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 |
Home equity line of credit |
|
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 Funds are withdrawn as needed.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.