Home Equity Loans

HCU now offers 3 Home Equity products to help fit our member’s financial needs.

Instant Equity Loan: Line of credit loan that is fixed for the first 5 years then adjusts semi-annually (January and July) thereafter.

• Line of Credit
• 1st or 2nd Mortgage
• up to 80% loan to value
• Rate lock for first 5 years
• After the 5th year, the rate will adjust semi-annually
• 20 year amortization
• No annual fee
• No closing costs*
• Current Rates

Prime Line Equity Loan: Line of credit loan that can adjust monthly according to Prime.

• Line of Credit
• 1st or 2nd Mortgage
• up to 80% loan to value
• Adjustable rate at Prime
• Adjusts last day of each month (if Prime changes)
• 20 year amortization - 10 year draw period
• No annual fee
• No closing costs*
• Current Rates

Closed End Home Equity Loan: Fixed loan amount with a fixed term (60, 84 or 120 months). Rate is based on term, LTV and credit criteria.

• Fixed amount borrowed
• 1st or 2nd Mortgage
• up to 80% loan to value
• Term of 60/84/120 months
• No annual fee
• No closing costs*
• Current Rates

Call our Phone Center at (217) 726-8877 to apply or to receive more information on how our Home Equities can help you.

*Minimum loan amount to avoid closing costs is $10,000. A fee recovery of $250 applies to the Prime Line Equity Loan if closed within the first 3 years.