Variable Rate Home Equity Loans

HELOCs at OTIS: Take what you need, when you need it. You earned it!

Variable Rate Home Equity Loans


A HELOC is a home equity loan line of credit. A HELOC loan is like a credit card, in that once you have paid off what you initially borrowed (either in full or in part), you may borrow more up to the original amount of credit requested. Money may be withdrawn at any time during the draw period of the loan.
 

Take what you need, when you need it, to:
  • Tackle important home maintenance projects
  • Cover unexpected expenses that exceed your emergency fund
  • Consolidate and pay off higher interest debt at a lower interest rate
  • Finance higher education or a wedding
  • And more!

Payments are calculated on the balance of your loan after the last advance. When you take additional advances on your line of credit, your payment will adjust accordingly. This payment is 1.5% of the balance after the latest advance.

We lend up to 80% of the appraised value of your home, minus any existing mortgages. An appraisal may be required at a cost of $300. Additional fees include a title search, flood determination, and recording of the deed. The total charges associated with HELOCs amount to approximately $600. Here at OTIS, we require no application fee, no credit check fee, and no other processing fees of any kind for our HELOC loans.

Our rates are based on the prime rate and your credit score.

Home Equity Rates

Real Estate Loan Rates

Secured by Real Estate

Loan Term Annual Percentage Rate Sample Payments per $10,000 borrowed
1-5 years as low as 2.75% APR* $179.00 for 60 months
5-10 years as low as 3.65% APR* $100.00 for 120 months
11-15 years as low as 4.60% APR* $78.00 for 180 months
16-20 years as low as 5.00% APR* $67.00 for 240 months

Home Equity Line of Credit

Variable Rate as low as 4.50% APR** Minimum payment: $100 or 1.50% of
Balance after latest
Advance whichever is greater

*(APR) Annual Percentage Rate. Above Real Estate Rates are subject to change without notice. No finance charge fees apply.
** Annual Percentage Rate of Home Equity may vary monthly. The rate is the Wall Street Journal Prime Rate as published on the last business day of the month. The maximum annual percentage rate that may be imposed on a Home Equity Loan is 18.00% APR. No finance charge fees apply, membership eligibility required, and property insurance required. Minimum advance of $500.

It's Easy to Apply!

Just stop in at the credit union and talk to one of our friendly loan officers to see if you qualify.*

*Please bring your current mortgage statement, current deed, pay stub (if joint, for both), insurance policy with premium and property tax bill.

"All of the staff has always been extremely friendly and knowledgeable! When I have needed help in refinancing a loan or applying for new credit, they have responded in a timely manner with options that I was unaware of."

-Michelina G., OTIS Member