What is a Home Equity Loan?
A home equity loan allows you to borrow money using the equity you already have in your home without the need to sell or refinance your first mortgage.
Apply NowIf you are thinking of home repairs, consolidating high interest debt, or planning your dream vacation, your home’s equity can help!
Equity in your home is the difference between your home’s fair market value and any outstanding loans you have on the property. If you need a specific amount of money for a specific project, our fixed-rate home equity loan might be a great option.
ProFed Credit Union offers competitive rates and flexible terms on home equity loans to make the next step in your home journey hassle-free. We also provide various options to help you save money on your monthly payments.
View our interest rates here.
The entire process for a Home Equity Loan typically spans 3 to 4 weeks from beginning to end.
ProFed does not impose an application fee. While closing costs may fluctuate, they typically range from 2% to 6% of the loan amount.
A home equity loan lets you borrow against your home’s equity and pay back the loan over time with a fixed interest rate. You receive the money in one lump sum, and you pay it back in fixed monthly payments over a specified period which can be an advantage in knowing how much you'll need to budget each month.
A HELOC gives you access to a revolving line of credit, so you have the flexibility to borrow multiple times from a maximum available amount, but it's up to you to budget accordingly and make your regular payments on the balance. Interest rates vary over time which is different from a traditional home equity loan.
Our loan payment calculator can help you estimate how much your payments will be on your future home equity loan.
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