Home Equity Line of Credit

Do it all with a Home Equity Line of Credit at Ideal Credit Union

Get the cash you need when you need it with an Ideal Home Equity Line of Credit. Access as little or as much of your credit line as you need for home renovations, a well-deserved vacation, debt consolidation, tuition, wedding expenses or whatever else you may need.

Borrow up to 90% of your home’s value
Low variable rate after promotional period
24/7 access to funds with Ideal Digital Banking

Access your funds 24/7 with Ideal Digital Banking

You'll enjoy 24/7 access to your funds using Ideal Digital Banking — Simply transfer funds directly from your HELOC into your savings or checking account.

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Home Equity Rates

Rates as of:

Home Equity Type	Term	APR*
Home Equity Installment ¹ (up to 80% property value)	Up to 15 years	6.540% - 7.925%**
Home Equity Installment ² (up to 90% property value)	Up to 15 years	6.875% - 9.250%**
Home Equity Line of Credit ³ (up to 90% property value)	Up to 25 years. 10-year draw period and up to 15-year repayment period.	4.00% - 12.00% (variable rate)
No Equity Home Improvement Loan ⁴	Up to 60 months	10.74%
APR = Annual Percentage Rate. Rates subject to change at any time. *Actual rate based on applicant's payment and credit history. Additional appraisal fee may apply should one be needed. ¹Some housing exceptions may apply. Payment example: On a $20,000.00 loan with a 5 year term up to 80% property value at 6.540% APR, monthly payments would be $391.70. Closing costs range from $500 to $2,000. Maximum loan amount is $350,000. ²Some housing exceptions may apply. Payment example: On a $20,000.00 loan with a 5 year term up to 90% property value at 6.875% APR, monthly payments would be $394.85. Closing costs range from $500 to $2,000. Maximum loan amount is $350,000. ³Minimum Annual Percentage Rate (APR) Floor of 4.00%. Maximum APR is 12.00%. APR calculation is subject to change monthly and is based on the Prime Rate as published in the Wall Street Journal. Required payments are calculated at 1% of the outstanding balance. Maximum loan amount is $350,000 with a 10-year draw period and up to 15-year repayment period. Properties must be owner-occupied. Eligible property types include SFD and Townhomes (up to 90%), and condos (up to 80%); Not eligible for multi-family properties. Some housing exceptions apply. Closing costs range from $500 to $2,000. Maximum loan amount is $350,000. The consumer should consult a tax advisor for information regarding the deductibility of interest and charges. ⁴Maximum loan amount is $25,000. Offer is subject to normal credit qualifications. Payment Example: On a No Equity Home Improvement Loan with a term of 5 years at 10.74% APR, monthly payments would be $540.33 based on $25,000 borrowed.

Compare Home Equity Loans

Features	Home Equity Line of Credit	Installment Loan
Description	Line of credit that you draw on in Ideal Digital Banking, at a branch or by phone.	Installment loan with a fixed term
Maximum Loan to Value¹	Up to 90%	Up to 90%
Maximum Loan Amount	$350,000	$350,000
Maximum Term	Up to 25 years.10-year draw period and up to 15-year repayment period.	Up to 15 years
Annual Percentage Rate	Variable Rate²	Fixed Rate
Minimum Monthly Payment	1% of the outstanding balance	Fixed amount, based on initial disbursement³
Access to Funds	Draw on funds right from within Ideal Digital Banking, at a branch or by phone.	Funds are disbursed in one lump sum

1. Some housing exceptions apply.
2. Minimum Annual Percentage Rate (APR) Floor of 4%, Max of 12%. APR calculation is subject to change monthly and is based on the Prime Rate as published in the Wall Street Journal.
3. Payment Example: On a $20,000.00 loan with a 5 year term up to 80% property value at 5.990% APR, monthly payments would be $386.57. Closing costs range from $500 to $2,000.

Minimum Annual Percentage Rate (APR) Floor of 4.00%. Maximum APR is 12.00%. APR calculation is subject to change monthly and is based on the Prime Rate as published in the Wall Street Journal. Required payments are calculated at 1% of the outstanding balance. Maximum loan amount is $350,000 with a 10-year draw period and up to 15-year repayment period. Properties must be owner-occupied. Eligible property types include SFD and Townhomes (up to 90%), and condos (up to 80%); Not eligible for multi-family properties. Some housing exceptions apply. Closing costs range from $500 to $2,000. Maximum loan amount is $350,000.

