Home Equity Loans and Lines of Credit

Whatever your big idea may be, we’ve got options for you. Your home is likely your biggest investment, and Call Federal Home Equity Loans & Lines of Credit (HELOCs) can help you unlock its potential. Consolidate debt, finance renovations, or cover unexpected expenses – the choice is yours. We offer competitive rates and flexible options to make your idea a reality.


Home Equity Line of Credit

Rates as low as

8.50% APR*

 


Home Equity Loans

Rates as low as

6.50% APR

Plus $500 Off Closing Costs**


Interest-Only Home Equity Line of Credit

Introductory Rate for the First 12 Months

4.99% APR

After the intro rate, APR can range from 8.50% to 18.00% APR based on Prime Rate and other criteria.***


Benefits of a Home Equity Loan or HELOC From a Credit Union

Competitive Rates

Credit unions can offer competitive rates because we’re not-for-profit.

Flexible Terms

Find a payment to suit your budget with our wide range of loan terms.

Unlimited Uses

From home repairs to eliminating debt from other lenders plus the unexpected expense, your funds are yours to use as you see fit.


Home Equity Loan & HELOC Rates

Want a great home equity loan or line of credit rate? Call Federal Credit Union is here to help! We’ve served our members since 1962 and we want to help you too. Get the most from your home’s equity today with our competitive rates and flexible terms.


Everything You Need to Know About Home Equity Loans and Home Equity Lines of Credit in Richmond

Turn your home’s equity into cash! A Call Federal Home Equity Loan or Line of Credit (HELOC) can help you finance your goals, from renovations to debt consolidation. We offer competitive rates, flexible options, and helpful tools to make the process smooth.

Here’s what makes Call Federal your smart choice for Home Equity Loans & Lines of Credit:

  • Competitive Rates: Leverage your home equity to secure a better rate than traditional loans.
  • Choose Your Path: Fixed-rate Home Equity Loans offer predictable payments for larger expenses, while variable-rate HELOCs provide ongoing access to funds.
  • Flexible Use: Consolidate debt, pay for home improvements, or cover unexpected costs – the choice is yours!
  • Free Financial Coaching: Get expert guidance to ensure you make informed decisions about your home equity.
  • Transparent Loan Process: No application fees and no prepayment penalties.
  • Fast and Easy Application: Apply online in minutes and see if you qualify. Average closing time is 15 business days.

Ready to unlock your home’s potential?  Explore your options and apply for a Call Federal Home Equity Loan or HELOC today!

Happy couple sit on the floor of their home researching home equity loans and HELOCs on their tablet

Home Equity Loans & Lines of Credit – At A Glance

Home Equity Line of Credit (HELOC) Home Equity Loan Interest-Only Home Equity Line (HELOC)
Terms Variable Rate / 15 Years Fixed Rate / Up to 10 Years Variable Rate / 20 years
Rate 8.5% - 10.175%* APR 7 Years –  6.50% - 10.50%** APR
10 Years –  7.25% - 12.125%** APR
8.5% - 10.175%* APR
Draw Period 8 Years
Pay monthly principal + interest
 Full disbursement upon processing 10 Years
Option to pay interest-only
Repayment 7 Years to pay full balance Principal + interest payments over the life of the loan.  10 Years to pay full balance
Promotion $500 off closing costs** 4.99% APR
Introductory rate for 12 months***

Simple Application Process for a Home Equity Loan, Interest-Only HELOC or traditional HELOC

 

Step
1

Apply Online

Enter a few details into our secure online loan application.

Step
2

Get Pre-Approved

We’ll offer you a loan amount with a likely rate for your chosen term.****

Step
3

Get Your Funds

With your financing ready, you can start your next big project or start working toward a goal

 

★★★★★

“Call Federal works constantly to improve. They aren’t just looking for new ways to charge unnecessary fees. Instead, they work to make their members feel appreciated.”

Kristen H., Chesterfield

 

FAQ About Home Equity Loans and HELOCs

Credit unions exist to serve their members, not outside stockholders. For Call Federal, that means we can offer competitive rates on loans, higher rates on deposits, and fewer fees to our members in the Greater Richmond metro area. We also offer a streamlined experience!

