Home Equity Loan
What is a Home Equity Loan?
With a home equity loan, you can borrow up to 95% of your home's value and lock in a low fixed interest rate. Home equity loans are a great one-time, lump sum way to finance big expenses such as a home remodel or medical expenses.7
Home Equity Loan | HELOC | |
Adjustable interest rate | ✔ | |
Fixed interest rate | ✔ | |
One-time lump sum deposited into your account at closing | ✔ | |
Withdraw only the amount you need, when you need it | ✔ | |
Interest only payments until end of draw period | ✔ | |
Principle payments begin at closing | ✔ | |
Closing costs | ✔ | ✔ |
Not what you’re looking for? A HELOC might be a better option for you.
As a credit union, we share our profits with our members in the form of low interest rates on loans.
Over the past 20 years, we’ve given our members more than $116.5 million in interest refunds and bonus dividends.
Low Closing Costs
Manage your account and make payments using our app.
We can design a loan with a term between 3 and 15 years so you can get a payment that fits your budget.
Borrow up to 95% of your home's value.
No Prepayment Penalties
| Term | APR |
|---|---|
| 36 Months | 5.75 % - 6.750% |
| 60 Months | 6.250% - 7.250% |
| 84 Months | 6.750% - 7.750% |
| 120 Months | 7.250% - 8.250% |
| 180 Months | 7.750% - 8.750% |
Rates effective September 24, 2024.
Legal Disclosures and Additional Information
The actual annual percentage rate you will receive will be based upon your credit score. You will be informed of the annual percentage rate for which you qualify before you become contractually liable for the loan account. Restrictions may apply. For complete details on all loan products, please review our loan product pages or contact us at 800-342-3086, extension 1300.
Primary residence in state of Tennessee.
Is a home equity line of credit right for you?
A home equity line of credit makes your home's equity available in case of emergency or unexpected expenses.
Didn't find the calculator you need? Visit our calculators page to find more.
- What's the difference between a home equity loan and a home equity line of credit?
With a home equity loan, you can borrow up to 95% of your home's value and lock in a low fixed interest rate. A home equity line of credit is a revolving line of credit with a variable rate that you can access at any time, for any amount up to your approved limit.
- How quickly can I be approved for a home equity loan or home equity line of credit?
The approval time varies, but you should expect the process to take between six to eight weeks from the time we receive the application. Factors like credit history, documentation and property appraisal can influence the timeline. Contact your loan specialist for a more personalized estimate.
- How much equity do I need in my home to take out a home equity loan?
We can lend up to 95% of your home’s value up to (maximum loan of $250,000), which includes any balance owed on an existing first mortgage loan. The maximum loan-to-value varies based on credit tier, combined LTV and loan amount requested.
- Will my APR change with a home equity loan?
No. You can borrow up to 95% of your home's value and lock in a low fixed interest rate.
Don't see the question you're looking for?
There are three different ways to apply for Ascend home equity lending: