Home equity loans & lines of credit

A home equity loan or line of credit puts the value of your home to work for you. Access funds for home improvements, special events, debt consolidation, college “victory laps” and much more.

Home equity line of credit (HELOC)

A home equity line of credit1, or HELOC, is great for those who want flexibility with their finances. When you open a HELOC, you can draw on the entire amount, or leave the balance at zero. A HELOC can be a great safety net for a rainy day or unforeseen expenses. The rate is variable and the payment amount due depends on how much you withdraw.

There are no restrictions on how your use your home equity line of credit.

Commonly, HELOCs are used for consolidating debt, unexpected repairs, replacing appliances, big events, medical bills and more. It is a flexible financial tool – up to you when to use it. And you don’t have to disclose how you use the funds.

With Andigo, there are no fees or closing costs** on home equity lines of credit.

  • Open a line of credit between $5,000 to $500,000, with a loan-to-value (LTV) up to 90% (up to 80% LTV for Texas residents. LTV restrictions apply for California residents, call us for details).
  • Get a competitive variable rate that adjusts quarterly.
  • Enjoy 24/7 online account access and easy repayment options via online/mobile banking or automatic transfers from checking and savings.
  • See our great rates below and learn how you can get a 0.50% rate discount.

Apply for a home equity line of credit today.

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apply online

Home equity loan

Home equity loans2 have a fixed amount, rate and loan term, and are ideal for those who need to borrow a specific amount for a specific project or purpose. A home equity loan provides stability knowing your payment will be the same every month, with a loan pay-off date in sight.

There are no restrictions on how you use your home equity loan.

People most commonly use the equity in their home for home improvement projects, vehicle purchases, tuition, paying off higher-interest debt and more.

With Andigo, there are no fees or closing costs** on home equity loans.

  • Borrow between $5,000 and $500,000, up to 90% loan-to-value (LTV) (up to 80% LTV for Texas residents. LTV restrictions apply for California residents, call us for details).
  • Make your payments easily with automatic transfers from checking or savings, or access your loan via online/mobile banking, 24/7.
  • See our great rates below and learn how you can get a 0.50% rate discount.

Apply for a home equity loan today.

contact form

apply online

Home improvement and renovation loans

Home equity loans and lines of credit are the perfect solutions for your home addition, renovation, remodel or even minor updates. With a line of credit, you can draw only as much as you need to get the job done. With a home equity loan, you can take the full amount of the project and repay on a fixed schedule with a fixed rate.

No matter your project, we can help find a solution – so you can focus on the real problems, like picking from the 1,000 swatches of white paint, or whatever else your renovation entails.

Great rates on home equity loans and lines of credit

Account Type APR As Low As* National Average
Home Equity Loan
For the stability of a fixed rate for a fixed term

5.49%*
fixed APR

5.78%
fixed APR

Home Equity Line of Credit
For the flexibility of using your money when you want it

4.75%*
variable APR

6.62%
variable APR

Get a low rate on a home equity loan or line of credit.

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*APR (Annual Percentage Rate) is based on excellent credit history, loan-to-value, and loan term, and reflects a 0.50% discount for Express Advantage members (those with Andigo checking and direct deposit) who make automatic loan payments from an Andigo savings or checking account, so your rate may differ. 

**If you live in FL, GA or NY you will must pay applicable taxes at closing.

1Home Equity Lines of Credit: A variable Annual Percentage Rate (APR) applies to this loan. It adjusts quarterly based on the Prime Rate as published in The Wall Street Journal 45 days prior to the rate change date.  Home Equity Lines of Credit have a 20 year term. You can advance available funds during the first ten years, called the draw period. During the draw period, your minimum payment due each month is interest only, meaning they only cover the interest accrued on the loan during the month. After the draw period the remaining ten years is called the repayment period and your minimum payment is then principal and interest that will pay the balance off in ten years. Qualified properties include owner-occupied single family homes, condominiums, town homes, and one to four unit owner-occupied dwellings in Arizona, California, Florida, Georgia, Illinois, Massachusetts, Michigan, New Hampshire, New York, Pennsylvania, Texas and Wisconsin. Qualified members can borrow up to 90% of the current market value of their home (less any outstanding liens). Texas residents: You may borrow up to 80% of your home’s property value, less any outstanding first mortgage balance, not to exceed 50% of your home’s value. California residents: You may borrow up to 85% of your home’s property value, less any outstanding first mortgage balance. For Line amounts up to $100,000, maximum LTV is 85%. For Line amounts $100,000.01 - $250,000, maximum LTV is 80%. For Line amounts $250,000.01 - $500,000, maximum LTV is 70%. Line amounts greater than $500,000 are not allowed. State laws may affect final terms. Minimum initial advance is $5,000 and subsequent advances must be $500 or more, except for TX, which is $4,000 for both the initial and subsequent advances. The costs for originating your loan, excluding any intangible/mortgage tax, are waived at closing. If residing in FL, GA or NY, the intangible/mortgage tax (ranging from $10 to $5,000, depending on state and amount of HELOC limit) must be paid by borrower at closing or can be included in your initial advance. If the HELOC is closed within 12 months of opening, the closing costs waived must be reimbursed, typically $350 to $2,000. Maximum APR is 18%. The credit union makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status. Interest Only Home Equity Lines of Credit: ALL TERMS AND CONDITIONS FOR HOME EQUITY LINE OF CREDIT (SEE ABOVE) APPLY. Additionally, interest only home equity lines of credit loan provides for “interest only” payments during a portion of the term of the loan. These payments only cover the interest accrued on the loan during the month. Interest only payments do not reduce the principal balance even though you are making the minimum payment due. ** No bank averages are shown for these products/tiers because this offering is not commonly available at other financial institutions. Bank Average APRs effective 12/31/2018 and provided by S&P Global, an unbiased research firm that monitors rates from over 5,400 financial institutions nationwide.

