Turn home-sweet-home into an equity loan!
Leverage the equity in your home to save more and stress less: consolidate debt, afford home repairs and improvements, finance future dreams, plan for emergencies—and more. Turn the key to a better financial position!
Benefits You’ll Love
- Turn the equity in your home into monthly savings or cash
- Competitive financing rates and customized terms
- Fixed rate or revolving line of credit: you have financial flexibility
- Use funds for nearly any purpose
Common Uses of Home Equity Loans
Your home is more than a place to live; it can be the key to transforming your finances. Members saved more than $419 per month on average* when consolidating debt with a home equity loan.
How will you use your home's equity to save?
Details
- Fixed rate
- Fixed loan terms
- Best for debt consolidation, home renovations, or other major purchases
Details
- Variable rate
- Revolving line of credit
- Best for intermittent cash needs over a number of years
Service 1 Federal Credit Union NMLS #441347
General FAQs
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What are your rates?
| Loan Type | Rates Starting at:** |
| Auto | 4.99% APR |
| Motorcycle | 4.99% APR |
| Boat/Camper/RV | 4.99% APR |
| Recreational Vehicles | 5.99% APR |
| Personal Loan | 7.99% APR |
| Personal Line of Credit | 18.00% APR |
| Credit Cards | 9.9% APR |
| Home Mortgage | Call for current rates |
| Home Equity Loan (fixed) | 6.49% APR1 |
| Home Equity Line of Credit (variable) | 8.50% APR2 |
What is home equity?
Home equity is the value you’ve built up in your home. You earn equity from the down payment on your mortgage and what you’ve paid toward the principal, as well as any increases in the value of your home.
Home equity = your home’s current value minus what is owed on your mortgage
What is variable rate revolving line of credit?
The home equity line of credit (HELOC) has a prime rate, which is the highest prime rate published in the Money Rates Table of the Wall Street Journal on the last business day of each quarter. Prime is a variable rate; as it changes, the APR on your account will also change. The APR will be based on the prime rate plus a margin of up to 3.5%. Your rate will be based on credit worthiness, term, and combined loan-to-value (CLTV) ratio.
Remember, both home equity loans and HELOCs may offer a better interest rate than a credit card or unsecured loan because they use your home as collateral. Contact a Service 1 FCU loan expert to see what type of loan is best for you.
What is fixed rate loan?
Also called a “second mortgage,” home equity loans work similarly to a conventional, fixed-rate mortgage in that your APR will remain the same during the term of the loan. Your rate will be based on credit worthiness, term, and combined loan-to-value (CLTV) ratio.
Remember, both home equity loans and HELOCs may offer a better interest rate than a credit card or unsecured loan because they use your home as collateral. Contact a Service 1 FCU loan expert to see what type of loan is best for you.
Are there closing costs?
Yes, closing costs apply and may vary. Closing costs include a $450 processing fee and appraisal costs (as needed). For a list of costs and fees—including details on what is covered by Service 1 FCU—contact a Mortgage Specialist at (800) 879-9697.
How do I access my HELOC funds?
Transfer HELOC funds to your Service 1 FCU checking account using It’sMe247 Online Banking or the mobile app and access the money by using your debit card or writing a check.
How do I protect my loan?
A voluntary program, Debt Protection* coverage can eliminate your eligible loan balance, up to the agreement maximum, should the unthinkable happen before paying off your loan. Situations in which debt protection can benefit you or your family:
Death | Debt Protection can eliminate your eligible loan balance, up to the agreement maximum, should you pass away before paying off your loan.
Disability (due to a protected illness or injury) | Debt Protection can cancel your monthly loan payment, up to the agreement maximum. With payment cancellation, both the principal and interest portions of your loan payment are cancelled, up to the agreement maximum, and your loan balance declines.
Involuntary Unemployment | If you become involuntarily unemployed, Debt Protection can defer the principal portion of your loan payment and cancel the interest portion up to the agreement limit. With interest cancellation, the loan balance does not decline. Program and other fees may continue to accrue.
With Debt Protection coverage, you'll purchase just enough protection to cover your loan balance. Ask today for the coverage that'll bring you peace of mind!
*Subject to change
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Your purchase of Debt Protection with Life Plus is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative or refer to the Member Agreement for a full explanation of the terms of Debt Protection with Life Plus. You may cancel the protection at any time. If you cancel protection within 30 days, you will receive a full refund of any fee paid.
** APR=Annual Percentage Rate. Rates and terms subject to change at any time without notice. Rate based on credit score and history. Please contact Service 1 FCU for more information.
*Savings example based on actual 2024 average monthly member savings when debts consolidated with Service 1 FCU. Actual savings may vary.
1HOME EQUITY: APR = Annual Percentage Rate. Rates based on credit worthiness, term, and combined loan-to-value (CLTV) ratio. CLTV must be 80% or less. Credit is subject to approval, not all applicants will qualify. A home equity loan is secured by a first or second mortgage lien on your home, not all properties may qualify for financing. The minimum loan amount is $10,000, and the maximum loan amount is $150,000. Fees and closing costs may apply. Flood and/or property hazard insurance may be required. Other restrictions may apply. Membership eligibility required. Contact Service 1 FCU for complete details. All Service 1 FCU loan programs, rates, terms and conditions are subject to change at any time without notice. Service 1 FCU NMLS #441347.
2HOME EQUITY LINE OF CREDIT (HELOC): APR = Annual Percentage Rate. The prime rate is the highest prime rate published in the Money Rates Table of The Wall Street Journal on the last business day of each quarter. Prime is a variable rate; as it changes, the APR on your account will also change. The APR will be based on the prime rate plus a margin of up to 3.5%. Rates based on credit worthiness, term, and combined loan-to-value (CLTV) ratio. CLTV must be 80% or less. The APR is variable for the life of the loan and can range from as low as 4.00% APR to a maximum of 18%. Credit is subject to approval, not all applicants will qualify. A home equity line of credit is secured by a first or second mortgage lien on your home, not all properties may qualify for financing. The minimum line of credit amount is $10,000, and the maximum amount is $150,000. Fees and closing costs may apply. Flood and/or property hazard insurance may be required. Other restrictions may apply. Membership eligibility required. Contact Service 1 FCU for complete details. All Service 1 FCU loan programs, rates, terms and conditions are subject to change at any time without notice. Equal Housing Lender. Service 1 FCU NMLS #441347.
