Your home’s equity can help you cover major expenses, handle unexpected costs, or fund projects that matter to you. SRFFCU offers home equity options for members who want to borrow against their home with competitive rates and practical terms. Home equity borrowing can be used for needs like home improvements, college tuition, debt consolidation, medical bills, and other major expenses.
Choose the Option That Fits How You Want to Borrow
Some borrowers need one set amount for a one-time expense. Others want a more flexible credit line they can draw from as needed. Self Reliance Financial Federal Credit Union offers a credit union home equity loan and credit union home equity line of credit options, which give members room to choose the structure that makes the most sense for their goals.
All rates listed on this page are valid as of July 1, 2026 and are subject to change without notice.
Home Equity Loan
Perfect for those individuals who need a specific amount of money for a one-time expense.
Loan Details:
- Fixed rate for the life of the loan
- Fixed monthly payment
- One lump sum when you get the loan
- Borrow up to 90% of your home′s value
Rate:
1APR is Annual Percentage Rate.
Home Equity Line of Credit (HELOC)
Perfect for those individuals who expect to have ongoing expenses. This is a great option if you want the ability to borrow as little or as much as you want and have the lowest possible payment.
Loan Details:
- Variable rate, based on the U.S. Prime Rate
- Variable interest only monthly payment
- Use as needed, up to the approved credit limit
- Borrow up to 90% of your home′s value
Rate:
1APR is Annual Percentage Rate.
Home Equity Line of Credit (HELOC) for Homes with a First Mortgage Elsewhere
Perfect for those individuals who expect to have ongoing expenses. This is a great option if you want the ability to borrow as little or as much as you want, whenever you need it.
Loan Details:
- Variable rate, based on the U.S. Prime Rate
- Variable interest only monthly payment
- Use as needed, up to the approved credit limit
- Borrow up to 80% of your home′s value
Rate:
1APR is Annual Percentage Rate.
What Can You Use Home Equity For?
- Home Improvements
- Higher Education
- Debt Consolidation
- Investments
- Emergency Expenses
- Take a Vacation
- Access to Cash
Put Your Home’s Equity to Work
Whether you need a lump sum for a specific expense or flexible access to funds over time, SRFFCU can help you choose the home equity option that fits your goals and budget.
Put Your Home’s Equity to Work
Whether you need a lump sum for a specific expense or flexible access to funds over time, SRFFCU can help you choose the home equity option that fits your goals and budget.
Frequently Asked Questions (FAQs)
What is the difference between a Home Equity Loan and a Home Equity Line of Credit?
A home equity loan involves borrowing a fixed amount of money at one time. With home equity loans, you can generally borrow up to 90 percent of the current appraised value of your home, minus your outstanding mortgage balance. Home equity loans often come with a fixed interest rate and term, and your monthly payments include principal and interest.
With a home equity line of credit (HELOC), you can establish a line of credit against the equity in your home and draw on the money as you need it. The initial amount you can borrow is set by the lender, but you can typically borrow up to 90 percent of the current appraised value of your home, minus your outstanding mortgage balance. HELOCs almost always carry a variable interest rate. You only have to pay interest on the amount outstanding. Keep in mind that the total amount withdrawn will have to be repaid or refinanced at the end of the term.
Loan or line of credit? Which option makes the most sense for homeowners?
A HELOC offers you flexibility because you can draw money from the line of credit as you need it and pay it back accordingly. A HELOC can be used for a one-time expenditure or ongoing financing needs. Plus, you may enjoy having a “safety net” available in case of a financial emergency.
On the other hand, a home equity loan can be a good option if you need a set amount of money for a specific purpose. Plus, a home equity loan is a smart choice if you prefer the safety of a fixed rate and fixed payments, especially in a rising-rate environment.
As an added benefit, under some circumstances, the interest on a home equity line or loan may be tax-deductible. Please consult your tax adviser.
Can I contact SRFFCU to talk about HELOCs even if I′m unsure if I need one?
No matter what your borrowing needs are, be sure to contact SRFFCU for rates and terms on a loan that fits your budget. Call our Loan Department at 215-725-4430.