2Home Equity Loans: A fixed Annual Percentage Rate (APR) loan. Qualified properties include owner-occupied single-family homes, condominiums, town homes, and one to four unit multiple owner-occupied dwellings in Arizona, California, Florida, Georgia, Illinois, Massachusetts, Michigan, New Hampshire, New York, Pennsylvania, Texas and Wisconsin. Qualified members can borrow up to 90% of the current market value of their home (less any outstanding liens). In Texas, the limit is 80% loan to value. Texas residents: You may borrow up to 80% of your home’s property value, less any outstanding first mortgage balance. California residents: You may borrow up to 85% of your home’s property value, less any outstanding first mortgage balance. For Line amounts $100,000 - $250,000, maximum LTV is 80%. For Line amounts $250,000 - $500,000, maximum LTV is 70%. Line amounts greater than $500,000 are not allowed. State laws may affect final terms. The costs for originating your loan, excluding any intangible/mortgage tax, are waived at closing. If residing in FL, GA, or NY, the intangible/mortgage tax (ranging from $10 to $5,000 depending on state and amount of loan) must be paid by borrower at closing or can be included in your loan. If the loan is repaid within 12 months of opening, the closing costs waived must be reimbursed, typically $350 to $2,000. 

NMLS ID: 411839

Have more questions about a home equity loan or line of credit? Fill out our form and we will be in touch.

How is interest accrued on a home equity line of credit?

Interest is accrued daily on the outstanding balance for that day, which is multiplied by the current interest rate divided by 365. Ready for this?

Example: A $10,000.00 balance with an interest rate of 4.25% will result in a daily interest accrual of $1.16: 10,000.00 X .0425 / 365 = 1.16.

There are lots of "rates" involved. This one reads a little like an SAT problem, but we're showing our work:

  • An Andigo home equity line of credit features a variable interest rate based on the Prime Rate plus or minus a margin based on credit criteria, loan limit and combined loan to value ratio.
  • An Andigo home equity line of credit features a variable interest rate based on the Prime Rate plus or minus a margin based on credit criteria, loan limit and combined loan to value ratio.
  • The Prime Rate is published in the Wall Street Journal and is reviewed 45 days in advance of the quarterly rate change date.
Read all about rate information, if you so fancy.

When will my home equity loan be approved and when will my home equity funds be available to me?

There are a few steps involved:

  • You can expect a pre-approval based on credit-worthiness within three business days.
  • Once you're pre-approved, an appraisal company will hit you up to schedule an appointment for a walk-through appraisal.
  • Within ten business days of that appraisal, we'll contact you with info on the final loan approval and conditions.
  • If all is kosher there, you'll be asked to schedule an appointment for closing.

That whole process takes three to five weeks. You should know, by law, we're required to provide a waiting period of three business days after closing before making the funds available, just in case you change your mind about taking the loan.

If you don't see those funds in three business days or you have any questions, just call us at 847.576.5199 (option 3, 2) or toll-free 877.270.6392 (option 3, 2).

Is there a minimum amount I must draw on my home equity line of credit?

Yup, it's $500 (unless you're in Texas then it's $4,000 everything is bigger down there, we hear). As long as you have an available balance, you can access or take an advance against your home equity line of credit (HELOC) at any time during the first ten years of your loan.

What paperwork should I provide with my home equity application?

We'll likely ask you for:
  1. Your primary mortgage billing statement
  2. Annual amount of real estate taxes, home owner's insurance and any homeowner's association (HOA) dues - that's if you don't escrow your taxes and insurance; if you do, don't worry about this.
  3. Your HUD2 Settlement Statement and Loan Note you received at closing only if you bought your house or refinanced your mortgage in the last 12 months
  4. Verification of income; this is usually a recent pay stub, but if you're self employed then you'll need to provide two years of full, signed US Income Tax Returns or if you're retired then it's your most recent annual award letter from SSA, Benefits, etc. and/or IRA Statements AND your full US Tax returns to show IRA distributions.
  5. If you have rental income, send along a copy of signed rental agreement and your most recent two years of full, signed US Tax Returns
  6. If you're consolidating debt, provide a list of creditors that will be paid off from the new loan proceeds (the most recent billing statements may be required and must include the balance, payment address and credit account number)
  7. When in doubt, send it along with your application and we'll take a look.
Remember, you can do all this online or over the phone at 847.576.5199 option 3, 3.

How do I transfer money from my home equity line of credit (HELOC) to my checking account?

Let me count the ways:

  1. Visit an Andigo branch
  2. Log into your online banking account
  3. Log into your online banking account and send a fax of your transfer request to the loan department with your signature to 847.538.4563
  4. Call us at 847.576.5199 Note for you Longhorns – in Texas the minimum withdrawal is $4,000. In all other states it's $500

Questions about home equity loan, HELOC or interest rates? Let's chat!

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