Home Equity Loans

Think a home equity line of credit or 2nd mortgage can only be used for home renovations? Think again. Borrow as much or as little as you need for items such as weddings, business cash flow, vacations, debt consolidation, and more. With a no fee, low interest rate home equity loan from Cyprus Credit Union, you can reach your goals sooner.

Home Equity Line of Credit (HELOC)

  • Access the equity in your home
  • Revolving line of credit similar to a credit card
  • Lower variable interest rate compared to other loans
  • Borrow up to 100% of your home’s value
  • No fees

Choose How to Pay Your HELOC

Coins and house on a scale

Interest Only Payment Option

  • Draw period up to 10 years with a 10 year re-payment period
  • $50 minimum payment per month
  • This payment option has a lower monthly payment

1.25% of the Balance Payment Option

  • Draw period up to 10 years with a 5 year re-payment period
  • Monthly payment will be 1.25% of the balance, minimum of $50
  • This payment option requires a higher monthly payment, but your loan amount will be paid down more quickly

Fixed Rate 2nd Mortgage

  • Allows a person to borrow against their home
  • Money is loaned in an upfront, one-time lump sum
  • Lower fixed interest rate compared to other loans
  • Borrow up to 100% of your home’s equity
  • Repayment terms up to 15 years
  • No fees

All second homes require an appraisal and are subject to third party fees. Maximum loan to value is 65%. Not all property types are eligible for these products. Please contact our in-house loan advisors for a current list of ineligible property types.

Home Banking

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HELOC

Apr As Low As 5.00%

Fixed Rate 2nd Mortgage

Apr As Low As 4.49%
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