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Equity Loans and Lines of Credit

Let your home foot the bill for anything you wish with a Home Equity Loan or Line of Credit from Ohio Catholic Federal Credit Union! We’ll help you turn your built-up equity into the cold, hard cash you need for home renovations, debt consolidation, college tuition, a dream vacation, and more!

Home Equity Lines of Credit

Home Equity Lines of Credit allow the flexibility to borrow only what you need, when you need it. No interest payments are paid for money that is not used. The variable interest rate is based on the prime interest rate posted in the Wall Street Journal.

Our current rate is 3.50% APR!

Your rate will depend on credit limit, credit qualifications, and loan-to-value ratio.

Benefits of a Home Equity Line of Credit:

  • Low Minimum Payments
  • Check and Home Equity Credit Card Access
  • Competitive Variable Low Rates
  • Fast and Easy Approval Process
  • No Pre-Payment Penalty and No Early Termination Penalties if HELOC is kept open for two years or more
  • No Transaction Fees

Home Equity Line of Credit Specifications:

  • Credit Line Up to $250,000
  • 10-Year Draw Period
  • Repayment Period up to 240 Months (20 years); an additional 10 years beyond the 10-year Draw Period
  • Up to 100% Loan to Value (LTV) Ratio

Home Equity Loans/Fixed Second Mortgage

Home Equity Loans or Fixed Second Mortgages allow you to borrow what you need with a fixed rate and payment for the life of the loan. The rate for the loan will depend on credit limit, credit qualifications, and loan-to-value ratio.

  • Loans up to $250,000
  • Terms from 5 Years to 15 Years
  • Competitive Low Fixed Rates
  • Fast and Easy Approval Process
  • No Prepayment Penalty and No Early Termination Penalties if HEL is kept open for two years or more
  • Up to 79.99% Loan to Value (LTV) Ratio
  • Low Minimum Payments

It’s time your home started earning its keep! Get started on your Ohio Catholic Home Equity Loan or Line of Credit right from the convenience of your comfy couch.

If you are interested in any of our loans, fill out the form below:

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  • Please note: You do not have to be a member to fill out this form or receive more information.
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*APR is Annual Percentage Rate. The advertised rate is the minimum rate available and may vary based on creditworthiness. Rate is variable and may change during the term of the line of credit. Your home equity contract rate is variable based on the Wall Street Journal Prime Rate, on your creditworthiness, and OCFCU’s lending policies. Your rate will vary but will never exceed 18.00% and never fall below 3.00%. LTV of 79.99% or less. $250,000 maximum limit allowed. Property insurance required. Flood insurance may be required. The HELOC must stay open a minimum of 24 months or all waived service fees must be repaid to the credit union. The HELOC draw period is 120 months and the repayment period is 120 months for a maximum loan term of 240 months. Please contact your tax advisor to determine any tax benefits. Ohio Catholic is an Equal Housing Lender. Monthly Payments will be $100 or 1% of the HELOC balance, whichever is greater, during the draw period and fully amortizing during the repayment period. No annual fee for one year.
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