Skip to content
Close
SEARCH
Login
Login
Homeowner making repairs to their house — tapping into home equity with Red Rocks Credit Union.

Home Equity Lines of Credit & Loans

Your Home Equity, Ready When You Need It

APPLY FOR A HELOC

HELOC

We’re all about helping you get the most out of life – right now and the right way.

And we work hard to deliver the financing solutions that give you the cash you need to build the life you want – like our home equity solutions. By using the equity in your home, you can get the cash you need to make life better in so many ways:

  • Consolidate your debt 
  • Make improvements and repairs to your home
  • Pay for education expenses, unexpected bills or medical bills
  • Make a major purchase like a car or furniture
APPLY NOW
VIEW CURRENT RATES
Happy person painting their house - representing home equity loan/line of credit.

What Is a Home Equity Line of Credit?

A Home Equity Line of Credit (HELOC) lets you borrow from the value you’ve built in your home. Instead of getting all the money at once, you can use funds as needed and only pay interest on what you use.

Pay Only for What You Use

Competitive variable rates, no annual fee, and you only pay interest on what you use.

Personal Support Throughout

Work with the same experienced local lending expert and get guidance tailored to your goals.

Fast Turnaround Times

Most approvals happen in as few as two business days with a process you can count on.

Home Equity Line of Credit (HELOC)

Enjoy a flexible line of credit so you can get the cash you need right when you need it.

  • Flexible line-of-credit access to cash
  • Finance only what you need when you need it at a competitive variable rate
  • Borrow up to 89.9% of the value in your home
  • Flexibility to convert drawn funds to a fixed rate loan
  • Enjoy tax benefits*

*The interest may be tax deductible. Consult your tax advisor.

APPLY NOW
VIEW CURRENT RATES
Happy couple renovating their home interior — showing how home equity funds can be used for improvements.
redrocks-blue-background

What Can You Use a HELOC For?

You can also use a HELOC for major purchases or life expenses, education costs, or as an emergency financial cushion. Most homeowners come to us for one of two reasons:

  • HOME IMPROVEMENTS
    Perfect for renovations, additions, and upgrades that happen over time.
  • DEBT CONSOLIDATION
    Often used to consolidate higher-interest debt and lower monthly payments.

If you're purchasing a home, you can also use a HELOC for a Purchase Money Second Line of Credit (LOC), which is a secondary loan taken out at the time of a home purchase to help finance the property.

Apply for a HELOC
View Current Rates
Achieve any aspiration

Three Simple Steps to Get Started

From first conversation to closing, we make accessing your home’s equity straightforward and stress-free.

1
Talk to Our Team

Share your goals, and we’ll help you explore the best solution.
2
Complete the Review

We’ll handle the title work and property review, providing updates along the way.
3
Access Your Funds

Sign your documents and start using your HELOC as needed.

Answering Your Biggest Questions About HELOCs

 

What is a HELOC?

A Home Equity Line of Credit (HELOC) is a flexible line of credit based on the equity in your home. Instead of getting one lump sum, you can draw funds as you need them, and you only pay interest on what you use.
How does a HELOC work?

Once approved, you’ll have a credit line you can tap into during the draw period. You can borrow, repay, and borrow again as needed. The rate for your HELOC is typically variable, and many members opt for HELOCs with an interest-only payment plan during the draw period.
Will a HELOC change my mortgage rate?

No. Your current mortgage stays exactly as it is. A HELOC is a separate line of credit, which is why many homeowners choose it instead of refinancing.
How fast can I get approved?

Most HELOC approvals at Red Rocks happen in as few as two business days. Closing time can vary depending on the property review and documentation.
Is a HELOC the same as a home equity loan?

Not quite. A home equity loan gives you a lump sum all at once. A HELOC works more like a credit line you can use as needed, and you only pay interest on what you draw.
Do I pay interest on the full credit line?

No. You only pay interest on the amount you use, not your full approved limit.
What can I use a HELOC for?

Members often use a HELOC for home improvements, consolidating higher-interest debt, major expenses, education costs, or simply adding financial flexibility. They can also use a Purchase Money Second Line of Credit (Purchase Money LOC) as a secondary loan at the time of a home purchase. A Purchase Money LOC works alongside the primary mortgage to help finance the property.
What’s the difference between the draw period and repayment period?

During the draw period, you can access funds from your HELOC, pay your balance down, and draw again. After the draw period ends, you enter the repayment period where your remaining balance is amortized to pay off within 15 years. Note that you won’t be able to draw funds from your HELOC during the repayment period.
Are there annual fees?

No. Red Rocks HELOCs have no annual fee, helping keep your costs straightforward and predictable.
How much can I borrow?

Your limit depends on your home value, mortgage balance, credit profile, and other factors. Qualified borrowers may be able to access up to 89.99% loan-to-value (LTV).
Can I lock my HELOC rate?

You have the flexibility to lock a portion of your balance at a fixed rate upon request. Rate locks are subject to fixed rate pricing which may be higher than your current variable rate. See credit union for more details.

*APR=Annual Percentage Rate. The APR for a Home Equity Line of Credit is variable and based on Prime Rate as published in the Wall Street Journal, plus a margin. The maximum APR is 18.00%. You can obtain credit advances for 120 months (the draw period). During the draw period, payments will be due on a monthly basis. Your minimum monthly payment for variable rate balances will be established at the close of each billing cycle at an amount equal to the greater of 1.00% of your then unpaid balance or all accrued but unpaid Finance Charges incurred during the billing cycle, subject to the lesser of $50.00 or your variable rate balance. Typical loan application and closing fees can range from $231.25 to $1,088.25. All loans are subject to credit approval. Rates may vary based on credit history, loan to value (LTV) ratio, terms, and other factors. Rates and terms are subject to change without notice. NMLS #412773. Federally insured by NCUA. Equal Housing Opportunity.

View our Home Equity Line of Credit Disclosures
What you should know about Home Equity Lines of Credit. 

A Smarter Way to Fund Your Dream Home Improvements

Get competitive rates, no annual fee, and experienced local support all in one straightforward HELOC.

Apply for a HELOC

The APR for a Home Equity Line of Credit is variable and based on Prime Rate as published in the Wall Street Journal, plus a margin.  The maximum APR is 18.00%.  You can obtain credit advances for 120 months (the draw period). During the draw period, payments will be due on a monthly basis. Your minimum monthly payment for variable rate balances will be established at the close of each billing cycle at an amount equal to the greater of 1.00% of Your then unpaid balance or all accrued but unpaid Finance Charges incurred during the billing cycle, subject to the lesser of $50.00 or your variable rate balance. Typical loan application and closing fees can range from $231.25 to $1,088.25. 

View our Home Equity Line of Credit Disclosures
What you should know about Home Equity Lines of Credit. 

Related Products

Mortgage Loans

Mortgage Loans

We offer a variety of mortgage options to meet your needs, whether this is the first home you’ve ever bought or you’re interested in refinancing a mortgage you already have.
LEARN MORE
Get Purchasing Power

Get Purchasing Power

Experience life the way you want to, with the purchasing power that helps you accomplish more. You’ll find it with our rewarding Visa® credit cards.
LEARN MORE