Home Equity

Use your home’s equity for the right reasons.

Increase the value of your home through repairs and remodeling. Fund a college education. Refinance and pay off high-interest debt. There are many uses for home equity (translation: the value of your home above what you owe), but we like to make sure they all have something in common: a lasting, positive impact on your financial situation.

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Benefits of home equity lending with Elevations:

  • In-house underwriters who know the Colorado market make a local decision about your loan

  • Predictable or flexible payment options to fit your needs

  • Competitive rates so you can avoid putting expenses on a high-interest credit card

  • No application fee

  • A range of term options

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Which home equity option is right for you?

Home Equity Loan

When you need funds all at once for a big expense at a fixed rate.

A Home Equity Loan is best when you have one large expense, like renovating your home all at once, and you want the predictability of a consistent monthly payment at a fixed rate.

APR: Lock in your interest rate with a fixed APR from 5.74%*†.

Options for terms and payments:

  • A 20/20 with monthly principal and interest payments, a.k.a. an amortized loan, with term options from 60 months (5 years) to 240 months (20 years).

  • A 30/20 with monthly principal and interest payments calculated over 360 months (30 years) and paid over 240 months (20 years). After 20 years, pay the final outstanding balance in full.

Home Equity Line of Credit (HELOC)

When you need flexible access to a credit line for expenses over time.

A Home Equity Line of Credit is best when you plan to pay expenses over time, like college tuition payments or minor home improvements. HELOCs give you the flexibility to borrow what you need, when you need it.

APR: Take advantage of interest rate changes with a variable APR starting at 5.24%*‡. You may also fix your rate for a portion of your loan balance.

How it works:
For 10 years, make minimum interest-only payments as you use the line of credit during the Draw Period. During the Repayment Period (the last 10 years), make monthly principal and interest payments to repay the outstanding balance. Note that you won’t be able to draw funds from the HELOC during this time.

Ready to put your home’s equity to work? Applying online is simple.

Commonly asked questions

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Offers subject to credit approval. All Credit Union loan programs, rates, promotions, terms and conditions subject to change anytime without notice.
* APR = Annual Percentage Rate
Rates shown are subject to change.
†Fixed Rate - Rate is dependent upon LTV (Loan to Value) ratio, term and credit history.
‡Variable Rate – Based on Prime Rate plus a margin that is based on your LTV (Loan to Value) Ratio and credit history..
NOTE: The maximum APR for a home equity loan is 18%. The third party fees for a home equity loan range from $105 to $2,000. The Credit Union will pay a $500 credit toward all related third party fees.
Payment example: A $15,000 loan amortized for 120 months at a 5% fixed rate would be $160 a month.