Improve your home this spring
Use at least $10,000 with a new or existing CAFCU home equity line of credit (HELOC) and get a $200 Home Depot® gift card* while supplies last!
This offer is valid May 1 - June 30, 2024 only.
Unlock your home's equity with low-rate credit union loan or line of credit
CAFCU's home equity loans offer you an opportunity to harness the value in your home to pay for the things you need. Get your questions answered by reading topics of interest below.
Why a home equity loan?
CAFCU's home equity loans offer you a low-rate borrowing opportunity by harnessing the value in your home. Equity is the difference between your home's current market value and the balance owed on your mortgage. A home equity loan lets you borrow against
that equity. Here's a breakdown of the benefits of working with CAFCU on your home equity loan:
- Low rates
- $0 application fees
- No closing costs
- Quick, no-hassle approvals
- Personalized loan terms
What can I use a home equity loan for?
A home equity loan can help you pay for large expenses such as:
Planning a wedding | Taking a dream vacation | Making home improvements | Purchasing new appliances |
Building a backyard oasis | Paying college expenses | Paying off high-interest debt | Making long-term investments |
What types of home equity loans do you offer?
At CAFCU, we offer two home equity loan options to suit your needs:
Fixed-Rate Home Equity LoansWith a Fixed-Rate Home Equity Loan, you can borrow a fixed amount of money that is repaid over a set period of time. Our fixed-rate home equity loan can have flexible terms to better fit your financial situation, with the option to pay by payroll allocation.
Home Equity Lines of Credit (HELOC)Our HELOC gives you access to the cash you need, when you need it. HELOCs have a variable interest rate. Once your line of credit is approved, you can draw on it for up to 10 years using free line of credit checks for convenient access to your funds. You only make payments on the amount you've used. You can also opt to include overdraft protection from your CAFCU Checking Account and repay the loan directly from your paycheck with payroll allocation.
How much money can I borrow with a CAFCU home equity loan?
Our home equity lines of credit have a minimum of $10,000 and a maximum of $500,000.
Fixed-rate home equity loans have a minimum of $5,000 and a maximum of $250,000 depending on your loan-to-value.
Do you have a HELOC calculator?
How can I open a home equity loan or HELOC?
Existing members can open an account in one of the following ways:
- Select the Apply button below and indicate your preferred loan type from the drop-down menu.
- If you are registered for digital banking, you can apply within our app.
Once you have applied, a real estate loan officer will reach out to you with the next steps.
Note that you will need to provide proof of homeowners insurance prior to closing. You will also be required to have a property valuation.
Do I have to be a CAFCU member to apply for a home equity loan or line of credit?
Yes, you must be eligible for membership for us to review and process your application. If you are not currently a member, join now.
What is the maximum loan-to-value on a CAFCU home equity loan?
We will offer home equity loans up to 90 percent of the home’s value.
What are your closing costs on a home equity loan?
There are no closing costs. But in some locations, you may be required to pay state, county, or local taxes associated with the loan.
How can I withdraw money from my HELOC?
You can withdraw funds from your home equity line of credit in the following ways:
- Log into digital banking and transfer funds to your CAFCU share or checking account (transferring to a checking account allows you to use your debit card for quick and easy purchases).
- Call our Member Center at 1-800-359-1939.
- Use the line of credit convenience checks provided to you at closing.
Can I get a home equity loan on my second home or investment property?
We offer home equity loans and lines of credit on primary residences only.
Do you offer payment insurance in case I can't pay?
We do on home equity loans (not HELOCs). Check out our
Payment Advantage page to learn your options.
Contact a home equity expert
Have questions about your home equity options?
Our real estate lending specialists can help you take advantage of your home equity today! Contact us at 1-800-359-1939, option 2, to have your questions answered.
*Offer valid on new and existing Corporate America Family Credit Union (CAFCU) home equity lines of credit (HELOCs) May 1, 2024 through June 30, 2024. To be eligible for a $200 Home Depot® gift card, a new HELOC must have a minimum line amount of $10,000 and a minimum initial draw of $10,000 aggregate during promotional period. An existing CAFCU HELOC must have a draw of $10,000 aggregate within the promotional period. $200 Home Depot® gift card will be distributed within 60 days of final $10,000 draw, while supplies last. Limit one (1) gift card per household. If HELOC is closed within 3 years from the origination date, a Third Party Reimbursement Fee will be charged. Contact a Real Estate Loan Officer for an estimated amount at 1-800-359-1939, option 2. Members are required to pay any state, county, or local taxes associated with the loan. Requirements and restrictions may vary by state. Consult a tax advisor regarding the deductibility of interest. Fixed-rate home equity loans are excluded from this offer. Offer subject to change without notice and cannot be combined with any other offers. CAFCU is not affiliated with The Home Depot®. The Home Depot® is not a sponsor of this promotion. The Home Depot is a registered trademark of Home Depot Product Authority, LLC. All rights reserved. Contact CAFCU for complete details. CAFCU NMLS# 456438.
**If loan is closed within 3 years, a Third Party Reimbursement Fee will be charged. Contact a Real Estate Loan Officer for an estimated amount at 1-800-359-1939, option 2. Members are required to pay any state, county or local taxes associated with the loan. Requirements and restrictions may vary by state. Consult a tax advisor regarding the deductibility of interest. Contact our Real Estate department for details regarding your state at 1-800-359-1939, option 2. Payment Advantage is not available on Home Equity Lines of Credit.
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