*New Home Equity Line of Credit: 4.99% APR for the First 6 Months. APR = Annual Percentage Rate. Intro rate shown of 4.99% is for homeowners up to 90% combined loan-to-value (CLTV). APR will be fixed during the 6-month introductory period. After the first six (6) months of the loan term, the introductory APR will revert to a variable APR based on the Prime Rate as published in The Wall Street Journal. Your post-promotional rate will be disclosed to you prior to signing for your line of credit. On a $10,000 home equity line of credit balance at 4.99% APR, monthly payments would be $100, 1% of the outstanding balance. After the introductory period, the minimum floor APR will be 4.00% and maximum APR will be 12%. Current APR ranges from 8.50% - 10.50%, based on the Wall Street Prime Rate which is currently 8.50%. An increase in the Index will result in an increase in the periodic rate. Offer valid for applications submitted and approved March 15 through August 31, 2024. Loan must close on or before September 30, 2024, for introductory rate to apply. This is a limited time offer and is subject to change at any time without notice. Maximum loan amount is $350,000 with a 10-year draw period and up to 15-year repayment period. Minimum credit score of 660 is required. Properties must be owner-occupied. Eligible property types include SFD and Townhomes (up to 90%), and condos (up to 80%); Not eligible for multi-family properties. Some housing exceptions apply. Closing costs range from $500 to $2,000. The consumer should consult a tax advisor for information regarding the deductibility of interest and charges. Offer applies to new lines of credit with Ideal CU. If refinancing an existing Ideal Credit Union Line of Credit, the limit must be increased by a minimum of $15,000 to be eligible.

OR New Home Equity Line of Credit: $700 off Closing Costs. Minimum Annual Percentage Rate (APR) Floor of 4%. Maximum APR is 12%. APR calculation is subject to change monthly and is based on the Prime Rate as published in the Wall Street Journal. Required payments are calculated at 1% of the outstanding balance. Maximum loan amount is $350,000 with a 10-year draw period and up to 15-year repayment period. Minimum credit score of 660 is required. Properties must be owner-occupied. Eligible property types include SFD and Townhomes (up to 90%), and condos (up to 80%). Not eligible for multi-family properties. Some housing exceptions apply. Closing costs range from $500 to $2,000. The consumer should consult a tax advisor for information regarding the deductibility of interest and charges. Offer applies to new lines of credit with Ideal CU. Waived closing costs up to $700.00 on home equity applications submitted and approved June 1 through August 31, 2024. Loan must close on or before September 30, 2024, for discount to apply. This special discount is not transferable. Ideal RenoFi loans are not included in the $700 off closing costs promotion.

**New Fixed Rate Home Equity Loan: 0.25% Rate Reduction. APR = Annual Percentage Rate. The 0.25% interest rate deduction will apply to the term of the loan and cannot be combined with any other offers. Savings Example: A 0.25% reduction on a 7-Year Home Equity Loan is $1,014.72. Some housing exceptions apply. Rates subject to change at any time. Properties must be owner-occupied. Payment example: On a $20,000.00 loan with a 5-year term up to 80% property value at 6.375% APR, monthly payments would be $390.16. On a $20,000.00 loan with a 5-year term up to 90% property value at 7.125% APR, monthly payments would be $397.21. Maximum loan amount is $350,000. Closing costs range from $500 to $2,000. Maximum loan amount is $350,000. Eligible for homes in Minnesota and Wisconsin only. Consumer should consult a tax advisor for further information. Reduced rate of 0.25% APR on home equity applications submitted and approved June 1 through August 31, 2024. Loan must close on or before September 30, 2024, for discount to apply. This special discount is not transferable. Ideal RenoFi loans are not included in the rate reduction promotion.

OR New Fixed Rate Home Equity Loan: $700 off Closing Costs. Some housing exceptions apply. Rates subject to change at any time. Properties must be owner-occupied. Payment example: On a $20,000.00 loan with a 5-year term up to 80% property value at 6.625% APR, monthly payments would be $392.50. On a $20,000.00 loan with a 5-year term up to 90% property value at 7.375% APR, monthly payments would be $399.58. Maximum loan amount is $350,000. Closing costs range from $500 to $2,000. Maximum loan amount is $350,000. Eligible for homes in Minnesota and Wisconsin only. Consumer should consult a tax advisor for further information. Waived closing costs up to $700.00 on home equity applications submitted and approved June 1 through August 31, 2024. Loan must close on or before September 30, 2024, for discount to apply. This special discount is not transferable. Ideal RenoFi loans are not included in the $700 off closing costs promotion.