Home Equity Loans

Use your home’s equity for the right reasons

You can increase the value of your home through repairs and remodeling using a home equity loan. Other uses include helping a child through college, refinancing to pay off high-interest debt – any number of uses. The equity in your home is something you can use to have a lasting, positive impact on your financial situation. We’re here to help make it happen.

Apply now

Benefits of home equity loans with Elevations:

  • Loan officers are available to help with the application process, in English or Spanish

  • In-house underwriters who know the Colorado market make a local decision about your home loan

  • Predictable or flexible payment options to fit your needs

  • Competitive rates from 8.74% variable APR* for HELOCs or 8.24% fixed APR* for Home Equity Loans

  • No application fee. A range of term options

Vertical image of Man and woman making coffee in a renovated kitchen

Find out what your home is worth.

Which home equity option is right for you?

Home Equity Line of Credit (HELOC)

When you need flexible access to a credit line for expenses over time

A home equity line of credit is best when you plan to pay expenses over time, like college tuition payments or minor home improvements. HELOCs give you the flexibility to borrow what you need, when you need it. Take advantage of interest rate changes with a variable APR* starting at 8.74%. Stages of a HELOC:

  1. Draw Period: (the first 10 years) Use your line of credit while making interest-only payments with the option to pay extra against the principal.

  2. Optional Rate Lock: for up to three portions of your balance, you can lock the rate and start making fixed payments. NOTE: Locks are subject to fixed rate pricing which may be higher than your current variable rate.

  3. Repayment Period: (the last 10 years), make monthly principal and interest payments to repay the outstanding balance. Note that you won’t be able to draw funds from the HELOC during this time.

Home Equity Loan

When you need funds all at once for a big expense at a fixed rate

A home equity loan is best when you have one large expense, like renovating your home all at once, and you want the predictability of a consistent monthly payment at a fixed rate.

Lock in your interest rate with a fixed APR* from 8.24%.

Home Equity Loan Term Options:

  • Fixed Payments: Term lengths from 60 months (5 years) to 240 months (20 years) — make fixed monthly principal and interest payments over the length of the term.

  • 30/20 (includes balloon payment): A 30/20 with monthly principal and interest payments calculated over 360 months (30 years) and paid over 240 months (20 years). After 20 years, pay the final outstanding balance in full.

Find out much you can borrow with a HELOC or Home Equity Loan:

How much can I borrow?(opens in a new window)

Commonly asked questions

Cabins on the Crested Butte Mountains

HOME EQUITY LINE OF CREDIT

Investment Property

Get a home equity line of credit (HELOC) on your investment property from Elevations Credit Union up to 75% of the value of your property, less the amount of any prior liens, up to $250,000.* Enjoy easy access to your investment property’s equity. Eligible investment properties may include single-family homes, condominiums, and townhomes. We’re putting you first by providing solutions to help you reach your financial goals. If you’re eyeing a remodel or want to use equity to buy another property, get started with us today.

Common home equity loan questions:

Ready to put your home’s equity to work? Applying online is simple.

More ways we can help you

Energy Loans

Go green with financing for solar energy and energy-efficiency upgrades.

Learn more

Mortgage Refinance

Refinance your mortgage loan to save money or use your equity for expenses.

Learn more

Construction Loans

Build a home or remodel with affordable financing options.

Learn more

* APR = Annual Percentage Rate

†Fixed Rate - Rate is dependent upon LTV (Loan to Value) ratio, term and credit history.

‡Variable Rate – Based on Prime Rate plus a margin that is based on your LTV (Loan to Value) Ratio and credit history.

As of 6/10/24, the APR for home equity products, based on creditworthiness and loan-to-value, ranges from 8.24% to 18.00%. This interest rate is subject to change but will not exceed 18.00% APR. Offered rate equals the Wall Street Journal prime rate plus a margin; the prime rate is the published in the "Money Rates Table" of the Wall Street Journal on the last business day of each quarter. Consult your tax advisor regarding the deductibility of interest. Property insurance is required. Offer is available for HELOCs secured by a primary residence. Some additional restrictions may apply. The third-party fees for a home equity loan range from $105 to $2,000. The Credit Union will pay up to a $500 credit toward all related third-party fees. (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.)

All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice.