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Traditional Home Equity Loans

TRADITIONAL HOME EQUITY LOANS

Homeowners can leverage the equity they’ve built in their property to achieve their goals, whether it’s renovating their home, consolidating debt, or funding a major expense. With low rates, flexible terms, and a commitment to exceptional service, Rize Credit Union empowers homeowners to unlock the full potential of their home’s equity, helping them realize their dreams while building a stronger financial future.

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What’s a home equity loan and how does it work?

A home equity loan, also known as a second mortgage, since it’s secured by the property, enables homeowners to borrow money by leveraging the equity in their home. The loan amount is dispersed in one lump sum and paid back in monthly installments. Both the interest rate and monthly payments are fixed, ensuring a predictable repayment schedule.

Loan features

  • Fixed-rate loans from $25,000 to $500,0001
  • Owner occupied LTV up to 80%
  • Non-owner occupied LTV up to 70%
  • 20-year repayment period
  • No prepayment period
  • Available to those with ITIN
  • Available for homes in California and Nevada
  • Loan rates

Which home value loan is right for you?

100% CLTV home equity loan
A 100% CLTV home equity loan is secured by the property and enables homeowners to borrow money by leveraging the remaining equity in their home that they may not have been able to take advantage of with a traditional first or second mortgage. It can accommodate various lien positions, offering flexibility for complex financial situations.

Traditional home equity loans
With our traditional home equity loan, you can borrow against your home’s equity, up to 80% LTV, with favorable terms. This option is well-suited for those with sufficient equity who want to benefit from lower interest rates and predictable payments.

Home Equity Line of Credit (HELOC)
A HELOC functions like a revolving credit line, allowing you to borrow as needed up to your approved credit limit during the draw period. We have both Interest-Only HELOC and Traditional HELOC options.

1Estimated monthly payment based on a $25,000 loan for 10 years at 9.25% APR is $320.18 and subject to change. APR = Annual Percentage Rate. Processing fees can range from $487 to $1,337 for California and $312 to $1,192 for Nevada, paid by the borrower. Additional fees may apply subject to type and evaluation of property, ownership and lien status. Manufactured and mobile homes are not eligible.

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