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Home Equity Loans

We can help you tap the equity in your home in two convenient ways.  A Home Equity Line Of Credit (HELOC) is the modern financial tool to help you best utilize the equity in your home. It is a line of credit you can use any time you need it, during your draw period, simply by writing a check or transferring funds.

A Second mortgage works like most consumer loans.  You borrow a set amount and pay it back over a specific period of time.  The interest rate is typically fixed and can be amortized up to 15 years.  Having a one- time advance can help you plan your future by knowing when your loan will be paid in full.

Use the money from your home equity for a home improvement, addition, college education, new car, vacation – almost anything! You can even use your low-interest home equity loan or line of credit to consolidate other loans or pay off higher-interest credit card debt.

  • Borrow up to 100% of the equity in your home – Restrictions may apply
  • Competitive, low rates
  • Simple, streamlined application process
  • Fast, local approvals made right here
  • Local service by people you know and trust
  • Pay automatically through payroll deduction

Apply Anytime, Anywhere

For your convenience, you can apply for most loans in 3 easy ways.

  1. Online – Apply now!
  2. In Person – No appointment needed. Just stop in and meet the staff that can answer all of your questions.
  3. Phone – call us at 608-755-6065 or 800-779-5555

 

Compare Loan Options

Home Equity Line of Credit Second Mortgage
Monthly payments Payment set each time an advance is made* Set amount each month
Financing Up to $250,000 or 100% of equity Up to $250,000 or 100% of equity
Repayment term Up to 20 years (5-year draw period) Up to 15 years
Tax deductible interest** Possibly Possibly
Appraisal of valuation May be Required May be Required
Rate Variable rate*** Rate fixed for balloon period

* 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 are paid by BHCCU, however you may be required to pay for an appraisal up front with the possibility of reimbursement at closing. You must consult a tax advisor regarding the deductibility of interest.

See our home equity brochure and disclosures for more information