Home equity loan or line of credit (HELOC)?

Your home's equity may be a good option for getting a secured loan. But which is right for you, a home equity loan or HELOC? Compare the details in the table below to learn more about your options with Oregon State Credit Union.

 

Home equity loan

Learn more or apply | Home equity loan

Home equity line of credit

Learn more or apply | HELOC

Description A loan for a set amount and secured by home equity. Funds are provided in one lump sum.

A revolving line of credit secured by home equity. Funds are withdrawn as needed.

Rate Fixed rate Variable rate
Payments Same over life of loan Adjusts monthly based on rate, amount borrowed, withdrawals and repayments
Term 10 or 15 years 10 year draw period, 15 year repayment
Loan amounts $10,000 minimum to $350000 maximum (or $250,000 if first lien is not with Oregon State Credit Union $10,000 minimum to $350000 maximum (or $250,000 if first lien is not with Oregon State Credit Union
Annual fee None $25-$75 depending on Member Merits category
Loan to value maximum 80-90%, second lien 80-90%, first or second lien
Lien position Second lien First or second lien

 

We can help you compare home equity options

We understand there's a lot to know about home equity and how to use it. Call us at 541-714-4000 or apply for a home equity loan or home equity line of credit. We’re happy to help you learn more about home equity, answer questions and talk about your options.

Got home loan questions? Contact us -- we can help!
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