Home Equity Loans
Interest-Only HELOC | Platinum HELOC | Fixed Rate Second Mortgage | Home Equity Calculator
Smart Choices for Home Equity Loans: HELOCs vs. Fixed-Rate Second Mortgages
| Interest-Only Home Equity Line of Credit |
Platinum Home Equity Line of Credit |
Fixed-Rate Home Equity Loan |
|---|---|---|
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Our Interest-Only Home Equity Line of Credit lets you start with lower payments by paying only the interest on what you borrow for a set time. You can keep the principal balance the same until the repayment period begins, but you can also make extra payments to reduce it at any time. |
Our Platinum Home Equity Line of Credit gives homeowners a flexible way to borrow against their home equity. You can access funds up to a set limit and only pay on what you use. Monthly payments go towards both principal and interest for the entire loan term. |
Our Fixed-Rate Second Mortgage allows homeowners to borrow a lump sum against their home equity at a fixed interest rate, giving you consistent monthly payments over a set term. It's perfect for those who want predictable budgeting. |
At Colorado Credit Union, we believe in empowering our members to achieve their dreams and enhance their financial well-being. Whether you’re looking to renovate your home, consolidate debt, pay for college, cover medical expenses, get an emergency line of credit or embark on a new adventure, our Home Equity Lines of Credit (HELOC) and Fixed-Rate Second Mortgages are here to help make the most of your home’s value.
Interest-Only Home Equity Line of Credit (Interest-Only HELOC)
Discover the benefits of our Interest-Only Home Equity Line of Credit (Interest-Only HELOC). This flexible financial option allows you to borrow against the equity in your home, with the added advantage of making interest-only payments during the initial draw period, giving you the freedom to manage your finances with ease.
This means lower monthly payments, giving you more control over your cash flow and the freedom to use your funds for planning home improvements, consolidating debt, or funding major life events. Plus, with competitive rates and personalized service, our experienced lending team is here to support you every step of the way. Discover how an Interest-Only HELOC can help you achieve your financial dreams today!
| Low Rates | 25-Year Term | 10-Year Draw Period | 15-Year Repayment Period |
|---|---|---|---|
| Rates as low as 7.50% APR* | Consists of a 10-year draw period and a 15-year repayment period | Monthly interest-only payments during the 10-year draw period | Monthly principal and interest payments during the 15-year repayment period |
| Variable rate tied to Prime interest rate | Enjoy the peace of mind that comes with long-term stability | Borrow as needed and only pay interest on what you use during the first 10 years | After the draw period, make payments that include both principal and interest for the next 15 years to pay off your loan |
The estimated payment examples shown below are Interest-Only payments.
| Rate as low as | Loan Amount Example | Payment Estimate Example |
|---|---|---|
| 7.50% APR* | $50,000 | $312.50 |
| 8.25% APR* | $50,000 | $343.75 |
Platinum Home Equity Line of Credit (HELOC)
Your peace of mind is our top priority. With a Platinum HELOC, you can tap into the equity you’ve built in your home to create your dream kitchen, finish your basement, or take that long-awaited family vacation. It’s also a fantastic option for an emergency line of credit, giving you a reliable financial safety net for life’s uncertainties. You can keep an open line of credit without needing to access funds immediately. This way, you can preserve your savings while using HELOC funds to turn your dreams into reality or cover any unforeseen costs, allowing you to focus on what truly matters—achieving your financial goals.
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HELOC rates as low as 7.50% APR*
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Variable rate tied to prime interest rate
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Monthly principal and interest payments
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25-year term; with a 10-year draw period and 15-year repayment period.
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Option to Refinance the loan, when you hit the end of your 10-year draw period, keeping the funds available for any future emergencies, and providing you with peace of mind.
The estimated payment examples shown below are principal & interest payments.
| Rate as low as | Loan Amount Example | Payment Estimate Example |
|---|---|---|
| 7.50% APR* | $50,000 | $369.94 |
| 8.25% APR* | $50,000 | $396.68 |
Fixed-Rate Second Mortgage
Thinking about tackling a big project like a home makeover or paying off some debt?
A Fixed-Rate Second Mortgage might just be your best friend! It gives you a nice chunk of cash up front and comes with fixed interest rates and a fixed term, so you can count on steady, predictable payments each month. No surprises here—just easy budgeting and peace of mind!
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Fixed interest rate as low as 7.50% APR**
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Monthly principal and interest payments
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Offer terms of 5, 10, 15, or 20 years
|
Term |
Rate as low as |
Loan Amount Example |
Payment Example |
|---|---|---|---|
|
5 Years |
7.50% APR** |
$15,000 |
$300.70 |
|
10 Years |
7.50% APR** |
$15,000 |
$178.15 |
|
15 Years |
7.75% APR** |
$15,000 |
$139.14 |
|
20 Years |
8.00% APR** |
$15,000 |
$120.92 |
Curious about your home equity?
Check how much equity you may have:
Use our home equity calculator to see how much equity you have available in your home and get started today.
This calculator is for illustrative purposes only and not a guarantee to lend
Apply Today!
Join Colorado Credit Union and discover the impact of having a dedicated financial partner by your side. Let us help you unlock your home’s potential and embark on your next adventure with confidence!
Feel free to explore our site, learn more about our HELOC and Fixed-Rate Second Mortgage options, and get in touch with our experienced Home Equity Specialists to answer any questions you might have —we're here to support you every step of the way. Together, let’s turn your dreams into reality!
Give us a call today at 303.978.2274.
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What is a HELOC?
Why Choose Colorado Credit Union?
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Affordable Rates: Enjoy competitive interest rates tailored to fit your budget.
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Flexible Options: Choose between a fixed-rate second mortgage or a revolving credit line with a HELOC, giving you the control to decide what works best for you.
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Local Trust: As a member of Colorado Credit Union, you are part of a community-focused organization that prioritizes your success and satisfaction.
* Prime +.75% Annual Percentage Rate is available with combined loan to value of no more than 90%, loans of at least $10,000, and is subject to credit qualification. APR will vary based on Prime Rate as published in the Wall Street Journal which was 7.50% as of 1/1/2025. APR will not exceed 18% or be lower than 3.75%. Not all applicants will qualify for the lowest rate. Estimated closing costs range from $478-$1719, including appraisal. Contact a tax advisor for tax deductibility information. Second lien real estate loans are available on Colorado residences only. Property insurance is required. Colorado Credit Union membership required. Escrow funds are not collected and will not be included within the monthly payment. Other restrictions may apply, call for details.
**APR = Annual Percentage Rate is available with combined loan to value of no more than 90%, loans of at least $10,000, and is subject to credit qualification. Rates effective as of 02/15/2025 dependent on term and credit history. Not all borrowers will qualify for the lowest rate. Estimated closing costs range from $478-$1719, including appraisal. Contact a tax advisor for tax deductibility information. Second lien real estate loans are available on Colorado residences only. Property insurance is required. Colorado Credit Union membership required. Escrow funds are not collected and will not be included within the monthly payment. Payment example does not include amounts for taxes and insurance premiums. The actual payment obligation will be greater. Other restrictions may apply, call for details.