Home equity line of credit—HELOC
Exploring HELOC options with OnPoint
Get the options and flexibility you need when it comes to updating, adding onto, or refinancing your home with OnPoint Home Equity Financing. Available as a “use it when you need it” line of credit or a fixed-rate option, you can use your funds for almost anything.
Achieve more with an EquityFlexTM line of credit
A HELOC can help you achieve your goals and improve your cash flow. With a HELOC, 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.
Apply for a HELOC onlineHow can I use a HELOC?
- 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
What you need to know about EquityFlex
Best for:
Best for:
How it works
How it works
Prerequisites
Prerequisites
Accessing funds
Accessing funds
Borrowing amount
Borrowing amount
Annual fee
Annual fee
No prepayment penalty
No prepayment penalty
Non-owner occupied
Non-owner occupied
Fixed payment terms up to 20 years
Fixed payment terms up to 20 years
Discounted rate when in first lien position
Discounted rate when in first lien position
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.
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, Convenience Checks, 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
$25 (waived first year)
No prepayment penalty
Non-owner occupied
Fixed payment terms up to 20 years
Discounted rate when in first lien position
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.
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, convenience checks, telephone teller or by visiting any branch.
Borrowing amount
Up to the current credit limit.
Annual fee
$0
No prepayment penalty
Non-owner occupied
Fixed payment terms up to 20 years
Discounted rate when in first lien position
Rates
Maximum loan-to-value | Available terms | Annual percentage rate1 | Estimated minimum monthly payment | |
|---|---|---|---|---|
Rates Effective: 03-29-2023 Learn more about home equity lines of creditAll loan and line of credit rates are determined by credit union management and are subject to change at any time. All services offered by the credit union shall be subject to applicable laws of the State of Oregon, federal laws and regulations, credit union bylaws, and all regulations, rules and practices now or hereafter adopted by the credit union. All loans and lines of credit subject to credit approval. Rates are based on an evaluation of credit history and other factors specific to your loan and may be higher than the lowest rate published. On all home equity products member pays closing costs, which range between $125 – $2500 (estimate). This includes flood certification, appraisal, title insurance, and escrow fees if required. Must meet OnPoint’s credit and underwriting requirements. Upon payoff/closure, a Deed of Trust reconveyance fee will be collected. Refer to the personal fee schedule at the time of payoff/closure for current amount due. 1 Bundle rewards: Receive 0.25% off consumer fixed APR (annual percentage rate) loans. This offer excludes the refinance of existing OnPoint loans. Additional products and services are required to qualify for bundle rewards. Please see an OnPoint representative for more information or click here. 2 Maximum loan to value and maximum amount financed are subject to equity value and OnPoint’s credit and underwriting requirements. Maximum amount for fixed portions are determined by the existing line of credit limit. For EquityFlex line of credit with LTV over 80%, amount financed not to exceed $50,000. For EquityFlex Interest Only Line of Credit, amount financed not to exceed $150,000. 3 Line of credit rates are variable and based on the prime rate plus a margin of 0% – 3.50%, depending on occupancy, LTV, and credit worthiness. 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 next business day if the 10th falls on a weekend). As of 2/10/23, Prime Rate is 7.75%. The maximum rate that may apply during the line of credit is 18.00% APR. All EquityFlex lines of credit include $25 annual fee, waived the first year. 4 With EquityFlex line of credit, you have the option of converting portions of your line of credit into a fixed rate balance. Fixed portion rates are set equal to the standard EquityFlex fixed portion rate at the time of conversion. Eligibility for first lien position requires that the property does not have another first mortgage loan from any institution, including OnPoint. The fixed portion amount must be at least $5,000 and no more than the total existing line of credit limit. $25 fee to convert line of credit to fixed portion, fee waived for the first fixed portion. $50 fee to convert fixed portion back to line of credit. Receive a 0.25% discount off stated APR when proceeds are used to purchase solar panels. Review of purchase order or invoice required to qualify. Discount applies to invoice/purchase order amount, not to exceed $12,000. | ||||
EquityFlex line of credit | Maximum loan-to-value Up to 80% LTV2 | Available terms 10-year draw period | Annual percentage rate1 7.75% - 8.25% | Estimated minimum monthly payment 1.5% of outstanding balance or $25, whichever is greater |
