Home Equity & HELOC Products

Home Equity & HELOC Products

Leverage the value of your home to transform it into the space of your dreams or enhance its market appeal. With the option to borrow up to 90% of your home's equity, you have the power to choose the path that suits you best:*

  • USSFCU's Home Equity Loan: For significant, one-time enhancements.**
  • Home Equity Line of Credit (HELOC): For a flexible, phase-based approach to your projects.***

Choosing Between a Home Equity Loan and HELOC:

  • Home Equity Loan: A Steady Approach to Financing: Ideal for substantial, one-off improvements, the USSFCU Home Equity Loan offers fixed rates for predictable repayment schedules.

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  • Home Equity Line of Credit (HELOC): Flexible Financing for Your Projects: The USSFCU HELOC adapts to your project's needs, offering variable rates and the flexibility to draw funds as needed. Choose between our Classic HELOC or our Smart Line HELOC for a line of credit that fits your needs.

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Apply Online! If you are a member, log in to Online Banking and click on the "Apply for Loan" tab to get started.

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A Few Things to Know Before Applying

A Few Things to Know Before Applying for a USSFCU Home Equity Loan or HELOC:

  • Only primary members of USSFCU can apply for a home equity loan or HELOC. Joint account holders are not eligible to apply.
  • Co-borrowers must also be primary members of USSFCU.

Required Documentation:

When submitting your application, please ensure you upload the following documents:

  1. Two most recent pay stubs, or if you are self-employed, two years of tax returns (including all schedules).
  2. A copy of the borrower's most recent mortgage statement (if applicable).

Reference Information:

  • Each borrower must provide a reference name, phone number, and relationship.
  • For joint applications, the reference must differ for each applicant and should be a friend or relative not living with the borrower or at the same address.

For Non-Members:

If you are interested in our loan services and are not yet a member, start by applying for USSFCU membership. Once you become a member, you can access our loan applications through Online Banking.

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Apply Now

Please note: Home Equity Loan products are only available on properties located in the contiguous United States. We do not offer Home Equity products in Texas, Alaska, Hawaii & US Territories. Also, HELOC rates adjust on the first day of the billing cycle following the 15th of the month. For more information on our Home Equity and HELOC offerings, please see the detailed section below.

RATES

  • A fixed-rate, close-end loan you can use for several needs:
    • Home remodeling projects
    • Debt consolidation
    • Educational expenses
    • Major life events
    • And more!
  • Borrow up to 90% of the equity in your home.1
  • Minimum amount - $7,500—Maximum loan amount is $500,000.2
  • Repayment terms: up to 180 months
  • Interest paid might be tax deductible.3
  • Pre-qualification is possible by applying over the phone or in person
  • Helpful, expert service throughout the entire process

1 90% LTV on loans not exceeding $400,000. 80% LTV on loans between $400,001 - $500,000. 2 Not all applicants will qualify. Rates and terms are subject to change and may vary based on creditworthiness and qualifications. 3 Consult a tax advisor.

A Home Equity Line of Credit (HELOC) is like a home equity loan, except instead of a one-time disbursement of funds, you may get pre-approved up to a certain amount, and access funds as you need them. Choose between our Classic HELOC or our Smart Line HELOC for a line of credit that fits your needs.

  • Variable rates—only pay interest on what you use
  • Borrow up to 90% of the equity in your home 1
  • Competitive rates for several ongoing or seasonal needs
  • The existing equity in your home is used as collateral backing
  • Accommodating repayment terms that work uniquely for you
  • Funds are available anytime without reapplying; apply once, then use repeatedly thereafter
  • Revolving credit — as principal is repaid, more becomes available for use
  • The interest paid might be tax-deductible.3
  • Set up automatic payments to be deducted from your account monthly
  • Professional, customized service throughout the entire process
Classic Line HELOC
  • Allows you to pay interest only—ideal for those who want to upgrade their current home before selling.4
Smart Line HELOC
  • Allows you to make payments on both principal and interest—perfect for that season-long project.4

1 90% LTV on loans not exceeding $400,000. 80% LTV on loans between $400,001 - $500,000. 2 Not all applicants will qualify for the lowest rate. Rates and terms are subject to change and may vary based on creditworthiness and qualifications. 3 Consult a tax advisor. 4 To open or maintain a home equity line of credit, you must pay certain fees to third parties. An itemized list of third-party fees is available upon request by calling 800.374.2758. Other fees may apply. 

