Home Equity - Loans

Home equity loans

Tap into your home’s equity to cover big expenses while keeping your low mortgage rate. Choose a lump-sum loan or a flexible line of credit—ideal for renovations, debt consolidation, tuition, medical bills or even a new car.

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4 steps to your home equity loan with HACU

You’ve built equity in your home. Now let it work for you. Whether you choose a loan or line of credit, we make the process clear, supportive and straightforward.

Check your equity

Decide loan vs
line of credit

Apply your way

Access your funds

Apply in online banking

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85% home equity loan

Unlock your home's growing value with our home equity lender. With an 85% home equity loan, you can borrow up to 85% of your home's value. Whether you're looking to finance home improvements, buy a new car, consolidate debt or student loans, cover tuition costs, or take a dream vacation, this home equity loan can provide the funds you need.

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Owner-occupied residences in Illinois, Indiana, Wisconsin or Missouri only

85% home equity loan as low as APR*6.54%

Perks of an HACU home equity loan:

5-, 10- and 15-year terms
Borrow from $5,000 up to $500,000 with a fixed rate
No application fees
No closing costs on loans of $25,000 or more

100% home equity loan

With a 100% home equity loan, you can borrow up to the full value of your home, minus the balance of your current mortgage. For example, if your home is worth $300,000 and you owe $260,000 on your mortgage, you have $40,000 in equity. With a 100% home equity loan, you can borrow that $40,000.

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Owner-occupied residences in Illinois, Indiana, Wisconsin or Missouri only

100% home equity loan as low as APR*7.80%

Other perks of this program include:

5,7, and 10-year terms
Loan amounts from $5,000 up to $40,000
Borrow up to 100% of your home's value, less mortgage debt
No closing costs on loans of $25,000 or more

Home equity line of credit (HELOC)

Home equity lines of credit (HELOCs) come with the flexibility to access your fund when and if you need them instead of taking out a large lump sum all at once. Our Home Equity Line of Credit comes with low rates, zero closing costs*, no annual fees, and no application fees.*. Borrow up to 85% of your home's value and have the peace of mind that you have access to cash when you need it.

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Owner-occupied residences in Illinois, Indiana, Wisconsin or Missouri only

home equity line of credit (HELOC) as low as APR*6.50%

Advantages include:

Low variable interest rates
No application fees
Credit limits available from $5,000 to $500,000
No closing costs for initial advances of $25,000 or more
10-year draw period
Interest-only payments

Home Stretch Mortgage for refinancing

Ready to finish paying off your mortgage faster? Our Home Stretch Mortgage (HSM) is designed to help you do just that! If you’ve built up at least 30% equity in your home, now’s the time to take the final step and cross the finish line.

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Owner-occupied residences in Illinois, Indiana, Wisconsin or Missouri only

Home Stretch Mortgage refinanceas low as APR* 5.20%

Advantages include:

Loan amounts from $25,000 to $500,000
Pay off your home in 5, 7, 10, or 15 years
Pay less interest
No closing costs on loans $25,000 or more
Up to 70% loan-to-value
No escrow available
Available to members in IL, IN, WI, and MO

What others are saying

View All Testimonials ❯

❛❛

I received a prompt response to my online application. Stacy clearly explained the loan process, verified some information, and told me exactly what to expect next. As always, it has been a pleasure working with HACU staff—they are knowledgeable and pleasant.

Dana M.

❛❛

I appreciate that I can call HACU to discuss any project I’m considering, whether it’s home repairs or purchasing a vehicle that requires a loan. I do comparative shopping, and I always find that HACU offers the best rates and advice that truly reflects my best interest. This surpasses all other resources I’ve tried. I’m consistently very pleased with the rates I receive on loans at HACU.

Mona M.

❛❛

Jeremy N. was incredibly kind and helpful in processing my loan. He explained everything clearly and in detail. I truly appreciate all of his assistance—thank you so much!

Veronica V.

Home equity resources

Home equity FAQs

What is a home equity loan or HELOC?

A home equity loan or HELOC lets you borrow against the value you’ve built in your home, using your primary residence as collateral.

How much can I borrow using my home’s equity?

You may be able to borrow 85% or 100% of your home’s available equity, depending on your qualifications and the product you're interested in.

What are the differences between a home equity loan and a HELOC?

A home equity loan offers a fixed rate and predictable monthly payments over a set term. A HELOC (home equity line of credit) has a variable rate and flexible access to funds, with interest-only payment options during the draw period.

What interest rates and terms are available?

Home equity loans are available with terms up to 15 years. HELOCs typically offer a 10-year draw period. View our latest rates.

How can I use home equity funds?

You can use your funds for just about anything—home improvements, debt consolidation, major expenses, or whatever matters most to you.

Are there closing costs or fees?

There are no closing costs on loans or advances over $25,000. For HELOCs, fees may apply if the line is closed within the first two years.

How do I apply for a home equity loan or HELOC?

You can apply through online banking, give us a call, or visit a branch—we’re here to help every step of the way.

How long does the approval process take?

From application to having funds in your account averages about 4 weeks.

Is interest tax-deductible?

Interest may be tax-deductible depending on how you use the funds. We recommend checking with your tax advisor for guidance.

What happens if home values change?

Changes in your home’s value won’t affect your existing loan terms—you’ll continue making your regular payments as agreed.

How are loan rates determined?

We use risk-based lending, which means your rate is personalized based on factors like your credit score and the term of your loan. In general, stronger credit profiles and shorter loan terms may qualify for lower rates, while longer terms or lower credit scores may result in a higher rate.

We’re always happy to walk you through your options and help you find the best fit for your budget.

Ready to get started?

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