Welcome to your Home Equity Headquarters

We offer two ways to help you tap into the equity built up in your home.

The first is a home equity line of credit. With this product, you can access the funds as needed. Then, in a similar manner to a credit card, the monthly payment is based on the balance. This approach gives you control over your finances and provides a good amount of flexibility to how (and when) you access your funds.

The next option we offer is a home equity loan, which gives you a lump sum of money when the loan is established. You can then use those funds as needed.

After your application, our Financial Solutions Guides will help you determine which solution best fits you and your personal scenario. You can contact us learn more about Home Equity Loans and Home Equity Lines of Credit on our blog.

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.

*3^rd party fees apply.

We understand that each individual situation is unique. The amount you're able to borrow varies based on different factors like your credit score, available home equity and more. The best option is to complete an application so that one of our local Financial Solutions Guides can help you evaluate which solution is the best fit for you.

Here’s some general industry standards that may also help guide you. Industry standard is to lend up to 80% combined loan to value.* Some lenders may have programs that allow the borrower to go to 90% CLTV, typically at a higher interest rate.

To explore your situation further, try our Home Equity Calculator.

*Combined loan to value is the balance of your first mortgage plus the balance of a home equity loan divided by the value of your home.

Not always! We live here too and understand the Colorado real estate market.

We also use an Automated Valuation Model that attempts to generate an estimated value for the home based on recent sales, market data, and predictive software. If we feel confident in that estimated value, we may be able to move forward without an appraisal.

Larger loan amounts may require the completion of an appraisal.

While there are no fees associated with keeping your loan open or pre-paying your balance early, there are some fees tied to opening a HELOC or Home Equity Loan:

• Appraisal
• Title work
• Filing fee, etc.

The credit union will pay up to $500 in 3rd party fees upon opening a Home Equity Loan or HELOC. Closing costs range from $144 — $1,000. If the loan is not open for at least 2 years, the fees are the responsibility of the borrower at the closing of the loan or line of credit.

One of the benefits of working with Elevations is our underwriting team is all in-house. Since we're based in Colorado and understand the market, we can move very quickly. In many cases, you’ll receive your funds in as little as 2-4 weeks from the time we get your application.

Here are a few of the factors that may impact the timeline of your Home Equity Loan Application:

• Document collection
• Appraisals
• Scheduling around you, your family, and your personal situations
• Etc.

Start your application today

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.

The funds from your Home Equity Loan can be used in a variety of ways including:

• Home improvements
• Paying off credit cards
• Purchasing a vehicle
• Relieving yourself from school and/or medical expenses
• Taking a vacation
• Donating to a local cause or charity
• You can use the funds for just about anything, talk to an Elevations Financial Solutions Guide to learn more about how you can use home equity loan funds.