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Equity LinePLUS

A revolving line of credit that allows fixed-rate advances

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Equity LinePLUS Features

  • Most members can finance up to 80% of your primary residence's value minus your first mortgage balance
  • Interest is tax deductible for most people*
  • 20-year draw period and 20-year repayment
  • No minimum line advance or line balance requirements
  • Low minimum payment

Read Why Home Equity Loans to learn why home equity loans are a good option to finance the major purchases of your life.

*Please consult your tax advisor regarding interest deductibility

DCU Equity LinePLUS – The Best of Both Worlds

Our Equity LinePLUS* home equity program gives you the advantages of a home equity line of credit and fixed-rate home equity installment loans in one account. Here's how . . .

A Convenient Line of Credit

When you open your Equity LinePLUS, you get a line of credit with these features...

  • Interest that's tax deductible for most people. The Internal Revenue Service at (publication 936) and your State Department of Revenue have more information on deductibility.
  • No prepayment penalties
  • Low variable rate as low as Prime minus 1/4% on line of credit advances. Your rate is determined by your personal credit history. Rates can change monthly.*
  • No points, no closing costs**
  • No minimum line advance or line balance requirements
  • Borrow up to 80% of your home's value minus your mortgage balance***
  • Lines start at $15,000
  • Low minimum payment – Only 1% of outstanding balance due each month
  • 24-hour access to your line via Online Banking, Mobile Banking, DCU ATM, line of credit checks, and Easy Touch Telephone Teller. During business hours, you also can get advances in DCU Branches and CO-OP Shared Branch locations.
  • 20-year draw and 20-year repayment periods – Plenty of time to meet your borrowing needs without the need to refinance or apply for more.
  • Can be used as overdraft protection for your DCU Checking Account. Mention this option to your Mortgage Specialist when you apply if interested.

What can Equity LinePLUS be used for?

A line of credit is great for home improvement projects, college tuition, and any other major expense where you expect to see more than one bill. It's great for unexpected expenses such as car repairs or a new roof when you may not want to dip into your savings.

Equity LinePLUS line advances have variable rates because it is a type of revolving credit with no fixed term. At DCU, your rate can change up or down once each month. It's tied to the Prime Rate published in the Wall Street Journal.

Fixed-Rate Advance Feature

Once your Equity LinePLUS is open, you can have up to two advances from your line at any given time as Fixed-Rate Home Equity Loans. Each advance has a fixed monthly payment for the term of the advance. This is a popular choice for major purchases (such as a new car, motor home, or boat) or for bill consolidation. These fixed-rate advances have these features...

  • Available with terms from 5 to 20 years
  • At same rates as regular Fixed-Rate Home Equity Loans
  • Minimum fixed-rate advance is $5,000
  • As you repay the principal on your fixed-rate advance, that amount again becomes available to borrow through the line of credit
  • Automatic loan payments by transfer from one of your DCU checking or savings accounts is available through DCU or set up by you on Online Banking
  • Separate account on your statement for easy tracking

The rate on fixed-rate advances is set at the time of the request based on your personal credit history and remains fixed until the entire advance has been repaid. Please refer to a Early Federal Disclosure, available at any branch or by email request.

Why Should You Consider Equity LinePLUS?

Equity LinePLUS has some advantages over traditional home equity products...

  • More flexible than ordinary fixed-rate home equity loans – Apply once and you can borrow against your line as often as you need.
  • Match the length of the loan to the purpose – If you want to finance a car for five years with Equity LinePLUS, you can get a 5-year fixed-rate advance. To pay off a standard line of credit that fast, you'd have to remember to make additional principal payments along the way.
  • Short-term fixed-rate advances could save you interest over line advances – The rates on short term fixed-rate advances are often below Prime.

* Please refer to DCU's Early Federal Disclosure for more information on Home Equity rates, including historical rate examples. You may obtain this information by contacting DCU.

** Excludes state mortgage taxes in AL, FL, KS, LA, MD, MN, NY, OK, TN, and VA.

*** Other restrictions may apply.

‡ Please be aware that current market conditions may limit the amount of financing DCU can provide (examples: low property values, property located in a declining value area, type of property).

DCU offers Equity LinePLUS in all States with the exception of Connecticut, Texas, North Carolina, Wisconsin and West Virginia.

Rates for Home Equity LinePLUS Loans

No annual fees.

Low minimum monthly payment – Only 1% of outstanding balance. Borrow up to 80%* of your home value minus your first mortgage.

