Home Equity Line of Credit

Turn your equity into your next financial adventure

$0 Closing Costs. Flexible access to funds when you need them.

From debt consolidation to home updates and bigger plans, a HELOC gives you room to move.

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Calculators

Find Out How a Home Equity Line of Credit Can Help you Reach your Goals

Calculate a Home Equity Loan Payment

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Loan Information
Loan Amount
$ 50,000.00
Monthly Payment
$ 0.00
Total Interest Paid
$ 0.00
Home Equity Loan Payoff Schedule

Repayment of a home equity loan requires that the borrower makes a monthly payment to the lender. That monthly payment includes both repayment of the loan principal, plus monthly interest on the outstanding balance. Payments are amortized so the monthly amount stays the same throughout repayment, but more of each payment goes toward principal as the balance decreases.

Yearly Summary Table
YearInterest PaidPrincipal PaidEnding Balance
Amortization Schedule
Payment #PaymentInterestPrincipalBalance

 

Tap into your home’s value for whatever’s next.

Patch a leaky roof. Tackle a tangle of credit card bills. Build that backyard sauna you’ve been dreaming about. A Home Equity Line of Credit gives you flexible funds when you need them, so your cash stays ready for life’s surprises (or splurges).

 

Want steady payments? You can lock in part of your balance with a fixed rate anytime.

Rates

Heloc - Variable

Rates Effective as of January 1, 2026
Home Equity Line of Credit APR Fixed or Variable Rate Annual Fee Title-Date More Info
up to 80% CLTV 6.50% - 8.50% Variable $35 (waived first year)
85% CLTV 7.25% - 9.25% Variable $35 (waived first year)
90% CLTV 8.00% - 8.50% Variable $35 (waived first year)

Heloc - Fixed

Rates Effective as of January 1, 2026
Fixed Conversion (Up to existing LOC limit) APR Fixed or Variable Rate Conversion Fee Title-Date More Info
up to 80% CLTV 7.75% - 10.75% Fixed $50 (waived for first conversion)
85% CLTV 8.25% - 11.25% Fixed $50 (waived for first conversion)
90% CLTV 8.75% - 10.75% Fixed $50 (waived for first conversion)

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Learn More About HELOCs

Get the answers you need before you apply

Our resources break down how home equity works, what to expect, and how to make the most of your line of credit.

Frequently Asked Questions

Can I borrow the full amount of my home equity?

You can borrow up to 80% of the value of your home. If your home is worth $300,000 and your mortgage is $200,000, then the equity is $100,000, but you can only borrow up to $40,000 because 80% of the home value is $240,000. In some instances you can borrow more than 80% through a HELOC depending on your situation.

Why would I need a Home Equity Line Of Credit (HELOC)?

You can use a HELOC for almost anything, such as a home remodel, a down payment on another home, or to pay for an emergency. There are no restrictions on how you use the money. A HELOC has a lower interest rate than most credit cards and is ideal for debt consolidation.

What is equity?

Equity represents the amount of money you would receive upon the sale of your home. Equity is a reflection of the current market value of your home.

Should I get a Home Equity Line Of Credit (HELOC) or refinance my home?

Why would I want a Home Equity Line Of Credit (HELOC) instead of refinancing my home?

A HELOC gives you more flexibility. If you refinance your home, you receive a one-time payment based on the market value of your home and the difference between your new home loan amount and your previous home loan. A HELOC gives you revolving credit, like a credit card. You use only as much as you need up to the maximum amount, and as you pay it back, you can use it again.

How do I apply for a HELOC?

You can start the application online or by telephone. Contact one of the loan officers at any iQ Credit Union branch.

What is a Smart Equity Line of Credit?

  • HELOC stands for Home Equity Line of Credit
  • Turn the equity you already have in your home into a line of credit that you can pull from when you need it.
  • With our fixed rate conversion, you get the flexibility of a line of credit with the security of a fixed-rate loan.
  • Limits as low as $10,000
  • Options for non-owner-occupied properties

How do I use my HELOC?

  • Funds can be transferred through online banking.
  • Cashier’s checks can be requested in branch.
  • Cash can be requested in branch. Please call ahead for amounts exceeding $3,000

How do payments work?

  • No payments are owed unless money is advanced.
  • Your payment amount will always be 1% of your outstanding balance or $50, whichever is greater.
  • Your payment on a fixed-rate conversion is calculated differently. Please see ‘Fixed-Rate Conversion’ category below.
  • Payments are due on the last day of every month.
  • Payments apply to principal and interest.

What is a Fixed-Rate Conversion?

  • Fixed-rate conversions are offered on the funds you advance if you’d like to lock in a set rate, payment, and term.
  • This can be a portion of your limit or the full limit, based on the amount you advance and request to have fixed.
    • A fixed-rate conversion can only be done upon member request, after funds are withdrawn from the HELOC. Form must be completed and signed same day.
  • Your payment on a fixed rate conversion is amortized over 5, 10, 15-year term options so will vary depending on the term you select.
  • Payments are applied to principal and interest and this payment will not fluctuate once converted.
  • Rates offered on conversions are separate and often higher than current variable rates, however, do not fluctuate
with the prime rate once converted.
» At any time, you can choose to convert your fixed amount back to the variable line of credit if desired. Fees may apply.

Fees

  • $35 annual fee to keep open (waived the first year)
  • Cost to open your HELOC on a Primary Residence -
    • Appraisal cost can vary. This may or may not be required.
    • Property Condition Report - $68. This may or may not be required.
    • Title and Recording Fee - $100 (remaining title fees covered by Credit Union upon opening of loan)
    • Every HELOC can be different, and fees can fluctuate, this is just an estimate.
  • $125 discount on cost to open if you qualify for Member Perks.
  • Cost to fully close your HELOC –
    • If HELOC is closed within the first 3 years, member may owe a reimbursement of fees up to $300.
    • Reconveyance Fee charged by county.

Disclosures

*APR= Annual Percentage Rate.

HELOC - Variable  Rates are variable and vary with Prime Index Rate as published by the current Wall Street Journal. We add a margin to the index to determine the actual interest rate. The current Wall Street Journal prime index rate is 6.75%. The variable Rates Effective as of January 1, 2026 are 6.50% - 9.25%, depending on member credit qualifications including credit and employment history, and amount of equity in the property. Our rates do not go below 3.75% or above 15%. 

HELOC – Fixed Rate is determined by credit qualifications and equity in the property at time of loan origination. The fixed conversion minimum is $5,000 and cannot be more than the total existing line of credit limit, with up to three fixed lines at one time. $50 fee to convert fixed portion back to line of credit.

Learn more about Home Equity