Home Equity Line of Credit

The Credit Union offers a Home Equity Line of Credit product for primary residences, second homes and rental properties for properties located in North Carolina, South Carolina, Virginia, and Georgia. Members must reside in North Carolina or bordering states to be eligible.

A Home Equity Line of Credit is a secured open-end variable rate loan that unlocks the value of your home allowing you to borrow against the equity. Advances up to the maximum loan amount may be made repeatedly throughout the 15-year draw period,1 subject to the terms of the account agreement. Once the loan is set up, there is no need to reapply or record a new deed of trust to obtain advances. Advances on existing loans may be made via the SECU Mobile App, online in Member Access, through ASK SECU Voice Response, at your local branch, or by contacting our 24/7 Member Services at (888) 732-8562.

Obtain a Loan Advance from an Existing Loan

For an existing home equity line of credit, process a real-time loan advance below for immediate access to the funds:

1. Obtain via the SECU Mobile App: Perform Advance under the Actions section

2. Obtain via Member Access: Perform Loan Advance »

3. Obtain via ASK SECU Voice Response: (800) ASK-SECU or (919) 839-5400

Borrow up to 90% of the value of your home (90% for second homes and 65% for rental properties), less the amount owed on your first mortgage, if any.

The current rate for new lines of credit is:
  • % initial APR until the first quarterly rate change; 2.75% APR based on current index and margin.2 Future rates and payments determined quarterly based on adding a margin of 2.25% to the index.3 The maximum quarterly rate adjustment is 0.50%. The minimum interest rate is 2.75% APR2 and the maximum interest rate will be the beginning rate plus 5% or 12.75% APR,2 whichever is higher, but never more than 18% APR.2
  • No origination fees or discount points required
  • Minimum required payment based on interest rate, loan balance, and payment frequency
  • Can serve as protecting account for your Credit Union checking account through your participation in our Overdraft Transfer Service.
  • Home equity lines of credit are not available on manufactured homes

Third Party Fees

Fees payable to third parties to open the line of credit generally range from $0 to $1,600.4 An itemization of these fees is available upon request. Property insurance also required.

Credit Line Worksheet

To estimate your property's potential equity, substitute your property value and mortgage balance in the following chart:
Approximate Property Value
Multiply by 90%
Less Mortgage Balance
Estimated Credit Line
Minimum Monthly Payment
x .90

This is only an estimate; the Credit Union may require an appraisal to determine the actual value of your home.

See payment schedule paragraph below for payment computation method.

Payment Schedule

Annual Percentage Rate2 Charged
Semimonthly/Biweekly per $1000
Monthly per
Teacher Monthly/Skip per $10005
Up to 12%
12.25% to 15.00%
1 Members may borrow against their available credit line for a period of 15 years, after which regular payments will continue until the loan is paid in full.
2 APR = Annual Percentage Rate. APR is your cost over the loan term expressed as a rate.
3 The index is the 26-week Treasury Bill rate set at the first auction held on or after the 15th day of the second month of the previous calendar quarter adjusted up to the nearest 0.25%. Subject to a minimum adjusted index for this product of 0.50%.
4 Processing fees on lines of credit secured by property in Virginia and South Carolina are higher and not all fees can be waived. A Financial Services Officer can assist you in determining the expenses in your area.
5 The teacher repayment plan allows for summer payments to be skipped, thus coinciding with salary schedules.