Home Equity

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.

Enjoy a six-month 1.99% APR*** introductory rate

For a limited time, OCCU is offering a special rate to qualified homeowners. To find out more, contact us.

Apply Now

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.

  • 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.

    Woman paying bills on laptop
    Full-bleed Columns?: 
  • 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.

    Full-bleed Columns?: 
  • 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.

    Full-bleed Columns?: 
  • 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.

    Full-bleed Columns?: 
  • 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. 

    Full-bleed Columns?: 
Hide Next/Prev Arrows: 

My wife and I were able to use our home equity line of credit to purchase our first rental property. This is something we have dreamed about for a long time, but would have never been possible without our HELOC... We are very proud to be taking our retirement into our own hands.

Austin G.

Enter to win

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 homeowners in Oregon, with rates that are lower than many other forms of credit. For instance, getting a HELOC instead of using a credit card to fund a major purchase 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 percent 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

A HELOC has a revolving 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. OCCU HELOCs are available on primary residences only.

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 as rates fluctuate, so your monthly payment may change over the course of the draw period. During the draw period, your payments 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.

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.

Home Equity Disclosures When Your Home is on the line »
Home Equity Account Disclosures »
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.
**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.
***Introductory Rate is for the first six billing cycles, only for credit tiers one through three, and a maximum line amount of $100,000.