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.
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 7.74% variable APR*‡ for HELOCs or 7.99% fixed APR*† for Home Equity Loans
No application fee. A range of term options

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.*‡ starting at 7.74%. Stages of a HELOC:
Take advantage of interest rate changes with a variable APRDraw Period: (the first 10 years) Use your line of credit while making interest-only payments with the option to pay extra against the principal.
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.
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 7.99%.
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:
Commonly asked questions
We offer two ways to help you tap into the equity built up in your home.
The first is a home equity line of credit. With this product, you can access the funds as needed. Then, in a similar manner to a credit card, the monthly payment is based on the balance. This approach gives you control over your finances and provides a good amount of flexibility to how (and when) you access your funds.
The next option we offer is a home equity loan, which gives you a lump sum of money when the loan is established. You can then use those funds as needed.
After your application, our Financial Solutions Guides will help you determine which solution best fits you and your personal scenario. You can learn more about Home Equity Loans and Home Equity Lines of Credit on our blog(opens in a new window).
We keep it simple. There’s no application fee. You can apply online, over the phone or in a branch. Credit, income and collateral qualifications apply; note that your credit will be pulled. After reviewing your application, an Elevations loan officer will be in touch with next steps.
We understand that each individual situation is unique. The amount you're able to borrow varies based on different factors like your credit score, available home equity and more. The best option is to complete an application(opens in a new window) so that one of our local Financial Solutions Guides can help you evaluate which solution is the best fit for you.
Here’s some general industry standards that may also help guide you. Industry standard is to lend up to 80% combined loan to value. Some lenders may have programs that allow the borrower to go to 90% CLTV, typically at a higher interest rate.
To explore your situation further, try our Home Equity Calculator.
Not always! We live here too and understand the Colorado real estate market.
We also use an Automated Valuation Model that attempts to generate an estimated value for the home based on recent sales, market data, and predictive software. If we feel confident in that estimated value, we may be able to move forward without an appraisal.
Larger loan amounts may require the completion of an appraisal.
While there are no fees associated with pre-paying your balance early, there is a $75 annual fee on open lines of credit starting on the first anniversary of your loan. There are also some fees tied to opening a HELOC or Home Equity Loan:
Appraisal
Title work
Filing fee
Etc.
The credit union will pay up to $250 in 3rd party fees upon opening a HELOC.
NOTE: If the loan is not open for at least 2 years, the fees are the responsibility of the borrower at the closing of the line of credit.One of the benefits of working with Elevations is our underwriting team is all in-house. Since we're based in Colorado and understand the market, we can move very quickly. In many cases, you’ll receive your funds in as little as 2-4 weeks from the time we get your application.
Here are a few of the factors that may impact the timeline of your Home Equity Loan Application:
Document collection
Appraisals
Scheduling around you, your family, and your personal situations
Etc.
With an Elevations Home Equity Loan, you have access to funds from the lump sum that was either deposited into your Elevations account or made payable to you by check.
With an Elevations Home Equity Line of Credit (Home Equity Line of Credit), you can access funds by using your Home Equity Visa® Card, transferring money to your checking account or writing a check.The funds from your Home Equity Loan can be used in a variety of ways including:
Home improvements
Paying off credit cards
Purchasing a vehicle
Relieving yourself from school and/or medical expenses
Taking a vacation
Donating to a local cause or charity
You can use the funds for just about anything, talk to an Elevations Financial Solutions Guide to learn more about how you can use home equity loan funds.

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:
You can check your balance by logging into your online banking account or the Elevations mobile app. The current balance reflects what you owe, and the available balance reflects what is available to use.
Yes, you can pay by cash, check or online transfer directly to your home equity loan or line of credit.
If you are selling the property securing the loan, the lien, including the entire loan balance, will need to be satisfied by the sale of the house. If you are retaining the property, you can continue to use the HELOC and make payments.
You can request a fixed rate on a portion of your advanced funds from your Home Equity Line of Credit.
You can request up to three “fixed pools” on a Home Equity Line of Credit. These are a portion of your total advanced funds that – at your request – you may have the interest rate locked and begin paydown.
The combined loan to value is the total amount of a homeowner’s mortgages and loans secured by the property, including all lines of credit or liens against the property, divided by the value of the property.
While there are no fees associated with pre-paying your balance early, there is a $75 annual fee on open lines of credit starting on the first anniversary of your loan. There are also some fees tied to opening a HELOC or Home Equity Loan:
Appraisal
Title work
Filing fee, etc.
The credit union will pay up to $250 in 3rd party fees upon opening a HELOC.
NOTE: If the loan is not open for at least 2 years, the fees are the responsibility of the borrower at the closing of the line of credit.Ready to put your home’s equity to work? Applying online is simple.
More ways we can help you

Mortgage Refinance
Refinance your mortgage loan to save money or use your equity for expenses.
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 11/08/24, the APR for home equity products, based on creditworthiness and loan-to-value, ranges from 7.99% - 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 $250 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.