Home Equity Loans & Lines

Let’s begin…together!

If you’re a homeowner, you can borrow against the equity you’ve built up in your home for a variety of financing needs. AmeriCU offers both Home Equity Lines of Credit and Home Equity Loans at great rates and no closing costs! Plus, the interest you pay on Home Equity financing may be tax-deductible. (Check with your tax advisor.)

Lines of Credit

With a Home Equity Line of Credit, you can simply write a check or transfer funds from your line of credit into your checking account as needed up to your approved credit limit. As you repay your credit line, the funds become available to borrow again with no need to reapply. This is a popular choice for people who want flexibility to pay everyday expenditures.


Those members interested in financing larger expenses such as major home improvement, a new vehicle, high-interest debt consolidation, educational expenses, etc. may consider a Home Equity Loan. The repayment term and payment amounts are fixed for the life of the loan, a good option for those who prefer fixed payments for budgeting purposes.

Not sure if you need a home equity loan or line? Compare the benefits! Both types offer:

  • Low interest ratesHome equities offer some of the lowest rates available.
  • No or minimal closing costs – Paying $0 or as little as $399.00 to close the loan.
  • Short processing time – Obtain funds quickly.
  • Possible tax advantages – Home equity loans and lines may have tax advantages. We always advise that you consult a professional tax advisor or accountant. If applicable, these tax savings will save you money compared to other types of loans.
  • Life & Disability insurance available – Protect your financial situation in case of a sickness or injury. Protect your family in case of death. Home Equity Loan or Line of Credit will be paid off and will not tap into your main life insurance policy.

But, there are some important differences:

Home Equity Installment Loans (fixed rate)

  • Low, NON-VARIABLE interest rate for life of loan – Your principle and interest payment will always stay the same for the life of the loan – no surprises!
  • Terms up to 30 years to repay – A longer amortization (payback) period makes payments very economical.
  • All your money up front – You will get the full loan amount in one lump sum after closing.
  • Payment Example for Home Equity Installment Loan: $20,000 for 120 months at 4.00% APR* (80% LTV) will be $202.49 per month with no insurance. Check out our current rates! All loan rates and terms shown on our rates pages are the very best that we have available. Rates shown are Annual Percentage Rates (APR), vary by individual’s overall credit history and underwriting factors and are subject to change. For more information, please call our Member Service Center at 1.800.388.2000.

Home Equity Line of Credit (variable rate)**

  • Variable rate (capped at 15% APR) – You get the convenience of a revolving line of credit that you can use whenever you need it. The interest rate can fluctuate but is guaranteed to never go higher than 15% (many credit card rates can as high as 30% APR).
  • Interest-only payments for the first ten years – You will only pay interest on the funds you’ve used.
  • Access (draw) period of 10 years, 15 years to repay – You can draw on the credit line for up to 10 years, then have an additional 15 years to repay.
  • Money any time you need it – Access your funds (line of credit) by writing a check, using online transfers, or calling Telelink to make transfers to your checking account.

Apply today!

  • Current member? Login to online banking from our home page.
  • Current member without online banking? Learn how to sign up or apply here.
  • Not a member? Not a problem! Apply here>>
  • Call 800.388.2000 Monday-Friday, 9 AM to 5 PM.
  • Stop by any of our conveniently located Financial Centers.



AmeriCU’s Loan Rates are subject to change without notice. This page will be updated as soon as possible after any loan rate change. Contact our Member Service Center at 1.800.388.2000 to verify.

*APR = Annual Percentage Rate. Rates and terms vary by individual’s overall credit history and underwriting factors and are subject to change. Estimated monthly payment of $195.44 per $20,000.00 based on maximum 120 month term.

**Prime rate as of 9/27/18 is 5.25%. Minimum APR is 2.75%. Minimum line of credit is $7,500 with the exception of FreedomQuest Home Equity Line of Credit which requires a minimum line of credit of $15,000 and a minimum draw at closing of $15,000. Rates can increase or decrease, but not to exceed 15.00% APR. Applications are subject to credit approval. Rates and terms are determined by overall credit history, loan-to-value and term of loan, and are subject to change. If loan is closed within 3 years, member reimburses closing costs incurred by AmeriCU plus any additional fees to satisfy legal requirements. Fees can range from $35 to $1,500.