Home Equity Loans - Rock Valley Credit Union

Your home is one of your greatest assets — let’s make the most of it! Did you know that when you make mortgage payments, you earn equity that can be used to pay for home improvements, consolidate debt, or prepare for your child’s future? Pretty great, right?

Getting Started

WHAT EXACTLY IS EQUITY?

We’re glad you asked! Equity is the current value of your home minus the amount you still owe on your mortgage. For example, let’s say your home is valued at $200,000 and you still owe $150,000. You would have $50,000 in equity! Nice!

Home Equity Line of Credit (HELOC): It’s like an extremely low-interest credit card. When you need money, you can draw upon the account up to a certain limit and within a certain timeframe. Not only do you get a lower interest rate than some traditional types of loans, but there’s also the possibility of taking a tax deduction on the interest. As you repay your outstanding balance, your line of credit increases, which means you can pay back and borrow multiple times over the life of your loan.
Home Equity Loan: A home equity loan is a one-time installment loan that uses the equity in your home as collateral. Home equity loans have a fixed interest rate and a regular monthly payment.
Cash Out Refinance: A cash out refinance allows you to take on a larger mortgage in exchange for accessing the equity in your home.
Refinance: As mortgage rates and your financial goals change, you might consider the benefits of a mid-loan refinance. We can walk you through the options that best meet your goals, whether that’s a shorter loan or a smaller monthly payment.

Calculators

Wondering how much you can afford? Check out our loan calculators to help you decide what’s right for you!

Resources & Promotions

Credit Scores and History

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Contact

Wondering which home equity option is right for you? Let’s talk!

MORTGAGE LENDING CONTACT INFORMATION

Rhonda Graves
NMLS #1741016

PHONE

815-633-5426

EMAIL

rgraves@rockvalleycu.org

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Open An Account

At RVCU we understand that no two members are alike, and neither are the ways we can help make their dreams a reality. What are you waiting for? Become a member today!

STATE OF ILLINOIS / COMMUNITY REINVESTMENT NOTICE
The Department of Financial and Professional Regulation (Department) evaluates our performance in meeting the financial service needs of this community, including the needs of low-income to moderate-income households. The Department takes this evaluation into account when deciding on certain applications submitted by us for approval by the Department. Your involvement is encouraged. You may obtain a copy of our evaluation. You may also submit signed, written comments about our performance in meeting community financial services needs to the Department

*(Note: There could be tax implications if the loan is not used to purchase, build or substantially improve your home – please speak with your tax advisor.)

Routing #: 271988388 / NMLS #: 597779

Equal Housing Opportunity – We do business in accordance with the Fair Housing Law and Equal Opportunity Credit Act

NCUA – Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.

Important information about procedures for opening a new account: To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.