Home Equity—using the value of your home.
Enjoy life with help from your HELOC.
Your home is one of the biggest investments you’ll ever make. Tapping into your equity lets you benefit from the value you’ve built in the home without having to sell it. With a Home Equity Line of Credit, you can use the equity you’ve built in your home to consolidate debt, make home improvements, pay for college tuition, start a small business and more.
Finance home renovations
Our competitive rates let you pay for that new kitchen or bathroom.
Pay for education or a wedding
The “use it as you need it” flexibility lets you pay for tuition over several years, or for large expenses all at once.
Consolidate your high-interest debt
HELOCs offer rates lower than personal loans or credit cards to help you pay off debt faster.
Home equity line of credit rates
Type | Maximum Loan-to-Value1 | Available Terms | Annual Percentage Rate2 (APR) | Estimated Minimum Monthly Payment |
|---|---|---|---|---|
Rates Effective: 03-23-2025 Learn more about home equity lines of creditEquityFlex Lines of Credit have a maximum 30-year term with a 10-year draw period and a 20-year repayment period. All EquityFlex Lines of Credit include a $75 Annual Fee during the draw period, which is waived the first year. There is no Annual Fee during the repayment period. Property insurance is always required and flood insurance is required where necessary. Certain property types are not eligible collateral. Borrower pays closing costs and third party fees, which range between $125 -$2500 (estimate). This includes flood certification, appraisal, title insurance, lien and encumbrance report, lien recording fee, and escrow fees if required. Upon payoff/closure, there will be a Deed of Trust reconveyance fee. Please refer to the Personal Fee Schedule at the time of payoff/closure for the current amount due. 1 Loan approval is subject to credit approval and program guidelines. Maximum loan to value, maximum amount financed, and applicable margin are subject to equity value and OnPoint’s credit and underwriting requirements. Maximum amount for fixed portions are determined by the EquityFlex Line of Credit limit. For EquityFlex Line of Credit with LTV over 80%, the amount financed may not exceed $50,000. For EquityFlex Interest Only Line of Credit, the amount financed may not exceed $150,000. 2 EquityFlex Line of Credit rates are variable and based on The Wall Street Journal Prime Rate plus a margin of 0% – 2.75%, depending on occupancy, LTV, and creditworthiness. The APR will vary with the Prime Rate. Rates are subject to change without notice. The Prime Rate is subject to adjustment on the 21st day of each month based on the Prime Rate published in The Wall Street Journal on the 10th day of the month (or the next business day if the 10th falls on a weekend). 3 Estimated minimum monthly payment is for the draw period only. The repayment period is subject to change. 4Not to exceed 30 years from the origination date of EquityFlex Line of Credit. 5 OnPoint’s fixed rates are subject to change without notice. 6 You may convert all or a portion of your outstanding variable-rate EquityFlex Line of Credit balance to a fixed rate balance resulting in OnPoint Rewards Discount. Borrowers who are eligible for OnPoint Rewards receive 0.25% off of the APR (Annual Percentage Rate) for fixed rate portions of EquityFlex loans when converted. The discount does not apply to the variable APR. Setting up and maintaining auto payment from an OnPoint Checking or Savings account is required. Additional products and services are required to qualify for OnPoint Rewards. Please see an OnPoint representative for more information or click here. Solar Panel Discount. Fixed Portion Options with proceeds used to purchase solar panels receive a 0.25% discount off stated APR. The discount does not apply to Streamline First Lien Fixed Portion Option or existing OnPoint EquityFlex fixed portions. A review of the purchase order or invoice is required to qualify. The discount applies to invoice/purchase order amount, not to exceed $12,000. | ||||
