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HOME EQUITY LOANS
Does your home need a facelift? Sometimes a little update is all you need to get your house feeling like a home again.
Unlock Your Equity
You have plans. You have goals. You’ve built equity in your home – so put your muscles to work and let us worry about the rest. Utilize your home's equity to implement your needs or dreams.
rates as low as
Low Fees
Levo keeps the fees associated with financing a home sensible and minimal. Experience the Levo difference.
Speedy Decisions
We don’t leave you hanging on our pre-qualification decisions—you know your approval status when you speak with your loan officer.
LEVO Underwriting
Our Levo team features an underwriting pro who can make the qualification process smooth, simple and speedy. Plus, all loans stay in-house. They are not sold.
Loans For The Way You Live
Home Equity Loan
A home equity loan is a fixed-rate type of loan in which the borrower uses the equity of his or her home as collateral. The loan amount is determined by the value of the property, and the value of the property is determined by an appraiser from the lending institution.
- The value of the property is determined by one of three things, either an appraisal, AVM or tax assessed value
- Able to borrow up to 100% of value
- Loans are retained and serviced at Levo Credit Union
- Can be used for home improvements, emergency funds, consolidate debt, pay off high-interest debt, vehicle purchase or repair, education expenses, annual tax payments, cash reserve, funds for down payment on second home or investment property, potentially deduct the interest on your taxes (consult your tax adviser)
Home Equity Line of Credit (HELOC)
A home equity line of credit, or HELOC, is a variable-rate loan in which the lender agrees to lend a maximum amount within an agreed period, where the collateral is the borrower's equity in their house. Experience low rates, low payments, and a quick and easy loan process.
- Potential to borrow up to 100% CLTV (loan to value)
- 5-Year draw period
- Minimum payment during draw period is interest only
- No prepayment penalty or annual fees
- No minimum number of draw of dollar amount
- Can be in place as a reserve to use if need be
- Loans are retained and serviced at Levo Credit Union
- The value of the property is determined by one of three things. Appraisal, AVM, or tax assessed value.
- Can be used for home improvements, emergency funds, consolidate debt, pay off high-interest debt, vehicle purchase or repair, education expenses, annual tax payments, cash reserve, funds for down payment on second home or investment property, potentially deduct the interest on your taxes (consult your tax adviser)
Home Equity Construction Loan
Have a big renovation and not enough equity for a home equity loan? A Home Equity Construction Loan is a type of loan in which the borrower uses the future equity of his or her home as collateral to complete a remodel, renovation, and/or addition project. The loan amount is determined by a "subject-to" appraisal, meaning the home's value is subject to completion of the project. Essentially, we give you the equity in advance to help you complete the project!
- Borrow up to 90% of the property's value, based on the home's worth after improvements
- Maximum loan amount - $100,000.00
- Construction term - 9 months
- Loans are retained and serviced at Levo Credit Union
- Fees waived for permanent financing into Levo home equity loan or HELOC
Don't have enough equity in your home for that reno?
We have the perfect solution for you. Explore our Home Equity Construction Loans—this could be your key to making those improvements happen.
We're ready when you are
Meet the Team
RACHEL KOPP
Home Equity Specialist
Branch: Downtown
NMLS #2178489
lOGAN WATZEK
Home Equity Specialist
Branch: S. Louise
NMLS #2333671
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Current Home Equity Rates
| Credit Tier | Tier 1 | Tier 2 | Tier 3 |
|---|---|---|---|
| Prime Rate: 7.50% | 720+ | 680-720 | -680 |
5 Year - Fixed Rate Term
| Credit Tier | 1 | 2 | 3 |
|---|---|---|---|
| < 70% CLTV | 7.25% | 7.50% | 8.00% |
| 70-79.9% CLTV | 7.50% | 7.75% | 8.25% |
| 80-89.9% CLTV | 7.75% | 8.00% | 8.50% |
| 90-100% CLTV | 8.50% | 8.75% | 9.25% |
7 Year - Fixed Rate Term
| Credit Tier | 1 | 2 | 3 |
|---|---|---|---|
| < 70% CLTV | 7.49% | 7.74% | 8.24% |
| 70-79.9% CLTV | 7.74% | 7.99% | 8.49% |
| 80-89.9% CLTV | 7.99% | 8.24% | 8.74% |
| 90-100% CLTV | 8.74% | 8.99% | 9.49% |
10 Year - Fixed Rate Term
| Credit Tier | 1 | 2 | 3 |
|---|---|---|---|
| < 70% CLTV | 7.74% | 7.99% | 8.49% |
| 70-79.9% CLVT | 7.99% | 8.24% | 8.74% |
| 80-89.9% CLTV | 8.24% | 8.49% | 8.99% |
| 90-100% CLTV | 8.999% | 9.24% | 9.74% |
6 Year Balloon
| Credit Tier | 1 | 2 | 3 |
|---|---|---|---|
| Up to 100% CLTV | 7.99% | 8.24% | 8.74% |
HELOC - Variable Rate
| Credit Tier | 1 | 2 | 3 |
|---|---|---|---|
| Up to 90% CLTV | 7.50% | 7.75% | 8.25% |
| 91-100% CLTV | 8.50% | 8.75% | 9.25% |
How can we help?
*APR – Annual Percentage Rate. Membership eligibility is required. Your credit score will determine your loan interest APR. The numbered tiers shown represent credit score ranges as follows: 1 = 721+, 2 = 680-720, 3 = 679 or lower. The specific rate will be set during the loan application review. Unless noted, all rates are fixed rates. Variable rates are subject to change at the end of each calendar quarter. Fees include filing fee/satisfaction fee, credit report, flood certification, and title work. Home appraisal fees, if needed, are not included.
Home Equity Construction Loans must have credit approval, and an appraisal is required before closing the loan to determine value. A third draw inspection and a final inspection must be conducted over a 3-month period.
Home equity loans, home equity lines of credit, and home equity construction loans must have a minimum loan amount of $10,000.00. With approved credit. Some restrictions apply. See our Fee Schedule or talk to one of our Home Equity Specialists for details.
Contact us for current rates. Levo Credit Union retains and services the loans. Federally insured by NCUA. Equal Housing Opportunity lender. NMLS #441310.