Home Equity Loans

We offer both fixed rate and line of credit home equity products to help you finance your dreams. Whether you need to pay for home improvement, your big wedding day, a fun vacation, or college tuition, you can find financial solutions here at Blue Eagle Credit Union. 

Home Equity Line of Credit

A home equity line of credit (HELOC), also commonly referred to as a “second mortgage,” is a convenient and flexible way to pay for some of life's big expenses. It allows you to borrow against your equity — your home's value minus the amount you owe on your mortgage. Some common uses for a HELOC are:

• Home improvements

• Unexpected expenses

• Vacations

• College expenses

How Does a HELOC Work?

A home equity line of credit gives you a line of credit secured by your house, and it is based on your home's most recent appraised value.  A HELOC is a line of credit (or HELOCs are lines of credit) that you borrow from as needed, and as you make payments, your amount of available credit increases.  You can borrow as much or as little as you need as often as you need it during the draw period.

What Are the Benefits of a HELOC?

Taking out loans against home equity can help you finance various planned and unplanned expenses, such as home repairs, improvements, and renovations. HELOCs and second mortgages can also help you consolidate debt or supplement your emergency fund if it has run out.

When you establish a HELOC with us, you'll enjoy:

• An established line of credit for both planned and unplanned expenses using available equity in your home.

• Up to 100% of your home's value using a recent appraisal.

• Online access to check your balance and draw from your credit line.

• Access to your loan details and ability to draw from your credit line using the MyCU Digital Banking app.

• Quick closing to get your projects off the ground sooner.