Home Equity Loan

While we always have great rates on our entire collection of loans, home equity loan rates are as low as they have been in nearly a decade now.

And we think our home equity loans offer some of the best features you can find, PLUS a great rate.

Home Equity Loan vs HELOC

To begin this route, first use our home loan calculator to see how much equity you have and how much you can borrow.

A home equity loan is the difference between the amount your house is worth and the amount you still owe on the house.

You get a lump sum that you then pay back over time, and the interest you pay on the loan is tax deductible. These loans have the same expenses as your mortgage – an application fee, title search, appraisal, attorneys’ fees and points (a percentage of the amount you borrow).

A home equity line of credit (HELOC) is more like a credit card, where you have a balance that you can use. As you pay off what you borrow, you can access those funds again. And HELOCs have a different fee and interest rate structure.

Home Equity Loan Features

  • Flexible borrowing power
  • Instant cash advance and with no minimum
  • No cash advance fee
  • Property must be owner-occupied
  • Maximum credit line up to $250,000
  • Loan to value up to 80%
  • 120-month advance period
  • 180-month repayment period
  • A $50.00 annual fee will be assessed on the first business day of each year
  • The Annual Percentage Rate (APR) is fixed for the first 5 years of the account. After that, the Periodic Rate and corresponding APR will be adjusted in accordance with the variable rate terms.

Frequently Asked Questions

A: A Home Equity Line of Credit (HELOC) is a revolving account allowing a borrower to make draws as needed up to a pre-set limit. HELOC's can be a very helpful tool for home remodeling projects, paying for college, debt consolidation etc. See our page about Home Equity Lines of Credit for more information.
A: We currently do not offer the option to make your loan payment online with a debit card. You may mail us a check, send us a payment from your other financial institution through their bill pay service (if available), contact us to set up automatic ACH payments or come into a branch and pay with cash, check, or debit card. If you come in to pay with a debit card, it will be processed as a cash advance. You can make a payment over the phone with a check or debit card, however there is a fee for that service.
A: Yes, you may make your loan payment online from your Central Willamette account(s) by logging into Online Banking and clicking on Funds Transfer.
A: Yes, you may make your loan payment over the phone. Please call us at (800) 950-4536 or (541) 928-4536 to have your payment transferred from your Central Willamette account. To make your payment from your account established at another financial institution, you may use your debit card or check by phone (fees may apply).

Get Started Today

These rates won’t last forever, so come by and see how we can help you make the most of the equity you’ve built in your house.

Choose one of these options to get started:

Apply OnlineVisit a BranchContact Us