If you want to make a home improvement, go on a vacation, consolidate bills, or take care of an emergency expense, taking advantage of the equity in your home may be a place to turn.
A Home Equity Line of Credit, also referred to as a HELOC, is a revolving line of credit that allows you to choose when and how often to borrow against the equity in your home. Crane Credit Union allows you to borrow up to 90% of the equity of your home.
Determining the amount of equity in your home is easy. Take the market value of your home and subtract the remaining amount on your mortgage plus any other liens on the home. If you have a home with a $150,000 market value and you have $50,000 left to pay on your mortgage, then your equity is $100,000. In this example, Crane would allow you to borrow up to $90,000.
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