It can happen with a HELOC
OCCU has affordable home equity lines of credit (HELOC) options for homeowners in Oregon, with rates that are lower than many other forms of credit. A HELOC leverages the value of your home as collateral for a loan and provides you with a revolving balance, just like a credit card. With no-equity and high loan-to-value options, five- to 15-year terms and credit lines up to 95 percent of your home’s value, you can get exactly the line of credit you need.
Apply nowIntroductory rate
1.99% APR*
for six months, then
as low as
5.25% APR**
- Introductory rate applies to a maximum line amount of $100,000
- Access your line of credit at any time during the 15-year draw period
- Any balance remaining after the draw period converts into a 15-year repayment period
Rethink what’s possible with a HELOC
Many homeowners reinvest in home improvements that add further value to their property. It’s a smart move, but it’s not the only way to spend your home equity. Since home equity lines of credit typically carry lower interest rates than many other types of financing you can use the funds strategically to make your next dream come to life. Whether it’s making home improvements, consolidating debt, paying for education or building up retirement funds, a HELOC can help make it happen.
What is a HELOC?
A HELOC leverages the value of your home as collateral for a loan and provides you with a revolving balance. Like a credit card, a HELOC has a credit limit that you can borrow against. You can use the funds to make your next dream come to life, whatever that may be. It’s not just for home improvement projects.
Why choose a HELOC?
OCCU has affordable HELOC options for all homeowners, with rates that are lower than many other forms of credit. OCCU HELOCs offer you high loan-to-value rates. With no-equity-required options, five- to 15-year terms, and credit lines up to 95 percent of your home’s value, you can get exactly the line of credit you need.
Learn more
How much can I borrow?
The amount of credit you receive will depend on factors such as your credit score, your income, the value of your home and the remaining balance on your mortgage.
What’s my rate?
The interest rate will vary with the prime rate so your monthly payment may change over the course of the draw period, but payments will remain interest only during the draw period.
How does it work?
The first years of a HELOC are known as the “draw” period. During this time, your minimum monthly payments will be interest only, and you may borrow up to the full credit limit.
How long can I use it?
The draw period varies, depending on what type of HELOC you get. At OCCU, the draw period on our HELOCs ranges from five to 15 years.
When do I pay it back?
You can pay off part or all of the balance during the draw period and then borrow it again. At the end of the draw period, you will no longer be able to access funds from your HELOC, and the repayment period will begin. During this 10- or 15-year period, you will continue to pay the interest on your loan, but will also begin to pay on the loan balance. Your payments will be calculated so that the entire loan is repaid by the end of the period.
What's your dream?
From adopting a new child to funding your retirement plans, there are so many extraordinary ways our members use a home equity line of credit to fund their dreams. Tell us what you'd like to achieve, and we'll see if a HELOC could help you get there.
“As a school teacher I often provide children with things that they need -- a change of clothes, a pair of shoes -- but when a student and her two brothers needed to be placed in foster care I knew my little five-seater car wouldn’t be adequate... My home equity loan allowed me to quickly purchase a bigger car and to get the other things I needed for my rapid family expansion.”
Sarah M.Not sure where to start?
We’re here to guide you down the right financial path. Contact us to learn more about your home equity options.