Home Equity

Home makes it possible.

Transform your home equity into opportunity.

Whether you’re planning renovations, consolidating debt, or funding a major life event, your home’s equity can be a powerful resource. With Corda Credit Union, explore how you can transform your home’s value into an opportunity to achieve your dreams.

From home renovation to your next vacation.

Equity is simply the difference between your home’s appraised value and the amount you still owe on your mortgage. Think of your home’s equity as a financial resource that you can tap into when you need it.

Harness the power of homeownership

A home equity loan allows you to use the equity you have in your home for just about anything. You can consolidate credit card debt, remodel your house, and much more.

If you have a particular project or purchase in mind, and have a clear idea of the amount you wish to borrow, a home equity loan might be the perfect fit for you. Benefits of a home equity loan include:

  • A low rate and low payment
  • Flexible length of loan terms
  • No prepayment penalties
  • Interest may be tax-deductible1

Ready to apply?

Our home equity specialist will be happy to get you started! Contact us at 319.892.7337.

Putting your home’s equity to work.

A home equity line of credit (HELOC) is a revolving credit line that allows you to use the equity you have in your home for just about anything.

Explore the flexibility of a Home Equity Line of Credit

Consolidate credit card debt, remodel your house, finance a college education, or even go on a vacation. As you pay back your loan advances, those amounts again become available to borrow! Here’s what you get with a home equity line of credit:

  • Low minimum payments
  • Only pay interest on the funds you use
  • No prepayment penalties
  • Potential tax advantages1

Once your line of credit is set up, you can access funds through your account via online banking, our mobile app, by phone, or in person at any branch.

Apply now

Build dreams at great rates.

Home Equity Loans

Term

APR* (as low as)

*Annual Percentage Rate (APR) based on credit, loan-to-value, term, and account relationships. Rates effective as of May 6, 2024. Loan rates show the best rate and apply to those with an excellent credit rating. Rates, terms, and conditions are subject to change without notice. All loans subject to approval. Membership Savings account is required to obtain Corda Credit Union products.

Home Equity Loan (Second Mortgage) Example: For a $30,000 loan for a term of 15 years with an 8.061% APR, the monthly payment will be $286.70. The example assumes a credit score of 740. Rate assumes a loan-to-value (LTV) of 85% or less. Taxes and insurance premiums are not included in the payment example.

Term

Up to 5 years

APR* (as low as)

7.50%

Term

Up to 15 years

APR* (as low as)

8.00%

Home Equity Loan Line of Credit (HELOC)

Term

APR* (as low as)

*Annual Percentage Rate (APR) based on credit and loan-to-value. APR may be adjusted quarterly based on the prime rate. Rates effective as of May 6, 2024. Loan rates show the best rate and apply to those with an excellent credit rating. Rates, terms, and conditions are subject to change without notice. All loans subject to approval. Membership Savings account is required to obtain Corda Credit Union products. The minimum monthly payments may not be sufficient to repay the principal outstanding on your line of credit at the end of your loan term. At the end of your loan term, you will be required to pay the entire remaining balance in a single balloon payment. Homeowners insurance required.

Term

Up to 15 years

APR* (as low as)

8.00%

At Corda Credit Union, we’re here to build you up.

We invite you to learn about our values and what makes us different from other banks and credit unions.

Learn more about Corda

Disclosures

1Consult your tax advisor on tax deductibility. All loans subject to approval.