Construction items on table

Home Equity Line of Credit (HELOC)

Open the door to extra money at a moment's notice using your home's equity

Take advantage of the equity in your Louisville or Lexington, Kentucky home with a home equity line of credit (HELOC) from Transcend Credit Union. Money is easily accessible for home renovations, family vacations, college tuition, or unexpected expenses. Transcend makes it easy to get more out of your home’s equity with a HELOC that features:

  • No closing costs
  • No annual fee
  • Instant access to HELOC funds through checks, digital banking, or at Transcend Credit Union locations
  • Competitive interest rates
  • Often used to pay down higher interest loans and credit card balances
  • Easy online application

What is a home equity line of credit (HELOC)?

Equity is the difference between what your home is worth and the amount that you owe on your mortgage. A loan based on the amount of equity you have in your home is called a home equity loan. A home equity line of credit differs from a home equity loan in the way you get the funds. Both act as a second mortgage, as you are using your home as collateral against paying off the loan amount. A home equity loan is a one-time allocation of money. A home equity line of credit allows you to draw several times, up to a specific amount that is a percentage of your home’s equity.

HELOC Payment calculator

Why would I want to open a HELOC?

One of the best reasons to open a home equity line of credit at your credit union, is to renovate or repair your home. Expenses that add to or maintain the value of your home make a natural fit for a loan that is secured by the home itself. Also, renovation expenses may not come all at once, and ideally may not require the total available amount. With a HELOC, you are only repaying the amount you borrow, plus interest.

Are there things to avoid using a HELOC to pay for?

The best things to use a HELOC for are those that build equity in your home, or increase your earning power, such as education. It is best to avoid using a HELOC for expenses that are temporary or event-oriented, such as vacations or weddings, unless you have a good plan to pay the debt off. Additionally, if you need smaller amounts of money, or can pay back the loan in the short term, you might want to consider another type of loan that will not put your home at risk. A personal loan or credit card could offer a better option for those needs.

Get more done with a Transcend Credit Union HELOC

Transcend Credit Union is committed to helping our members live their best financial lives. Meet with one of our Mortgage Specialists to discuss how a HELOC might work for you.

Transcend Credit Union and its employees who are Mortgage Loan Originators are registered in the Nationwide Mortgage Licensing System (NMLS). Their identification numbers are as follows:
Transcend Credit Union                         456634 William James Schuhmann                 1722838
Shauna C. Woodruff                              1673798 Aferdita Stopher                                    1433107
Aliani Viva Hernandez                          1221053 Dana Suell                                                  476931
Matthew R. Holbrook                             434710 Carrie L. Schneidtmiller                         874672
Want to learn more about home loans at Transcend Credit Union? Give us a call or visit us in person at one of our Louisville, Kentucky branches.

*APR=Annual Percentage Rate. Home Equity Lines of Credit are variable-rate loans. Rates as low as 7.75% APR are based on creditworthiness, so your rate may differ. The plan has a maximum APR of 18%. No annual or advance fees. No closing costs. Proof of property insurance is required. All loans subject to approval. All terms and conditions are subject to change without notice. Additional restrictions may apply.

young woman looking at a credit card while talking on phone
Personal Checking Accounts

Unique accounts to fit your unique needs.

Transcend Credit Union has a variety of personal checking accounts to accommodate your lifestyle.