

Let’s get started by defining what “equity” means when it comes to a loan or line of credit. Equity is the difference between how much your home is worth and how much you owe on any existing mortgages.
A Home Equity Line of Credit – also known as a HELOC – or a Home Equity Loan allows you to borrow money using your home’s equity as collateral. HELOCs and home equity loans are often used to finance major expenses such as home repairs/renovations, college education, a wedding or a major trip. These types of loans also allow for possible tax deduction so that you keep more of your hard earned money. (Consult your tax advisor.)
A Home Equity Line of Credit (HELOC) is a revolving line of credit, much like a credit card. You can borrow as much as you need, any time you need it, by taking an advance through online banking, in person, at an ATM, over the phone at 800-724-9282, or with HELOC checks. You may not exceed your credit limit. Because a HELOC is a line of credit, you make payments only on the amount you actually borrow, not the full amount available.
A Home Equity loan is a loan for a fixed amount of money. You repay the loan with equal monthly payments over a fixed term, just like with your mortgage payment.
View rates | Apply online: Home Equity Loan Application
No Points to pay | No application fee | No closing fees (must meet certain qualifications)1
“Prime” Plan - The "Prime” Home Equity program is designed for those with limits of $40,000 and greater with an initial advance of at least $15,000.
“Prime Plus” Plan - For those borrowing less than $40,000 and initial advances of at least $5,000, the existing "Prime Plus" HELOC program offers the low rate equal to Prime + .99%.
The ideal loan for a one-time disbursement of funds of $7,500 and greater, with rates starting as low as 4.29% APR2 for a term of 60 months or less.
Payment Protection available for your loan to help protect you and your family from financial hardship due to death or disability.
1 Annual Percentage Rate = APR. The introductory rate is available for new Reliant HELOC accounts and is fixed until the first day of the fourth calendar month following the date of closing. The rate for a Home Equity Line of Credit is based on the Prime Rate published in The Wall Street Journal on the last business day of the second month of the calendar quarter preceding the change date plus a margin of 0% for the Prime plan and plus .99% for the Prime Plus plan. As of 10/1/19, these rates were 5.25% for the Prime plan and 6.24% for the Prime Plus plan. Your rate may vary if the Prime Rate varies, but it will not exceed 15.00% APR or be less than 3.00% APR. Existing Reliant HELOC accounts must meet additional conditions to refinance to this program.
Reliant will pay all third party fees on its Home Equity Line of Credit provided an initial advance of $15,000 or more is taken. If you do not maintain a balance on the Line of Credit throughout the 36 months after the date it is opened, you must reimburse the credit union for certain fees Reliant paid to third parties in connection with opening the line. These fees will generally total between $295 (for $7500 line) and $2,893 (for $175,000 line).
2 Annual Percentage Rate = APR. Stated 4.29% APR applies to 60 monthly automatic payments of $18.55 per $1,000 borrowed as of 10/1/19. Other home equity installment rates and terms available. Reliant will pay all third party fees on its Home Equity Loan provided a loan amount of $15,000 or more is taken. If you pay off the Home Equity Loan within 36 months you must reimburse the credit union for certain fees Reliant paid to third parties in connection with opening the loan. These fees will generally total between $295 (for $7,500 loan) and $2,893 (for $175,000 loan). All loans subject to approval and must meet credit granting terms and conditions. Membership eligibility required.
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