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Home Equity

The financing you need is waiting for you.

Get the options and flexibility you need when it comes to updating, adding on to, 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.

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

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  • Discounted rate when in first lien position

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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.

  • 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

Home Equity Options
Home Equity Options

Maximum Loan-To-Value

Available Terms

Annual Percentage Rate1

Estimated Minimum Monthly Payment

Rates Effective: 04-23-2021

Learn more about Home Equity Lines of Credit

All 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 $30,000. For EquityFlex Interest Only Line of Credit, amount financed not to exceed $100,000.

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 4/10/20, Prime Rate is 3.25%. 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

3.25% - 3.75%
Variable APR3

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

5.25% - 5.75%
Variable APR3

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

3.25% - 3.75%
Variable APR3

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

5.15% - 8.70%
Fixed APR

Estimated Minimum Monthly Payment

$309.72 based on a 15-year, $35,000 loan at 6.75% APR

Maximum Loan-To-Value

80.01% - 100% LTV

Available Terms

10 - 15 years

Annual Percentage Rate1

8.50% - 11.75%
Fixed APR

Estimated Minimum Monthly Payment

$217.99 based on a 15-year, $20,000 loan at 10.25% 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

3.40% - 6.95% Fixed APR

Estimated Minimum Monthly Payment

$276.78 based on a 15-year, $35,000 loan at 5.00% 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

5.00% - 5.50%
Variable APR3

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

7.25% - 10.45%
Fixed APR

Estimated Minimum Monthly Payment

$344.66 based on a 15-year, $35,000 loan at 8.50% APR


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

apply online today
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The value in your home provides you with financial options.

Calculate how a Home Equity Line of Credit from OnPoint can best fit your needs.

Refinance your loan.

We can help you lower your monthly payments or pay off your mortgage faster.

REFINANCING OPTIONS

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Home Equity FAQs

Depending on your circumstances, it can make sense for you to refinance your existing mortgage with an OnPoint EquityFlex Line of Credit. With our fixed-rate, EquityFlex Fixed Portion and First Lien options, you may save thousands of dollars in interest payments and closing costs and pay off your mortgage in half the time.
See our Home Loan Calculator, "How much equity do you have?" to get an estimate on your home equity.

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.
You can use your OnPoint EquityFlex Line of Credit or Fixed Portion option for remodeling, a new car, education expenses, and almost anything else you can imagine!

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.
Equity is equal to Real Market Value less Amount Owed on Home. For example:

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.
Members must pay closing costs, which range between $125 – $2500 (estimate), but rarely exceed $200. This includes flood certification, appraisal, title insurance, and escrow fees if required. There is no application fee, and the $25 annual fee for an EquityFlex Line of Credit is waived for the first year.
Interest on your EquityFlex Line of Credit or Fixed Portion option may be tax deductible. Please consult your tax advisor for details.

Apply for an OnPoint Home Equity Line of Credit today.

Get started today.

Apply online

Apply at your local branch.

Schedule a branch appointment

Stop by an OnPoint branch.

Find a nearby location or ATM

Disclosures

  1. Maximum line amount is $30,000 for EquityFlex Line of Credit with LTV over 80%. Maximum line amount is $100,000 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.
  2. 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.

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