HOME EQUITY LOANS
Make More of What You've Built.
Your home is more than just a place to live. It's also an opportunity to make your next big move possible. Whether you're planning home improvements, consolidating debt, or covering life's larger expenses, Community West Credit Union offers flexible ways to put your home's equity to work. Explore our Home Equity Loan and Home Equity Line of Credit (HELOC) options to find the financing solution that fits your needs and goals.
Home Equity Loans
You could be standing on a pile of cash!
A home equity loan is a fixed-rate mortgage product with a principal and interest payment, featuring terms of up to 15 years. The loan borrows against a portion of your current home through equity/appreciation (an increase in the value of your home over time) and previous payments on your mortgage. You have home equity when your home's value is higher than what you owe on your mortgage. Then, you can borrow against that value to finance remodeling, educational or medical expenses, emergency situations, debt consolidations, and more.
Home Equity Loans offer benefits such as:
- Your money comes in one lump sum. You'll get the value of your loan in one payout. This is particularly beneficial for homeowners who are looking to finance home improvement projects or individuals who are paying for medical or large educational expenses.
- It's a fixed, monthly payment. Your interest rate will never change, and you pay monthly - just the same as you would on a mortgage. If you are using the funds from this loan to pay off debts, you may benefit from the single monthly payment structure.
*APR = Annual Percentage Rate. Subject to change. APR may be higher depending on your application. Appraisal may be required. Payment per $1,000 borrowed at 6.24% APR is $10.24 per 120-month term. Certain loans may have more requirements.
Home Equity Line of Credit (HELOC)
Tap into your home's potential.
While the lump sum payment of a home equity Loan is great for projects with a set budget, many homeowners completing ongoing renovations know how difficult it can be to fully estimate expenses. When you need more flexible access to the equity within your home, a home equity line of credit (HELOC) may be the ideal solution.
Home Equity Line of Credit (HELOC) offers benefits such as:
- Interest accrues only on the amount of money you actually use. For example, if your HELOC offers $20,000, but you only borrow $5,000 - interest will only be paid on the amount you actually borrowed. Keep in mind that HELOCs offer variable vs fixed rates. Your interest rate could rise over time, so you'll want to keep a close eye on how much you've spent to better manage repayment.
- Draw funds when needed. A HELOC functions more like a credit card than a loan, allowing you to draw funds within specified limits and pay them back over time.
*Prime Rate as of 12-11-2025: 6.75% APR. 3.00% APR Floor.
**APR = Annual Percentage Rate. Subject to change. APR may be higher depending on your application. Appraisal may be required. Must have property insurance and be able to provide proof upon request. Certain loans may have more requirements. The maximum annual percentage rate may be imposed in a variable-rate plan. Member should consult a tax adviser for further information on tax deductibility.
Helpful Links
Mortgage Department:
616.261.5657 (option 2)
MortageTeam@communitywestcu.org
NMLS # 691882
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