APR = Annual Percentage Rate. All loans subject to credit approval. Rates are based on creditworthiness, income and debts. Not all applicants will qualify for the lowest rate. Rates subject to change. For a listing of current rates visit ussfcu.org/rates. Home equity line of credit (HELOC) variable interest rate subject to change quarterly. HELOCs are variable-rate lines. Rates are currently as low as 8.50% APR as of 04/01/2024 and subject to change. Rate equal to the WSJ Prime Rate in effect on the last day of each calendar quarter subject to a floor of 3.00%. Maximum APR is 18.00%. You must carry insurance on the property that secures this plan. To open or maintain a home equity line of credit, you must pay certain fees. These fees generally range from $500.00 to $1,300.00, but vary based on the loan amount and state. An itemization of the fees is available upon request by calling 800.374.2758. If a full appraisal is required, we will need to collect the appraisal fee in order to proceed with the application. Upfront fees only apply to the appraisal, other closing cost fees can be deducted from the loan at closing. Other fees may apply. Late fees: If your payment is more than 15 days late, you will be charged 5.00% of the payment due. Grace period applies to Fixed Loan Products Only. Classic Line Home Equity Line of Credit payments not received by the payment due date, will be charged 5.00% of the payment due. For more information on lending late fees, click here or call 800.374.2758. You must carry insurance on the property that secures this plan. Home Equity Loan products are not currently available in the state of Texas.

*90% LTV on loans not exceeding $400,000. 80% LTV on loans between $401,000 - $500,000. ** Fixed rates and repayment terms up to 180 months. A fixed-rate Home Equity Loan with an original balance of $70,000 and a 60–month term with LTV up to 80.00% and an APR of 7.13% totals a monthly payment of $1,390.38. A 60–month term with LTV up to 90.00% and an APR of 7.88% totals a monthly payment of $1,415.33. A 120–month term with LTV up to 80.00% and an APR of 7.38% total a monthly payment of $826.53. A 120–month term with LTV up to 90.00% and an APR of 8.13% total a monthly payment of $854.11. A 180–month term with LTV up to 80.00% and an APR of 7.63% total a monthly payment of $654.09. A 180–month term with LTV up to 90.00% and an APR of 8.38% total a monthly payment of $684.40. Payment examples does not include taxes or insurance; your actual obligation may be higher. If an appraisal is required or if there are title issues, the process may take longer. Also, if a full appraisal is required, we will need to collect the appraisal fee and other closing fees upfront in order to proceed with the application.

*** Home equity line of credit (HELOC) variable interest rate subject to change quarterly. Variable rates and repayment terms up to 240 months. Rate equal to the WSJ Prime Rate in effect on the last day of each calendar quarter subject to a floor of 3.00%. Maximum APR is 18.00%. Rates will not adjust until the 1st day of the billing cycle on the 15th of that month. FEES AND CHARGES: To open or maintain a home equity line of credit, you must pay certain fees to third parties. These fees generally range from $500.00 to $1,300.00, but vary based on the loan amount and state. An itemization of the fees is available upon request by calling 800.374.2758. LATE PAYMENT FEE: If your payment is more than 10 days late, you will be charged 5.00% of the payment due. PROPERTY INSURANCE: You must carry insurance on the property that secures this plan.

