More information about Home Equity Loans and HELOCs
Put Your Home’s Equity to Work
Home Equity Loans and HELOCs
Put Your Home’s Equity to Work
Use the equity you have built in your home with a lump-sum Home Equity Loan or a reusable Home Equity Line of Credit.
Highlights
- Home Equity Loan and HELOC options
- Flexible access to your equity
- No annual fee on a Tri-CU HELOC
Frequently Asked Questions
What is the difference between a Home Equity Loan and a HELOC?
Both let you use the equity you’ve built in your home. A Home Equity Loan provides funds in one lump sum, while a HELOC gives you a reusable line of credit you can access as needed.
Not sure which one fits your plans? Our local lending team can help you compare your options.
What can I use my home equity for?
Home improvements, debt consolidation, education, major purchases, unexpected expenses, or other financial needs are just a few possibilities. Tell us what you’re trying to accomplish and we can help you determine whether using your home’s equity makes sense.
How much can I borrow?
That depends on your home’s value, how much you currently owe, and your overall financial situation. We can help you look at the numbers and see how much equity may be available.
How does a Tri-CU HELOC work?
A Tri-CU HELOC gives you a revolving line of credit with a 5-year draw period followed by a 15-year repayment period. During the draw period, you can borrow and repay funds as needed, up to your available credit limit. You can even talk to us about extending the draw period.
Does Tri-CU charge an annual fee on its HELOC?
No. Tri-CU’s HELOC has no annual fee, giving you flexible access to your home’s equity without an annual charge just for keeping the line available.
1. What is the difference between a Home Equity Loan and a HELOC?
Both allow you to borrow using the equity you have built in your home.
A Home Equity Loan gives you the funds in one lump sum and is repaid over a set term.
A Home Equity Line of Credit, or HELOC, gives you a revolving credit line that allows you to borrow funds as you need them, up to your approved limit.
2. How much can I borrow with a Home Equity Loan or HELOC?
The amount you can borrow depends primarily on your home's value, the amount you currently owe on the property, your income, credit qualifications, and Tri-CU's loan-to-value requirements.
Our lending team can help you determine how much equity may be available to you.
3. Does a Tri-CU HELOC have a fixed or variable interest rate?
Tri-CU's HELOC has a variable interest rate, meaning your interest rate can change over time.
Unlike many variable-rate HELOCs, your scheduled Tri-CU payment does not automatically change each time the interest rate changes.
4. Does Tri-CU charge an annual fee on a HELOC?
No. Tri-CU does not charge an annual fee on its HELOC.
Other loan or third-party costs may apply depending on the property and transaction.
5. How does the HELOC draw and repayment period work?
Tri-CU's HELOC has a 5-year draw period followed by a 15-year repayment period.
During the first five years, you can borrow, repay, and borrow again up to your available credit limit. At the end of the draw period, you can no longer take additional advances and the remaining balance is repaid over the following 15 years according to the terms of your loan.
Still have questions? Contact TRI-CU and we’ll help you find the right option.
Why Borrow From Tri-CU?
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Benton & Franklin Counties.
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for what matters.
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Options that fit
your goals.
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