Type EquityFlexTM Line of Credit | Maximum Loan-to-Value1 Up to 80% LTV | Available Terms 10-year draw period, 20-year amortization period | Annual Percentage Rate2 (APR) 7.50% - 8.00% | Estimated Minimum Monthly Payment 1.5% of outstanding balance or $25, whichever is greater3 |
Type | Maximum Loan-to-Value1 80.01% - 100% LTV | Available Terms 10-year draw period, 20-year amortization period | Annual Percentage Rate2 (APR) 9.50% - 10.00% | Estimated Minimum Monthly Payment 1.5% of outstanding balance or $25, whichever is greater3 |
Type EquityFlexTM Interest Only Line of Credit | Maximum Loan-to-Value1 Up to 80% LTV | Available Terms 10-year draw period, 20-year amortization period | Annual Percentage Rate2 (APR) 7.50 - 8.00% Variable APR | Estimated Minimum Monthly Payment Accrued interest on balance owed or $25, which ever is greater3 |
Type EquityFlexTM Fixed Portion Option6 | Maximum Loan-to-Value1 Up to 80% LTV | Available Terms 5 - 20 years4 | Annual Percentage Rate2 (APR) 7.25% - 8.00% | Estimated Minimum Monthly Payment $ 329.45 based on a 15-year, $35,000 loan at 7.75% APR |
Type | Maximum Loan-to-Value1 80.01% - 100% LTV | Available Terms 10 - 15 years4 | Annual Percentage Rate2 (APR) 10.50% - 10.75% | Estimated Minimum Monthly Payment $ 224.19 based on a 15-year, $20,000 loan at 10.75% APR |
Type EquityFlexTM Fixed Portion Option - in first lien position6 | Maximum Loan-to-Value1 Up to 80% LTV | Available Terms 5 - 20 years4 | Annual Percentage Rate2 (APR) 6.25% - 7.00% Fixed APR5 | Estimated Minimum Monthly Payment $ 309.72 based on a 15-year, $35,000 loan at 6.75% APR |
Type Non-Owner Occupied EquityFlexTM Line of Credit | Maximum Loan-to-Value1 Up to 65% LTV | Available Terms 10-year draw period, 20-year amortization period | Annual Percentage Rate2 (APR) 9.75% - 10.25% | Estimated Minimum Monthly Payment 1.5% of outstanding balance or $25, whichever is greater3 |
Type Non-Owner Occupied Fixed Portion Option6 | Maximum Loan-to-Value1 Up to 65% LTV | Available Terms 10 - 20 years4 | Annual Percentage Rate2 (APR) 9.75% - 10.25% | Estimated Minimum Monthly Payment $376.11 based on a 15-year, $35,000 loan at 10.00% APR |
Is it right for me? Lines of Credit vs Loans.
When home equity is discussed, you’ll generally hear about two broad categories of loan options: Home Equity Lines of Credit (HELOCs) or Home Equity Loans.
Home Equity Line of Credit
A Home Equity Line of Credit is a revolving line of credit, usually with a variable interest rate.
- You borrow funds from the line of credit when you need them during an initial ‘draw’ period, making minimum payments each month to stay current, but with no requirement to pay off the balance in full.
- The draw period is followed by a repayment period in which you no longer access additional funds and focus on paying off any remaining balance.
- OnPoint’s EquityFlex™Line of Credit options offer 10-year draw periods with 20-year repayment periods.
A HELOC’s flexibility of borrowing funds only if and when you need them can save you interest in the long run.
Home Equity Loan
Home Equity Loan is a fixed-rate loan where the funds are disbursed upfront in one lump sum.
- A Home Equity Loan makes sense if you need the full amount of the loan all at once, such as a cash-out loan to pay off debt, or to cover an unexpected expense such as a home repair.
- OnPoint does not currently offer a standard Home Equity Loan, but the EquityFlex™ Line of Credit products give you the option to convert a portion (or all) of the balance on your line of credit to a fixed-rate loan with set payment terms for anywhere from 5-20 years, depending on your LTV (Loan to Value) ratio.
A Home Equity Loan’s fixed interest rate protects you from the risk of higher monthly payments down the road if interest rates rise.