  • We can pass our revenue back to you because we're not-for-profit.
  • You get better rates and lower fees – or no fees on certain accounts.
  • We can listen to your story and work with you to improve your credit and get you the financing you need.
  • We can help explain all terms and conditions and communicate any other restrictions that may apply.
Please contact us to find out how we can help you and your family get an affordable payment so you can use your home equity to make your dreams a reality.

The best choice between a Call Federal Interest-Only HELOC, traditional HELOC and a Home Equity Loan depends on your financial goals and how you plan to use the funds. Here's a breakdown to help you decide:

HELOC: Choose a HELOC if you need ongoing access to funds for projects, unexpected expenses, or greater flexibility. HELOCs function like credit cards with a set limit, allowing you to withdraw funds as needed during the draw period. You only pay interest on the amount you withdraw.

Home Equity Loan: Opt for a Home Equity Loan if you need a fixed sum of money upfront for a specific expense like a major renovation or debt consolidation. Home Equity Loans offer a fixed interest rate and term, resulting in predictable monthly payments.

Interest-Only Home Equity Line of Credit: Whether you are tackling home improvement projects, planning to make a major purchase or need to eliminate debt from your budget, it may be worth exploring an Interest-Only Home Equity Line of Credit.

Call Federal offers several advantages for both HELOCs and Home Equity Loans:

  • Competitive Rates: You can potentially secure a lower interest rate by using your home's equity as collateral compared to traditional loan options.
  • Multiple Options: Choose the loan structure that best suits your needs, whether you need a fixed payment plan or ongoing access to funds.
  • Flexible Use: Consolidate debt, finance home improvements, or manage unexpected costs with the freedom to use the funds how you see fit.
  • Transparent Loan Process: There are no application fees or prepayment penalties, making the process clear and cost-effective.
  • Free Financial Coaching: Call Federal provides complimentary financial coaching to help you make informed decisions about your home equity.

Call Federal typically allows a maximum loan-to-value (LTV) ratio of 80% for Home Equity Loans and Lines of Credit (HELOCs). This means that the total amount of the loan cannot exceed 80% of the appraised value of the home. However, specific terms and conditions may vary based on creditworthiness, qualifications, and collateral conditions. It's essential to contact Call Federal directly to inquire about individual eligibility and terms.

It is similar to a traditional Home Equity Line of Credit in that it provides homeowners with a revolving line of credit secured by the value of their home. However, the key difference is how the payments are structured.


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*APR= Annual Percentage Rate. The disclosed rate is valid as of May 1, 2024. Rates and conditions are subject to change at any time and may vary based on creditworthiness, qualifications and collateral conditions. Please consult with your loan officer when applying to see if this offer is still valid. Subject to membership in the credit union, credit approval and closing. Property insurance required. Property must be member’s primary residence and located in the Commonwealth of Virginia. **The rate range is 6.50%-10.175% APR. Completed applications submitted May 1, 2024 thru July 31, 2024, are eligible for a $500 credit against closing costs on a home equity loan product. Offer only valid for new loans, and not valid for refinance of existing Call Federal loans or lines of credit. If the application expires outside of the promotional period, this incentive cannot be renewed. Application must be submitted by 11:59PM EST on July 31, 2024. ***Introductory rate of 4.99% APR valid for 12 months from account opening on an Interest-Only Home Equity Line of Credit. Afterward, the APR can range from 8.50% to 18.00% APR based on Wall Street Journal Prime Rate + margin. Interest only payments required during the 10-year draw period and there may be significant monthly payment increases when the line of credit enters into repayment phase. A nominal flood insurance fee is assessed. Offer only valid for new loans, and not valid for refinance of existing Call Federal loans or lines of credit. If the application expires outside of the promotional period, this incentive cannot be renewed. Application must be submitted by 11:59PM EST on July 31, 2024.


Ways to Apply

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Apply Online

Don’t wait to use the equity in your home to make things happen.

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Meet Us

Our experienced team can walk you through the options to get started.

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Ask Us Anything

Get your project going with a quick call to our Loan Consultants.