Home Equity Line of Credit

Enjoy no closing costs until June 30*

Explore what the equity in your home can do for you today

Rates as low as 3.75%*
Pay Off Credit Cards
Make Home Upgrades
Handle Unexpected Bills
Non Members Apply Here Current Members Apply Here

Transform the cash sitting in your home into a powerful line of credit

Home Equity Line of Credit

HELOC stands for Home Equity Line of Credit. We basically turn the equity you already have in your home into a line of credit that you can pull from when you need it. So your investment continues to grow, and you reserve your cash for other things - like sweet roller skates or a buffalo plaid dog leash.

  • Consider a HELOC if:

    • You’re satisfied with your current mortgage and/or you don’t want to jump through the hoops to refinance and get cash out
    • You’re unsure of how much cash out you need
    • You love the idea of having some financial flexibility

    • You like the sound of paying off debts quicker
  • Why Get a HELOC?

    Turn the value of your home into cash because you’ve earned it.

    You are a responsible homeowner. You have worked hard to buy your home, and you make regular mortgage payments. Why not turn your home value into cash with a simple home equity line of credit?

    A HELOC lets you use the untapped value of your home into a line of credit you can access at any time. Consider the possibilities:

    • Remodel your home
    • Pay off credit card debt
    • Make a down payment on a new home
    • Have extra money to pay for emergencies
    • Have access to cash when you need it
    • Pay off high-interest debt

    With a HELOC, you only pay interest on what you use. And iQ offers several options specifically designed to meet your financial needs. A HELOC is a great way to create a pool of ready cash to give you peace of mind. It’s ideal if you don’t know how much you may need and want financial flexibility or if you just want to tap your home equity without having to refinance.

  • Benefits of an iQ HELOC

    With a flexible line of credit and several different options to best fit your specific needs, putting the equity that’s sitting in your home to work for you can be a smart and strategic financial decision.

    • Easy application process
    • Locally processed and serviced
    • Typically doesn't require an appraisal
    • Limits as low as $10,000
    • Options for non-owner-occupied properties
    • Rates as low as 3.75%*

Home Equity Line of Credit - Rates Effective as of April 1, 2022
Loan Type APR Fixed or Variable Rate Index Margin Annual Fee Title-Date More Info
up to 80% Home Equity Line of Credit 3.75% - 5.25% Variable Prime Rate -.25% - 1.75% $35
85% Home Equity Line of Credit 4.00% - 6.00% Variable Prime Rate .50% - 2.50% $35
90% Home Equity Line of Credit 4.75% - 5.75% Variable Prime Rate 1.25% - 2.25% $35

* APR = Annual Percentage Rate. Actual rates depend on member credit qualifications including credit and employment history, and amount of equity in the property. The current Wall Street Journal prime index rate is 3.50%. We add a margin to the index to determine the actual interest rate. The minimum APR is 3.75%. The maximum APR is 15.00%. Rates for fixed-term conversions taken against the line range from 4.25% APR to 7.25% APR. Loan Costs: Range between $155 and $1,500 to cover third-party costs, and are paid by the borrower. Learn more about Home Equity.


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


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.

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.

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.

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.

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


*APR = Annual Percentage Rate. Rates are variable and vary with Prime Index Rate as published by the current Wall Street Journal, currently 3.50%. We add a margin to the index to determine the actual interest rate. The minimum APR is 3.75% The maximum APR is 15.00%. Actual rates depend on member credit qualifications including credit and employment history, and amount of equity in the property. Promotional waiver of closing costs pertains to all costs required to open the line of credit except for any required appraisal. If an appraisal is required, borrower will be required to pay for such appraisal, normally $675 or more. If the Home Equity Line of Credit is paid off and closed within the first 36 months, waived closing costs must be repaid to the credit union (up to $300). Minimum loan amount is $10,000, but there is no minimum advance requirement. Credit is subject to approval, not all applicants will qualify. Fees that occur after the line is opened, such as annual fee ($35) and reconveyance fee are not considered closing costs. Flood and /or property hazard insurance may be required and are also not considered closing costs. All Credit Union loan programs, rates, terms, and conditions are subject to change at any time without notice. All loans subject to approval of property. Current APR range of 3.75% - 6.00% is accurate as of April 1, 2022. Promotion is valid for applications taken between April 1, 2022 and June 30, 2022 (and the loan must be funded no later than July 31, 2022).