Home Equity NEW
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Home Equity
A home equity line of credit (HELOC) lets you borrow against the value of your home (above what you currently owe on it). You can use the money for home improvements, tuition, vehicles, refinancing high interest debt, or any other purpose. If you’re a homeowner in Illinois, it might be the very best way to borrow!
Finance with UICCU and get…
- Local lenders
- Personalized service
- Reusable for either 5 or 10 years
- Closings as quick as 4 business days
- Efficient, transparent application process
- Competitive interest rates
- Extremely low closing costs that are often forgiven entirely
- Builds credit through capacitance by raising available limit
- No house shopping
And benefit even after loan completion!
- All HELOC’s serviced in-house
- Online banking and app mortgage access
- Small, local team
- Insurance monitoring
Your HELOC Expert
Danny is here to make your lending experience pain-free.
Danny Hedin
Home Equity Loan Specialist
Documents and Details
Home Equity Line of Credit Rates
Your interest rate will be based on the loan to value ratio and the repayment term. The rates below are effective as of January 2025.
| Loan to Value (LTV) Ratio | APR as low as: | Advances available | Repayment Term |
|---|---|---|---|
| 80% LTV | 8.00% | First 10 years | 20 years |
| 90% LTV | 8.00% | First 10 years | 20 years |
| 100% LTV | 10.50% | First 5 years | 15 years |
Documents Needed
You’ll need the following documents to apply for your home equity loan or line of credit.
- A copy of your current ID (driver’s license, state ID, passport, etc.)
- A copy of your most recent W-2 form(s) and/or 1099 form(s), and most recent paycheck stub(s) or bank statements to verify income for retirement or Social Security. If self-employed, we need your last 2 years of income tax returns.
- A copy of your most recent property tax assessment.
- A copy of the declarations page of your homeowner’s insurance policy showing your coverage and premium.
- A copy of your most recent mortgage statement
- See the full mortgage document checklist
Start Putting the Value in Your Home to Work!
FAQs
Q: How much can I borrow?
Q: Which properties are eligible?
Q: How does it all work?
Loan rates are subject to change without notice. Actual Annual Percentage Rate (APR) may be higher based upon loan amount, selected terms, and creditworthiness of the individual borrower. APR is variable and based on the Prime Lending Rate plus a margin determined by the individual creditworthiness of the borrower(s) and the loan to value (LTV). Rates are subject to adjust monthly. Maximum APR is 18.00%. Minimum APR is Prime Rate. Maximum Line of Credit is $250,000, minimum is $10,000. Minimum credit score requirements apply on LTVs greater than 90%. Closing costs are waived — however, if the member closes the home equity within two years, they must reimburse UICCU for all fees involved with opening the home equity. Fees may range from $133 to $850. No annual fee. Offers not valid on existing UICCU loans. Disclosure information is accurate and effective as of 12/01/2024 and is subject to change. To inquire about changes in these disclosures, call toll free 877-678-4328. Other restrictions may apply. Subject to credit approval. All terms and conditions of this offer are subject to change at any time without notice.