Home Equity Loan products are only available on properties located in the contiguous United States. We do not offer Home Equity products in Texas, Alaska, Hawaii & US Territories. Members should not send personal information via email. All loans subject to credit approval. Rates are based on creditworthiness, income and debts. Not all applicants will qualify for the lowest rate. Rates subject to change. For a listing of current rates visit ussfcu.org/rates. Membership eligibility required. This credit union is federally insured by the National Credit Union Administration. Equal Housing Lender NMLS #51428.

The United States Senate Federal Credit Union complies with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act). A list of our registered originators can be found by searching for the United States Senate Federal Credit Union here.

Members' Voice Testimonials

This credit union is the best, I love the customer service and you can't beat the interest rates. I'm happy to be a member of this great credit union.

- James · Locust Grove, GA

The branch manager introduced herself and was extremely helpful. She stated that if there is anything we ever need to please let her know. Very positive experience!

- Larry · Cumberland, MD

Greta was absolutely amazing - as always. She makes me and my parents feel valued and supported. We are forever grateful. [The Credit Union] has been hugely supportive over many years. And we feel known and cared for.

- Eliza · Washington, DC

Long as I have been with the credit union, I haven't had any problems. I also like the protection on my account.

- Charles · Upper Marlboro, MD

My overall experience at the credit union was exceptional. The staff was hospitable offering water, my service was timely and professional and the office was well lit and clean.

- Denise · Washington, DC

As a member for more than 40 years, i have always had great service from the USSFCU and know that they stand behind their great reputation.

- David · Silver Spring, MD

A top rate Credit Union, [I'm] privileged to be part of! Thank you for all you do for our family! USSFCU Credit Union was able to resolve our financial situation - vehicle, personal loans, customer service/recommendations, within 6 months. We belonged to another credit union for over 20 years, with results not even close to comparison. We switched ...

- Manuel · Bowie, MD

Your people and products are amazing. The recent [online banking] overhaul is phenomenal. [I've] been electronic banking since Tele action phone banking - paying bills with my push button landline decades ago. USSFCU is light years ahead of everyone else in terms of ease of use and client experience!

- Misty · Brookings, OR

I have been a member for more than 30 years. I no longer reside in the DC area but continue to bank with USSFCU because of the ease and the customer service.

- Tamra · Denver, CO

I have been a member for over 50 years, and I have always gotten good service with loans, when I had to have service at a branch, and when I needed to have money sent to me from my savings account. The personnel have always been friendly and treated me with respect.

- John · Fort Washington, MD

I especially appreciate being able to quickly speak with someone (not a robot) and that person has always been knowledgeable and helpful.

- Bernard · Richmond, VA

Excellent customer service streamlined and transparent process. The representatives are efficient, knowledgeable, and understanding of the type of loans offered by Credit Union.

- Erwin · Ellicott City, MD

The USSFCU behaves as a credit union ought to behave. The staff works with and for the members, not for a corporate board. Interest rates for a car loan, a home improvement loan, and a mortgage are low and terms are transparent.

- Ruth · Takoma Park, MD

Staff are courteous and friendly to work with. Very knowledgeable about services and products offered or available. Excellent follow-up with customers.

- Jacquelyn · Sanford, FL

I have appreciated USSFCU services for many years since I left my work on Capitol Hill. I have appreciated the occasional webinars on purchasing a home or retirement planning.

- Jamie · Washington, DC

I have been a member since 2006, and have always appreciated the customer service response to any concern or query. In addition, as I have traveled extensively, USSFCU has provided support and access.

- Kathleen · Ukiah, CA

I've had a credit union account for decades, even though I no longer work on Capitol Hill. I now have two accounts. I've been able to do all of our banking remotely, by app or by phone.

- Richard · Washington, DC

I have been a USSFCU member for almost 20 years. There is nowhere else I want my money to be. I always receive excellent service.

- Nicole · Alexandria, VA

I deeply appreciate the stellar service, the proficiency, the professionalism, and the kindness. I am truly honored and grateful to bank with a financial institution that treats customers like family.

- Angela · Alexandria, VA

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