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Home Equity Loans

Put your home to work for you. If you need cash, your home's equity may be where to find it. Borrow against the equity in your home for debt consolidation, home improvements, college tuition or just about anything else.

There are many reasons to get the money you need from a Central Credit Union Of Illinois home equity loan.

  • Interest savings
  • Lower monthly payments
  • Potential tax savings
  • No closing costs or up-front fees

Which home equity loan is right for you?

  Fixed-Rate Loans Variable-Rate Lines of Credit Interest-Only Lines Of Credit
Current APR As low as 6.49 % As low as Prime As low as Prime plus .25 %
Payment Amount Fixed Can vary with rate changes Can vary with rate changes
Disbursement Get your money up-front in one lump sum Write checks against your line for up to 5 years Write checks against your line for up to 10 years
Repayment Choose from 5-, 7- or 10-year terms Take up to 15 years to repay Pay interest only during draw period, and take 10 more years to repay

Borrow up to 80% of your home's equity

Borrow up to 80% of your home's equity Borrow up to 80% of your home's equity
Closing Costs And Up-Front Fees None None None


To view all home equity rates, click here. For more information, please call our Home Equity Department at (708) 649-6427.


Borrowing with a home equity loan is one of the most cost-effective ways to borrow, especially if you are borrowing for home improvements. That's because in some cases the interest you pay on a home equity loan used for home improvements may be tax deductible. Consult your tax advisor for details.

If you are looking to consolidate debt, a home equity loan could also help you save. Consolidating your debt under a low-rate home equity loan could reduce the total amount of interest you pay and possibly lower your monthly payments. Look how much you could save.


High-Interest Credit Cards/Loans

CCUI Fixed-Rate Home Equity Loan
Amount $25,000 $25,000 
APR 19.99% 6.49
Term 5 Years 5 Years
Monthly Payment $662.22 $483.19
Total Interest $14,732.86 $3,991.18
Total Interest Savings With Home Equity Loan ------------ $10,741.68

Assumes a 28% tax bracket.

And while a home equity loan can help reduce your interest expense, monthly payments and tax bill (if used for qualified home improvement expenses), if you're using a home equity loan to pay off your higher-interest credit card debt it is important that you be disciplined enough not to incur new credit card debt. Limit the use of your cards and pay off balances in full each month. Otherwise, you won't decrease your overall debt.