Home Equity Loan
Leverage your home’s equity for cash.
What is home equity?
Equity is the difference between the market value of your home and the amount you owe on your mortgage. By taking out a loan on that equity, you can pay for college tuition, make home renovations, purchase a car, or take care of other major expenses.
What you get with DC Credit Union’s home equity loans
80% LTV
You can borrow up to 80% loan-to-value (LTV) from $15,000 to $250,000.
No Fees
With us, you don’t need to deal with prepayment penalties and annual fees.
Primary Residence
Home equity loan or line of credit must on your primary residence.
Low Rates
Our interest rates are as low as 8.00% APR.
Tax-Deductible Interest
Consult with your tax advisor on whether the interest is tax-deductible.
Get Rewarded
When you open a loan account with us, you earn points with CU Perks, our loyalty program.
Which home equity option is right for me?
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Best if you want
Best if you want
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Monthly payments
Monthly payments
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Home Equity Loans
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Best if you want
A single lump-sum that is paid off over a set amount of time.
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Monthly payments
Fixed for the entire loan term.
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Home Equity Line of Credit
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Best if you want
An open-ended source of funds that you can withdraw from as you need over time.
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Monthly payments
Vary with the amount of the loan, and as you repay it, the amount of funds available to you is replenished.
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Your questions about home equity answered
- Your current addresses for the past two years
- Social security numbers for all borrowers
- Your employment history for the past two years. (Employer(s) name, address and phone number.)
- Income information for all borrowers. You’ll be asked to include salary, overtime, bonuses, commissions, interest/dividend, retirement income and any other regular source of income.
- The price of the home you are buying, and how much you’d like to borrow toward the purchase.
- The address of the property you are planning to purchase.
- Bank and brokerage account information, including the institution name and current balances.
- If you own any real estate, we’ll have some basic questions including, address, current market value, the amount you owe, the rental income you receive (if any), and what your monthly payment is.
- Information about your current debts. We’ll ask for the name of the creditor, the account number, the current balance owing and the amount of your monthly payment.
It will take between 20 and 30 minutes to fill out the online application. Be sure you have gathered all of the necessary information (see question above) to streamline the process.
We do not. But we’ll help you save for a 5% down payment, which protects ownership of your home should property values decrease. We can also connect you with down payment assistance programs.
Pre-qualification is an estimate of how much house you can afford, while pre-approval is a conditional commitment to finance.