No points or closing costs.

Terms / Features Our Best Rate**
Rate Index APR
As low as Prime minus ¼% (.25%)* 4.25%

Rates are effective . Rates are variable, tied to the Prime Rate, and can change monthly.

*Please be aware that current market conditions may limit the amount of financing DCU can provide (examples: low property values, property located in a declining value area).

80% Loan to Value Max. Other restrictions may apply.

Available in all states with the exception of TX, CT, NC, WI and WV.

State mortgage taxes in AL, FL, KS, LA, MD, MN, NY, OK, TN, and VA.

**Rates are determined by your personal credit history. Our Best Rates are for members with the best credit. Other rates may apply.

APR = Annual Percentage Rate.

Equity LinePLUS is rated 4.5 out of 5 by 269.
Rated 5 out of 5 by from Decent rate I like the HELOC product from DCU as it ofers decent interest rate and terms plus the option to convert variable loan to fixed rate loan.
Date published: 2018-02-24
Rated 5 out of 5 by from Equity LinePLUS has great great features. Home Equity LinePLUS process was smooth and funded amount to the account in around 3 weeks. Super fast hassle free and mostly everything was online to upload/download documents securely. Thanks you DCU.
Date published: 2018-02-19
Rated 5 out of 5 by from No minimum draw & no fees I had been looking for a HELOC as emergency source of funds, but almost every bank I contacted insisted I had to take an initial draw. DCU was one of the very few that allowed me to open the HELOC without requiring an initial draw. The process was relatively easy, although it is still a type of mortgage so be prepared to provide lots of paperwork. My loan officer was very responsive via email which made it much easier for me as a working professional to have a running asynchronous conversation as questions arose. So happy and relieved to have the HELOC in place. Thanks DCU!
Date published: 2018-02-10
Rated 5 out of 5 by from too much data requested for thirty year customer with a good tack record. the product has the features I require, easy to use.
Date published: 2018-01-27
Rated 5 out of 5 by from Line of credit It gives me great price of mind to know I’m safe in an emergency.
Date published: 2017-12-30
Rated 5 out of 5 by from This product is great DCU is always rock and number one in customer support.
Date published: 2017-12-02
Rated 5 out of 5 by from Great experience and super fast closing The entire loan process was completed without ever having to pick up the phone to speak to someone. We applied online and everything else after that was done via emails. The loan was approved quickly. The entire process was efficient and smooth. I have been a member for 19yrs.
Date published: 2017-11-18
Rated 5 out of 5 by from Flex Money Payment for college bills. New windows. Emergency repairs. The ability to get fixed-rate payouts for big things while only paying interest on what you actually need. Nothing financial is ever "easy" but the application and closing process was about as close as you can get; and everyone from the DCU loan officer to the closing contractor were friendly and helpful at every turn. Great deal!
Date published: 2017-11-08
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I already have credit line and fixed rate. If i want to pay off fixed rate and add that amount to credit line is it possible?

I use credit line for my emergency use. When fund is not available on time i just transfer money from credit line and take care of my problems with no stress.
Asked by: JJ
I am pretty certain you can.
Answered by: Vet1969
Date published: 2015-06-27

Do we as the borrower, initiate contact with an appraisal company and then approach DCU about a HELOC? Or does DCU provide an appraisal firm?

Asked by: Homeowner
DCU provided the appraisal firm.
Answered by: Grand Canyon Hiker
Date published: 2017-10-28

Can we get home equity on investment property(condo) ?

Asked by: Sr
You can get Home equity fixed loan on investment property at DCU. I don't think you can get this kind of loan on investment property from any other bank or credit union.
Answered by: mahi9999
Date published: 2018-02-19

How long does the entire process take?

Once I have applied for a HELOC, how long does it take until the process is complete and the funds are available?
Asked by: Cheryl
The process took 6 weeks for me from filling out the loan papers on-line through settlement until I received the check book in the mail.
Answered by: Grand Canyon Hiker
Date published: 2017-10-28

Is there a minimum amount to borrow for a mortgage or home equity loan?

Asked by: DCU Member
The minimum amount for home equity loans is $5,000. The minimum amount for a first mortgage is $50,000.
Answered by: DCU Staff
Date published: 2013-10-23
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Apply for a Home Equity Loan

  1. By Phone
    Call 508.263.6700 and press 3
  2. Visit a DCU Branch