The equity you’ve built in your home could help you fund what matters most — home improvements, debt consolidation, educational expenses, and more. Empeople offers several options to turn your home’s value into funds when you need it, all designed to fit your unique financial goals.
Not sure which is right for you? Our award-winning home loan experts can guide you through your options.
Ways to use a home equity loan or HELOC
Home improvements
Use your home’s equity to upgrade, repair or renovate and potentially increase its value.
Debt consolidation
Pay off higher-interest debts with one lower-rate loan and simplify your monthly payments.
Education
Cover tuition or school expenses and avoid or minimize student loans.
Major purchases
Manage big-ticket or surprise expenses without turning to high-interest credit cards.
Flexible loan options for every financial goal
Home equity loans
A fixed-rate home equity loan for simplified budgeting.
Borrow a lump sum at a fixed rate with steady monthly payments. Home equity loans are great for debt consolidation, one-time expenses or major home improvements.
Home equity loan details:
- Fixed rate & monthly payments for the entire loan
- Borrow up to $250,000 with no additional mortgage insurance
- Repayment period up to 10 years
Home equity line of credit
A line of credit that won’t break your budget.
Get ongoing access to funds as you need them. Withdraw funds over a draw period and make interest-only payments on what you use – any additional payments pay down the principal balance. HELOCs are ideal for ongoing or unpredictable expenses.
HELOC details:
- Credit limits up to $250,000
- Interest-only payments for the first 120 months
- Access funds via debit card or check, upon transfer to your checking account
- Variable interest rate
Cash-out refinance
Refinance your mortgage and get cash for what you need.
Refinance your mortgage and access cash from the equity you’ve built in your home. This option is best for homeowners looking to borrow money and improve their mortgage loan terms.
Cash-out refinance details:
- Potential to lower your monthly mortgage payment
- Cover an ARM balloon payment with a lump sum
- New mortgage replaces your old loan
Market-leading home equity rates – plus:
Wondering which home equity option is right for you?
Contact our home loan experts today.
What’s home equity?
Home equity is the difference between how much you owe on your mortgage and how much your home is worth. You can build equity as you pay down your loan balance and as the market value of your home increases.
What’s the difference between a home equity loan and a home equity line of credit (HELOC)?
A home equity loan gives you a lump sum with fixed monthly payments over time — ideal for one-time expenses. A HELOC works more like a credit card, letting you borrow and repay as needed during the draw period, with a variable interest rate.
How does a HELOC work?
A home equity line of credit (HELOC) lets you borrow against the equity in your home as needed, up to a set credit limit. During the draw period – for Empeople members, that’s 120 months – you can use funds, repay them and borrow again. It works much like a credit card, but with lower interest rates. You’ll only pay interest on what you use. After the draw period ends, you’ll repay any remaining balance over a 180-month repayment period.
Can I use my home equity loan or HELOC for anything I want?
Yes. Funds can be used for a wide range of purposes — from home improvements and debt consolidation to education or major purchases. Using the funds for qualified home improvements may also offer tax benefits. Be sure to consult your tax advisor.
How do I apply for a home equity loan or HELOC?
Access our online application, select the product you want to apply for — you may see options like “EZ Equity Loan 10-Year 80 LTV” or “Interest Only HELOC 10/15 90 LTV” — and type in your desired loan amount. You will then fill out the application in full, providing answers to questions about employment and income information. If you’re unsure of which equity product to apply for, contact our home loan experts.
How long does it take to get a home equity loan or HELOC?
From the time we receive your application to full approval of your home equity loan or HELOC, the process takes approximately two to three weeks. Closing times vary based on several factors including loan amount, property location and documentation completion.
What do I need to qualify for a home equity loan or HELOC?
Qualification depends on factors such as your credit score, credit history, income verification, debt-to-income (DTI) ratio, and loan-to-value (LTV) ratio. Contact our home loan experts to talk about your unique financial needs.
How do I access the funds from my HELOC?
When you open a HELOC, you’ll get access to a sub account (under your main member number) linked to your credit line. Access funds via debit card or check, upon transfer to your checking account. As you repay what you borrow, those funds become available again during the draw period.
How often can the Annual Percentage Rate (APR) change on a HELOC?
The APR on a HELOC is a variable rate tied to the U.S. prime rate and can change monthly based on market conditions.
Are there closing costs associated with home equity loans and lines of credit?
Yes. Home equity products typically include closing costs, which may cover things like an appraisal, title search or recording fees. These costs can be paid from your Empeople account or be worked into your loan, and vary by location and loan size. There are no fees to apply or inquire about which equity option is right for you.
Are the interest payments tax deductible?
In some cases, interest on home equity loans or HELOCs may be tax deductible, but only if the funds are used for eligible home improvements. Be sure to consult your tax advisor to understand how the rules apply to your specific situation.
What if I want to pay off my home equity loan or HELOC early?
You can pay off either loan early with no prepayment penalties. For full payoff, request a payoff statement that includes any outstanding balance or fees. With a HELOC, you can also pay down the balance without closing the account — this is called a paydown — keeping your credit line open during the draw period.