Maximum loan-to-value 80.01% - 100% LTV2 | Available terms 10-year draw period | Annual percentage rate1 9.75% - 10.25% | Estimated minimum monthly payment 1.5% of outstanding balance or $25, whichever is greater | |
EquityFlex interest only line of credit | Maximum loan-to-value Up to 80% LTV | Available terms 10-year draw period | Annual percentage rate1 7.75% - 8.25% 10-year draw period | Estimated minimum monthly payment Accrued interest on balance owed |
EquityFlex fixed portion option4 | Maximum loan-to-value Up to 80% LTV | Available terms 5 - 20 years | Annual percentage rate1 7.25% - 8.00% | Estimated minimum monthly payment $ 329.45 based on a 15-year, $35,000 loan at 7.75% APR |
Maximum loan-to-value 80.01% - 100% LTV | Available terms 80.01% - 100% LTV | Annual percentage rate1 10.50% - 10.75% | Estimated minimum monthly payment $ 224.19 based on a 15-year, $20,000 loan at 10.75% APR | |
EquityFlex fixed portion option - in first lien position4 | Maximum loan-to-value Up to 80% LTV | Available terms 5 - 20 years | Annual percentage rate1 6.25% - 7.00% Fixed APR | Estimated minimum monthly payment $ 309.72 based on a 15-year, $35,000 loan at 6.75% APR |
Non-owner occupied EquityFlex line of credit | Maximum loan-to-value Up to 65% LTV | Available terms 10-year draw period | Annual percentage rate1 10.00% - 10.50%% | Estimated minimum monthly payment 1.5% of outstanding balance or $25, whichever is greater |
Non-owner occupied fixed portion option4 | Maximum loan-to-value Up to 65% LTV | Available terms 10 - 20 years | Annual percentage rate1 9.75% - 10.25% | Estimated minimum monthly payment $376.11 based on a 15-year, $35,000 loan at 10.00% APR |
Discounts, fees and more.
At OnPoint, we offer excellent terms on our HELOC loan products. If you need home equity to fund your home repair, home improvement or other large or unexpected expense, then our team can help you get started with a credit line.
What costs come with a HELOC?
In addition to interest accrued over the term of your loan, when closing your HELOC there will be upfront closing costs on the loan. Closing costs are a percentage of your overall loan amount but typically lower than your primary mortgage and the fees may be rolled into your credit line.
Get more info about a HELOC
Home Equity Solar Panel Discount
Save money while saving energy. An EquityFlex Line of Credit gives you the flexibility you need for just about anything. And when you fix a portion of your line of credit to purchase solar panels, receive a 0.25% discount off the EquityFlex Fixed Portion APR.2
Home equity FAQs
The amount of equity available for a home equity loan or home equity line of credit is determined by the loan-to-value ratio of the home and the ratio requirements of the lender. A loan-to-value ratio is calculated by taking total mortgage debt (including any second mortgages or existing home equity loans) and dividing it by the current, appraised value of the home. The size of a home equity loan or line of credit will also depend on the loan-to-value requirements of the lender. Higher loan-to-value requirements can result in larger home equity loans or lines of credit.
Consider applying for an EquityFlex Line of Credit
Our EquityFlex Line of Credit puts the equity that you've built in your home to work for whatever comes your way. Funds can be used at any time and you will only pay interest on what you use! Funds will be distributed upon request and can be accessed through Digital Banking, Convenience Checks, Telephone Teller, or at any branch location.
Some restrictions may apply. Please consult your tax advisor on tax deductibility.
Our EquityFlex Line of Credit puts the equity that you've built in your home to work for whatever comes your way. Funds can be used at any time and you will only pay interest on what you use! Funds will be distributed upon request and can be accessed through Digital Banking, Convenience Checks, Telephone Teller, or at any OnPoint branch.
If the real market value of your home is $200,000 and the amount owed on your loan is $160,000, your total Equity is $40,000.
Apply for an OnPoint Home Equity Line of Credit today.
Get started today.
Apply onlineApply at your local branch.
Schedule a branch appointmentStop by an OnPoint branch.
Find a nearby location or ATMDisclosures
- Maximum line amount is $50,000 for EquityFlex Line of Credit with LTV over 80%. Maximum line amount is $150,000 for 80% EquityFlex Interest Only Line of Credit. The maximum LTV for EquityFlex Lines of Credit is 100%. The maximum LTV for Non-Owner Occupied and EquityFlex Lines of Credit is 65%. Maximum loan to value and maximum amount financed are subject to equity value and OnPoint’s credit and underwriting requirements.
- Receive a 0.25% discount off EquityFlex Fixed Portion stated APR when proceeds are used to purchase solar panels. Review of purchase order or invoice required to qualify. Discount applies to invoice/purchase order amount, not to exceed $12,000.