Home Equity

Rethink what's possible with a Home Equity Line of Credit

Your next big dream is waiting. See it come to life with a home equity line of credit (HELOC) from OCCU. If you thought a HELOC could only be used to fund home improvements, then dream bigger. Plus, your wish can come true at a lower rate than many other forms of credit.

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  • Use a HELOC to:

    Consolidate your debt

    Sometimes unsecured, high-interest debts pile up. With a home equity line of credit, you may be able to restructure your debts to pay them off faster.

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  • Use a HELOC to:

    Make home improvements

    Adding a second room for a growing family is exciting as it is expensive. A home equity line of credit is ideal for funding renovations while also increasing the value of your home.

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  • Use a HELOC to:

    Invest in education

    One’s future can depend on going back to grad school or contributing to a child’s education. A home equity line of credit can help make tuition payments and unlock career opportunities.

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  • Use a HELOC to:

    Plan the perfect wedding

    The perfect wedding should be anything but ordinary. A home equity line of credit can make the moment absolutely unforgettable in a more affordable way.

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  • Use a HELOC to:

    Restore a classic car

    Everyone has a ride they’ve dreamed of owning since turning 16. Finding a good one decades later can be costly, but a home equity line of credit can fund that special vehicle purchase. 

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Enjoy a 1.99% APR** introductory rate

For a limited time, OCCU is offering a special rate to qualified homeowners. To find out more, give us a call at 800.365.1111.

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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. Share your dream for a chance to win $1,000 off your HELOC balance.*** Big or small, every dream matters, and we want to hear them all.

Why choose a HELOC?

OCCU has affordable HELOC options for all homeowners, with rates that are lower than many other forms of credit. For instance, getting a HELOC instead of using a credit card can save you hundreds of dollars in interest. 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% of your home’s value, you can get exactly the line of credit you need. You can learn more about this home equity line of credit option in our blog “HELOC: Is this the home equity loan for you?”

How a HELOC works

Like a credit card, a HELOC has a credit limit that you can borrow against. The amount of credit you receive will depend on your credit score, your income, the value of your home and the remaining balance on your mortgage. 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. The interest rate will vary with the prime rate, as reported in the Wall Street Journal, so your monthly payment may change over the course of the draw period, but will remain interest only. You can, however, pay off part or all of the balance during this period and then borrow it again. 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.

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 life goals could you reach for with a HELOC?

Our dealings were always smooth, always easy when we needed titles released or whether it’s property or a vehicle or the HELOC. Everything we do we do there.

Jan Burch

Have questions?

Want to learn more about our home equity loans? Let's connect!

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Home Equity Line of Credit FAQ »
Rates current as of 7/1/2018. Variable rate based on prime plus margin. Margin amount depends on creditworthiness. Current APRs range from 5.50% to 11%. Maximum APR is 18.00%. Estimated account opening feeds $175.00 - $2,300.00; these fees vary depending on circumstances. $175 origination fee.
**Introductory Rate is for the first six billing cycles, only for credit tiers one through three, and a maximum line amount of $100,000.
***Contest open to legal residents of the U.S. & D.C. 18 years of age & older. Contest begins at 12:00 a.m. PT on May 30, 2018, and ends at 11:59 p.m. PT on August 30, 2018. Odds of winning depend on number of entries received. No purchase necessary to enter or win. To enter and for full Official Rules, go to contest rules. Void where prohibited. Sponsor(s): OCCU (Oregon Community Credit Union, OCCU, LLC). 2880 Chad Drive, Eugene, OR 97408. If selected winner does not have an open OCCU HELOC, winner will receive a $1,000 credit to be applied upon opening, as long as the winner meets OCCU’s credit qualifications and the HELOC is opened on or before December 31, 2018. Credit will be automatically applied to the winner’s HELOC account.