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Home Equity Line of Credit

A Home Equity Line of Credit is a secured open-end 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 period1, subject to the terms of the account agreement. There is no need to reapply or record a new deed of trust. Advances may be made online in Member Access, through ASK SECU, at your local branch, or by contacting the Contact Center.

Most interest paid on mortgage loans (first and second mortgages) is deductible on itemized returns. The Home Equity Line of Credit is a second mortgage; therefore, you may realize substantial savings by borrowing against your home as opposed to other methods of credit. Check with your tax advisor for specific benefits that may apply to you.

Perform a Loan Advance from an Existing Loan2  Request a New Home Equity Line of Credit2
For an existing home equity loan, process a real-time loan advance below for immediate access to the funds: Below are 3 ways to request a new home equity loan:

1. Request at your local branch Loan Information Checklist
1. Perform via Member Access
2. Request via Member Access
2. Perform via ASK SECU Voice Response:
   (800) ASK-SECU or (919) 839-5400
3. Request with our Contact Center (open 24 hours):
    (888)732-8562 or (919) 857-2150


  • Borrow up to 90% of the value of your home, less the amount owed on your present mortgage. If the home equity line of credit is subordinate to a mortgage with another lender, the maximum loan amount is $100,000
  • When the home equity line of credit is subordinate to a mortgage with your Credit Union or is the only mortgage against the home, the current rate for new loans is:
    • % APR3 using Payroll Deduction/Funds Transfer repayment. Future rates and payments determined quarterly based on adding a margin of 2.25% to the index4. The maximum quarterly rate adjustment is 0.50%. The minimum interest rate is 5.75% APR3 and the maximum interest rate will be the beginning rate plus 5% or 12.75% APR3, whichever is higher, but never more than 18% APR3.
    • % APR3 using Direct Pay. Future rates and payments determined quarterly based on adding a margin of 2.75% to the index3. The maximum quarterly rate adjustment is 0.50%. The minimum interest rate is 6.25% APR3 and the maximum interest rate will be the beginning rate plus 5% or 12.75% APR3, whichever is higher, but never more than 18% APR3.
  • When the home equity line of credit is subordinate to a mortgage with another lender, the current rate for new loans is:
    • % APR3 using Payroll Deduction/Funds Transfer repayment. Future rates and payments determined quarterly based on adding a margin of 3.00% to the index4. The maximum quarterly rate adjustment is 0.50%. The minimum interest rate is 6.50% APR3 and the maximum interest rate will be the beginning rate plus 5% or 12.75% APR3, whichever is higher, but never more than 18% APR3.
    • % APR3 using Direct Pay. Future rates and payments determined quarterly based on adding a margin of 3.50% to the index4. The maximum quarterly rate adjustment is 0.50%. The minimum interest rate is 7.00% APR3 and the maximum interest rate will be the beginning rate plus 5% or 12.75% APR3, whichever is higher, but never more than 18% APR3.
  • No origination fees or discount points required
  • Minimum required payment based on interest rate, loan balance, and payment frequency
  • Can serve as overdraft protection for your Credit Union checking account
  • Property must be in North Carolina, South Carolina, Virginia or Georgia
  • Home equity lines of credit are not available on rental properties
  • Existing home equity lines of credit may be modified to the current rate with no additional fee. Please see the Home Equity Line of Credit Modification Program below

Processing Fees

Fees may range from $300 to $1,0005.

Credit Line Worksheet

To estimate the potential equity, substitute your property value and mortgage balance in the following chart:

Approximate Property Value $150,000
Multiply by 90% (or 80%) x .90
SUBTOTAL $135,000
Less Mortgage Balance -$95,500
Estimated Credit Line $39,500
Minimum Monthly Payment $480
See payment schedule paragraph below for payment computation method.

Payment Schedule

Annual Percentage Rate3
Charged
 Semimonthly/Biweekly
per $1000
 Monthly per
$1000
 Teacher Monthly/Skip
per $10006
Up to 12% $6.00 $12.00 $16.00
12.25% to 15.00% $7.00 $14.00 $18.00
15.25% and higher $8.00 $16.00 $20.00

For more information, please review our Loan Services Brochure.

Home Equity Line of Credit Modification Program

Members that have an existing home equity line of credit with the Credit Union may be able to lower their interest rate to the current rate for new home equity lines of credit. In order to qualify for the interest rate reduction, your first mortgage must be with the Credit Union or your home equity line of credit must be the only mortgage on your property. To request that the interest rate on your current loan be modified, complete the Home Equity Line of Credit Modification Form and return it to your local branch for processing. There is no fee associated with modifying your home equity line of credit account.


1 Advances to your credit line cannot continue beyond the 15-year draw period. However, your repayment period would continue as originally scheduled until your remaining balance is paid-in-full.
2 Loan must be pre-approved for online advances, in good standing, and accessible through Member Access and/or ASK SECU. To request your loan be made accessible through Member Access or ASK SECU, send a secure message via Member Access or call the Contact Center.
3 APR = Annual Percentage Rate.
4 The index is the 26-week Treasury bill rate set on or after the 15th day of the second month of the previous calendar quarter adjusted up to the nearest .25%. A recent index is 0.25%. The minimum adjusted index rate for this product is 3.5%.
5 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.
6 The teacher repayment plan allows for summer payments to be skipped, thus coinciding with salary schedules.
*Quoted rates, dividends, annual percentage yields (APY) and rates (APR) are subject to change daily at the discretion of the Board of Directors.