Home Equity Line of Credit (HELOC)
Whether you’re planning to update one room or renovate your entire home, our Home Equity Line of Credit is perfect for all your home improvement projects.
Use Your HELOC for:
- Remodeling or repairing your home
- Paying for educational expenses
- Taking a vacation
- Updating your landscaping
Home Equity Line of Credit Benefits
- Great low rates
- No application fee
- A 20-year repayment term = lower monthly payments
- Borrowing as often as you wish during a 10-year draw period
- A low rate which will never increase more than 6% over your initial rate and can only change once a year
- Convenient access to your HELOC through Online Banking & Mobile Banking, by phone or by check
- And more!
Home Equity Line of Credit (HELOC)Apply Today
Line of Credit (LOC)
Minimum Loan Amount
Maximum Loan Amount
Up to 90% Loan to Value2
Recoupment fee if closed in first 2 years3
Yes, waived first year
Homeowners insurance required. Single family dwellings only. We lend in all of Illinois on primary and secondary residence. NMLS #445096. 1 Consult a tax advisor regarding deductibility of interest. 2Qualified Members can borrow up to 90% of the appraised market value of their home (up to 80% for second homes and condos), less the first mortgage owed.3 Closing fees may apply for certain counties.4 Standard message and data rates may apply. Refer to your communications service provider.
Frequently Asked Questions
- What is a Home Equity Line of Credit Loan?
- A home equity line of credit is a revolving, variable-rate line of credit secured by your home’s equity/collateral. The amount you borrow is based on the difference between the amount you owe on your home and its market value. You can use the money whenever you need it, with no fixed schedule. If you’re approved, you can draw on what you need, when you need it, and only make payments on the funds you draw.
- How much can I borrow?
- DuPage Credit Union offers higher borrowing limits allowing maximum buying power. Calculate the loan amount you may be eligible for (there is a minimum loan amount of $10,000 and a maximum of $1,000,000).
- How do I draw from my HELOC?
- To draw from your HELOC, you can:
- How do I order more HELOC checks?
- To order more HELOC checks, simply email us with your name and phone number or call us at 800-323-2611. We will contact you the next business day to place your order.
- How often can I draw from a HELOC? What’s the minimum amount?
- You are able to draw from your HELOC for the first ten years as many times as you would like on a revolving basis. The minimum advance (after your first advance) is $500.
- Is there an annual fee?
- Your Home Equity Line of Credit has a $50 annual fee (it’s waived the first year)
- What is the current rate for a HELOC loan?
- Click here to view our most up-to-date rates for a Home Equity Line of Credit. Remember: a home equity line of credit rate is based on the Wall Street Journal’s Prime 10 days before the change date. It has a 4% APR floor (that’s the lowest it can go) and a 2% maximum increase per year that will never exceed 6% over your original interest rate.
Homeowners insurance required. No 2-4 family units accepted. We lend in all of Illinois on primary and secondary residence.1 Consult a tax advisor regarding deductibility of interest.2 Qualified Members can borrow up to 90% of the appraised market value of their home (up to 80% for second homes and condos), less the first mortgage owed.3 Closing fees may apply for certain counties.4 Standard message and data rates may apply. Refer to your communications service provider. DuPage Credit Union ranked the number one credit union mortgage lender in DuPage, Kane and Kendall Counties according to the 2013, 2014, 2015 & 2016 HMDA data (Home Mortgage Disclosure Act).