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Home Equity Loans

Let’s get your home’s equity working for you.

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see what your home can help you achieve

When you work with Reliant to tap into your home’s equity, you’ll have no points to pay, no application fee, and no closing fees, when certain qualifications are met.

tap into your home’s equity

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 (HELOC) or a Home Equity Loan lets you borrow money using the equity in your home as collateral.

Our members typically use HELOCs and Home Equity Loans to help them realize major goals and dreams, such as home remodeling, a child’s college education, the perfect wedding, or that once-in-a-lifetime trip. These loans may also allow for a tax deduction, so you can keep more of your hard-earned money. Please consult your tax advisor for details.

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Home Equity Line of Credit (HELOC)

A HELOC is a revolving line of credit, similar to a credit card. You can borrow as much as you need up to your credit limit, whenever you need it. Because a HELOC is a line of credit, you make payments only on the amount you borrow, not on the full amount available to you. Your monthly payment amount will vary depending on the amount you are borrowing.

If you want flexible access to money (over a period of ten years with a 15-year repayment period), a HELOC may be right for you.

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Home Equity Loan

A Home Equity Loan provides you with a fixed amount of money, to be repaid in set monthly installments for a fixed period of time—similar to a mortgage payment.

If you want the consistency of a low, fixed interest rate, a defined term, and a set monthly payment, a Home Equity Loan may be the best fit for you.

  • Prime HELOC

    If you have a limit of $40,000 or more and you want an initial advance of at least $15,000, consider our Prime Plan HELOC. Get 0.00% APR fixed for the first three months, followed by a variable regular rate of 4.75% APR.1

  • Prime Plus HELOC

    If you’re borrowing less than $40,000 and your initial advance is at least $5,000, the Prime Plus HELOC may be a good option for you. Get 0.00% APR fixed for the first three months, followed by a variable regular rate of 5.74% APR.1

  • Home Equity Installment Loan

    If you’re looking for a one-time disbursement of funds of $7,500 or greater, you might be interested in a Home Equity Installment Loan. Get a rate starting as low as 3.59% APR for a term of 60 months or less.2

Home Equity Lines of Credit and Home Equity Loans

Loan Type

Terms

Minimum Advance or Loan

Maximum Advance or Loan

Intro APR^

APR^ as Low As

Loan rates are current as of 10/1/2020 and are subject to change without notice.

Loan Type

Home Equity Line of Credit (Prime Plan)

Terms

10-year draw, 15-year repayment period

Minimum Advance or Loan

$15,000

Maximum Advance or Loan

$300,000

Intro APR^

Three-month introductory rate of 0.00%

APR^ as Low As

3.25%

Loan Type

Home Equity Line of Credit (Prime Plus Plan)

Terms

10-year draw, 15-year repayment period

Minimum Advance or Loan

$5,000

Maximum Advance or Loan

Less than $40,000

Intro APR^

Three-month introductory rate of 0.00%

APR^ as Low As

4.24%

Loan Type

Home Equity Installment Loan

Terms

Up to 60 months

Minimum Advance or Loan

$7,500

Maximum Advance or Loan

N/A

Intro APR^

N/A

APR^ as Low As

3.59%

Loan Type

Home Equity Installment Loan

Terms

61 to 120 months

Minimum Advance or Loan

$7,500

Maximum Advance or Loan

N/A

Intro APR^

N/A

APR^ as Low As

3.79%

Loan Type

Home Equity Installment Loan

Terms

121 to 180 months

Minimum Advance or Loan

$7,500

Maximum Advance or Loan

N/A

Intro APR^

N/A

APR^ as Low As

3.99%

FAQs

There are costs associated with home equity loans and lines of credit; however, Reliant will pay all third-party fees on its home equity loans and lines of credit, as long as certain qualifications are met. The fees will generally total between $295 (for a $7,500 loan) and $2,893 (for a $175,000 loan). You can find the details in the disclosure on this page.

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, at any Reliant branch, 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 use, 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 you’d do with any installment loan (e.g. an auto loan, a mortgage, etc.).

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Disclosures

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 10/1/2020, these rates were 2.39% for the Prime plan and 4.24% 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. Loan rates are current as of 10/1/2020 and are subject to change without notice.  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).
Membership eligibility required.