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).
A HELOC gives you the flexibility to borrow what you need for minor home improvement projects that pop up with a variable interest rate.
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).
In-house underwriters who know the Colorado market make a local decision about your loan.
Our local, experienced lending professionals are here to help answer your questions.
Call to action/body
Wondering what your renovation budget might be with a HELOC? Fill out the form below to get access to our Home Equity Calculator.
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).
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.
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.
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.
Use our mortgage calculator to see what your monthly payment could be with a mortgage from Elevations.
Offers subject to credit approval. All Credit Union loan programs, rates, promotions, terms and conditions subject to change anytime without notice.