Turn your home equity into home improvements.

Ready to start your next home project? Your home’s equity (translation: the value of your home above what you owe) can help. Get your design boards ready and find out what your home renovation budget could be with a Home Equity Line of Credit (HELOC).

HELOC BASICS

Flexible access to a credit line.

A HELOC gives you the flexibility to borrow what you need for minor home improvement projects that pop up with a variable interest rate.

FIX YOUR RATE

Take advantage of current rates.

You have the option to fix your rate for a portion of your loan balance (perfect if you’re planning a big project like a kitchen overhaul).

LOCAL UNDERWRITING

Get your HELOC faster.

In-house underwriters who know the Colorado market make a local decision about your loan.

TOP LENDER

Award-winning team.

Our local, experienced lending professionals are here to help answer your questions.


Commonly asked questions

  • What's home equity?
    • Home equity is the value of your home above what you owe. You build your home equity when the value of your home increases, depending on market conditions, and/or as you pay down your mortgage loan balance(s).
  • How can I use my home equity to consolidate debt?
    • Double-digit interest rate credit cards make it difficult to tackle debt. Paying more than the minimum monthly payment can help reduce debt faster. Eligible borrowers can use a low-interest rate HELOC to wipe out the debt and potentially save thousands in finance charges. Homeowners can eliminate other high-interest debt payments with a HELOC. These might include title loans, payday loans and private student loans. Since borrowers can use HELOC funds at their discretion, even lingering debts such as back taxes can be paid using loan funds.
  • What can you use home equity to finance?
    • Some common uses of home equity include: renovating your house into your dream home, financing an education for yourself or a loved one, consolidating high-interest credit card or personal loan debt, or paying outstanding medical bills. Find out more in our blog.
  • How do I access my home equity funds?
    • With an Elevations Home Equity Loan, you have access to funds from the lump sum that was either deposited into your Elevations account or made payable to you by check.
    • With an Elevations Home Equity Line of Credit, you can access funds by using your Home Equity Visa® Card, transferring money to your checking account or writing a check.
  • How does the application process work for a Home Equity Loan?
    • We keep it simple: There’s no application fee. You can apply online, over the phone or in a branch. Credit, income and collateral qualifications apply; note that your credit will be pulled. After reviewing your application, an Elevations loan officer will be in touch with next steps.

Headline

Call to action/body

Get access to our Home Equity Calculator

Wondering what your renovation budget might be with a HELOC? Fill out the form below to get access to our Home Equity Calculator.

Commonly asked questions

What's home equity?

Home equity is the value of your home above what you owe. You build your home equity when the value of your home increases, depending on market conditions, and/or as you pay down your mortgage loan balance(s).

How do I access my home equity funds?

Some common uses of home equity include: renovating your house into your dream home, financing an education for yourself or a loved one, consolidating high-interest credit card or personal loan debt, or paying outstanding medical bills. Find out more in our blog.

How does a HELOC work?

Use your line of credit during the first 10 years, called the Draw Period. During the Draw Period, you may make interest-only payments or pay extra against the principal. During the Repayment Period (the last 10 years), make monthly principal and interest payments to repay the outstanding balance. Note that you won’t be able to draw funds from the HELOC during this time.

How does the application process work for a HELOC?

We keep it simple: There’s no application fee. You can apply online, over the phone or in a branch. Credit, income and collateral qualifications apply; note that your credit will be pulled. After reviewing your application, an Elevations Home Equity Specialist will be in touch with next steps.

Want to see the numbers?

Use our mortgage calculator to see what your monthly payment could be with a mortgage from Elevations.

Need a little guidance?

Offers subject to credit approval. All Credit Union loan programs, rates, promotions, terms and conditions subject to change anytime without notice.

© 2020 Elevations Credit Union. All Rights Reserved. Routing #307074580

Equal Housing Opportunity    NCUA Logo

Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.