EquityFlexTM home equity line of credit vs EquityFlexTM fixed portion options
Best for:
Best for:
Interest rates and terms
Interest rates and terms
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How it works
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Prerequisites
Accessing funds
Accessing funds
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EquityFlex™ line of credit
Best for:
Putting the equity that you’ve built in your home to work for whatever you need, whenever you need it.
Interest rates and terms
How it works
This is the flexible line of credit that’s there when you need it. Funds can be used for almost any purpose. Best of all, you’ll only pay interest on what you use.
Prerequisites
None
Accessing funds
Funds are distributed as you request them, up to your approved limit. You may access funds with digital banking, telephone teller or by visiting any branch.
Borrowing amount
This line may be financed up to the determined equity value of your home.1
Annual fee
$75 (waived first year)
Best for:
Best for:
Interest rates and terms:
Interest rates and terms:
How it works:
How it works:
Prerequisites:
Prerequisites:
Accessing funds:
Accessing funds:
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EquityFlex™ fixed portion options
Best for:
Tapping into your home’s equity for a lump sum loan to use for home improvements, unexpected expenses and more.
Interest rates and terms:
How it works:
Convert a portion (or all) of your line into a fixed-rate loan. You’ll have the security of a rate that’s locked, with set terms for repayment.
Prerequisites:
Have an existing OnPoint EquityFlex line of credit.
Accessing funds:
Funds are distributed by check or transferred into the account of your choice. You may access funds with digital banking, telephone teller or by visiting any branch.
Borrowing amount:
Up to the current credit limit.
Annual fee:
$0
Loan to value (LTV) requirements.
Lenders will determine the amount you can borrow and the terms based on your Loan to Value ratio, which compares the amount you want to borrow with the total equity in your home. Your equity is determined by subtracting the amount of your first mortgage from the home’s appraised value. As you pay down your first mortgage and if your home appreciates in value, you will build more equity, improving your potential LTV ratio.
OnPoint offers loans for up to 100% of your LTV ratio, but terms and conditions apply.
Interest Only Payments.
If you need no more than $150,000, you have the option to make Interest Only payments during the draw period when you choose an EquityFlex™Interest Only Line of Credit. Available for LTV ratios up to 80%, the monthly minimum payment is only the amount of accrued interest or $25, whichever is greater. The standard line of credit has monthly minimum payments of 1.5% of the balance or $25, whichever is greater.
The Interest Only option can keep your monthly payments low during the draw period, but as they will not reduce the principal balance of the loan, you can expect larger payments once you enter the repayment period.
Some key requirements tied to the LTV ratio:
- For an EquityFlex™ Line of Credit with LTV over 80%, the amount financed may not exceed $50,000.
- For an EquityFlex™ Line of Credit with LTV over 80%, the interest rate will be higher.
- The term for an EquityFlex™Fixed Portion Option with LTV over 80% will be 10-15 years.
- The LTV ratio for an EquityFlex™ Fixed Portion Option in first lien position cannot exceed 80%.
- The LTV ratio for Non-Owner Occupied Line of Credit or Fixed Portion Option cannot exceed 65% (for investment or rental properties).
Is it a good idea to use equity?
Whether you choose a Line of Credit or a Fixed Portion option, borrowing against your equity can be an affordable and flexible way to accomplish your goals.
Before you apply, make sure you have a budget in place and a repayment plan. If you pay off credit card debt with equity, will you be tempted to spend again with those credit cards? When your Line of Credit enters repayment, will you be able to afford potentially higher monthly payments? With your home as collateral, it’s important to borrow only what you can afford to repay.
Apply for a HELOC at OnPoint today.How can you use home equity?
- Pay for home renovation or upgrades
- Prepare a home for sale or add accessibility
- Repay student loans or pay off medical debt
- Consolidate high-interest loans or credit cards
- Pay for a wedding, trip, or large expense
- Finance a new business
- Emergencies and more
More HELOC calculators
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All OnPoint loans are subject to credit terms and approval.
*APR=Annual percentage rate.
