Home Equity Loan
Turn the equity you’ve built in your home into a smart financing option. A credit union home equity loan provides a single lump-sum payout at a low, fixed rate—so you can plan with confidence and repay over time.
OFCU Home Equity Loan Benefits
Simple Ways to Apply
Start your application online, call us or visit a branch. If you’re already a member, apply through digital banking.
Flexible Use of Funds
Cover almost any major expense, such as home renovations, education costs, or debt consolidation.
Payment Options to Fit Your Budget
Choose a repayment schedule that works best for you - weekly, bi-weekly, or monthly.
Home Equity Loan
A home equity loan through OFCU lets you access the value in your home without the uncertainty of variable rates. It’s a practical, lower-risk borrowing choice that works for a wide range of goals.
Use the funds your way, remodel your kitchen, finance tuition, consolidate higher-interest debt, or take that dream vacation.
With a credit union home equity loan, you’ll enjoy:
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Competitive, fixed interest rates
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A one-time lump-sum disbursement
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Predictable monthly payments
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Flexible terms up to 15 years
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No prepayment penalty
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Potentially tax-deductible interest*
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Closing costs covered by us**
Apply today and put your home’s equity to work for you.
*Consult your tax advisor about the deductibility of home equity interest.
**Loan must remain open for three years. Estimated closing costs $600. Membership eligibility is required, including $5 minimum share account balance. Additional disclosures will be sent to you upon application submission. Property insurance required. Flood insurance required where applicable.
Get a Home Equity Loan in 3 Easy Steps!
Step
1 |
Apply for a Home Equity Loan
Apply online, call us or visit a branch. Members can apply through digital banking. |
Step
2 |
Get Approve
We’ll review your application and let you know our decision quickly. |
Step
3 |
Finalize & Fund
Sign your documents electronically or in person at a branch, and your funds will be ready to use. |
★★★★★
“The staff at OFCU are friendly, responsive, and professional.
I've been banking with them for over twenty years and have
never had an issue.”
- Ian C., Mexico, ME
Home Equity Loan FAQ
What is a home equity loan?
A home equity loan lets you borrow money using the equity you’ve built in your home as collateral. You receive a lump sum and pay it back in fixed monthly payments, usually with a fixed interest rate. It’s often used for large expenses like home improvements, debt consolidation, or education costs.
How is a home equity loan different from a HELOC?
A home equity loan provides a lump sum upfront with fixed payments and a fixed interest rate. A HELOC works more like a credit card, giving you a revolving line of credit you can draw from as needed, usually with a variable interest rate.
How much can I borrow with a home equity loan?
Equity is the current market value minus any outstanding mortgage balance. Our home equity loans allow for financing of up to 90% of your home’s appraised value, less any outstanding mortgage balance. The maximum loan amount is $350,000.
How do I repay a home equity loan?
With 5-, 10-, and 15-year home equity loan terms, we can find a repayment schedule that works for you. You can even set up automatic payments via digital banking so you never forget to pay! All payments are due on the 25th of the month.
Are there fees or closing costs?
There are no fees, and we pay all of the closing costs, usually averaging around $700.
Have a Question? Give Us a Call
More Ways to Borrow
Home Improvement Loans
Planning smaller updates or quick renovations? Our home improvement loans offer the necessary flexibility, without using your home as collateral.
Personal Loans
Want to consolidate debt, cover unexpected expenses, or make a major purchase? Our personal loans can help you get the funds you need.
Home Equity Line of Credit
Access the value in your home with a flexible line of credit. Borrow what you need, when you need it, and repay on your own schedule.