Home Equity Loans

Use Your Home's Equity Your Way

Your Home, Your Way

Use the equity you’ve built to fund home improvements, consolidate debt, or cover major expenses. Both a Home Equity Line of Credit (HELOC) and a Home Equity Loan (Second Mortgage) let you tap into your home’s value — the right choice depends on how you plan to use the funds.

Reasons for a Home Equity Loan

  • Home Improvements: Remodel your kitchen, build a deck, or finish the basement.
  • Education Expenses: Cover tuition, books, or online learning.
  • Debt Consolidation: Simplify your finances with one manageable payment.
  • Unexpected Costs: Be prepared to cover life’s surprises.
  • Special Purchases: Fund a wedding, vacation, or large purchase.


Compare Your Options

See what option is best suited for your needs. 

HELOCs
  • Ongoing or phased home improvement projects.
  • Unexpected or changing expenses.
  • Flexible borrowing needs as expenses arise.
Second Mortgages
  • Large, one-time expenses.
  • Consolidation your debt.
  • Planned expenses with a predictable monthly payment.







HELOC vs. Second Mortgage

Use the equity you’ve built to fund home improvements, consolidate debt, or cover major expenses.

Both options let you tap into your home’s value — the right choice depends on how you plan to use the funds. Questions? We're here to help!
HELOC

A flexible, revolving line of credit that allows you to borrow up to a set credit limit, as needed.

Monthly Payments: Payment set each time an advance is made*.

Financing: Up to $250,000
  • Or 90% of Equity

Repayment Term: Up to 20 Years (5-year draw period)

Tax Deductible Interest**: Possibly

Appraisal of Valuation: May be Required

Rate: Variable Rate***

How HELOCs Work
  • Draw funds as needed.
  • Pay interest only on what you use.
  • Variable Interest Rate***

Second Mortgage

A one-time lump sum loan with a fixed interest rate and predictable monthly payments.

Monthly Payments: Set amount each month.

Financing: Up to $250,000
  • Or 100% of Equity

Repayment Term: Up to 15 Years

Tax Deductible Interest**: Possibly

Appraisal of Valuation: May be Required

Rate: Rate Fixed for Balloon Period

How Second Mortgages Work
  • Receive funds all at once.
  • Fixed repayment term and monthly payment.
  • Fixed Interest Rate









































* A payoff period of 240 monthly payments (20 years) will be used to calculate the payment. Payments will be set to repay the balance after an advance, at the current annual percentage rate, within the payoff period. Payments may also change if the annual percentage rate increases or decreases.
** Consult your tax professional regarding interest deductibility.
*** The rate is based upon the value of an index. The index is the highest rate identified as the Prime Rate in the Money Rates section of the Wall Street Journal. Rates are subject to change daily. Based upon the LTV ratio, a margin is added to the value of the index. The floor rate is 2.99% (Up to 80% LTV) and the maximum rate will never exceed 18.00%. You can obtain credit advances for 5 years. Your payment will be set to pay off any balance after the initial draw period for a period of 20 years. Minimum payments will never be smaller than $100. Payments will remain the same unless an advance is made. There is no minimum cash advance. The maximum home equity line depends on the home value and total loans secured by the home. Closing costs may exist and you may be required to pay for an appraisal up front with the possibility of reimbursement at closing, at the sole discretion of BHCCU. You must consult a tax advisor regarding the deductibility of interest.



































Bridge Loans

Short-term financing between selling and buying homes. A bridge loan provides you with immediate cash flow so you can make purchases now.

This loan is backed by the equity in your home for your next home purchase or construction loan transaction. (Use existing home equity towards your construction loan down-payment.)

Borrow against up to 80% of your home's appraised value. Take advantage of no monthly payments during the loan term.

  • 6 Month Program – Next Home Purchase
  • 10 Month Program – Construction Loan

Ready to Get Started?

With competitive rates and convenient access to funds, a HELOC is more than just a loan—it’s a smart financial tool designed around your needs. Whether you’re planning for something big—or just need a little extra peace of mind—a Home Equity Line of Credit (HELOC) gives you the financial flexibility to take care of life’s moments, big or small.

Questions? We're Here to Help!
Stop into your local branch and ask to speak with one of our professional Mortgage Loan Officers (MLOs).
Call 800.779.5555