a reusable line of credit secured by your home. You can borrow from your available credit, repay it, and borrow again according to the terms of the line. Because your home is collateral, falling behind on payments could put your home at risk.
How much can I borrow?
It depends on what your home is worth, what you still owe on it, and your financial situation. You may be able to borrow up to 80% of your home’s value, minus your mortgage and any other loans tied to the property. We’ll run the numbers and explain what may be available to you.
Do I pay interest on the full credit line?
No. You pay interest only on the amount you actually borrow. The HELOC has a variable rate that may change quarterly with the Prime Rate, so your rate and payment may go up or down over time.
How is a HELOC different from a second mortgage or home equity loan?
A HELOC is a reusable line of credit that lets you borrow as needed, generally with a variable rate. A home equity loan or second mortgage provides one amount upfront with a set repayment schedule. Both use your home as collateral, but they can work better for different types of expenses.
Wherever you’re starting, we’ll start there with you.
