How Home Equity Lines of Credit Work

Money Matters Blog for Cinfed Members

How to Access the Value in Your Home

Posted on April 18, 2018
Topic Categories: Banking, Consumer Help

How to Access the Value in Your Home

By Dwayne Holt - Mortgage Lending Director, Cinfed

Buying a home is usually an excellent investment, allowing you to build equity over time in an asset likely to appreciate. However, options for actually accessing the value in your home are limited, unless you decide to sell the property or refinance your mortgage. A home equity line of credit, or HELOC, is one solution that allows you to use your property to make major purchases without applying for a new mortgage.

How Home Equity Lines of Credit Work

In a HELOC agreement, the value in your home is used to secure a revolving line of credit. Unlike an equity loan, however, as you make payments on your balance, the amount of available credit increases, much like a credit card. Depending on your needs, you may borrow as much or as little as you like, up to the limit decided upon when the line of credit was established.

Qualifying for a Home Equity Line of Credit

To get approved for a HELOC, applicants must have equity in their home, meaning the property is worth more than they owe. Most lenders will allow you to open a line of credit of up to 85% of your home equity, as long as you meet their qualifying guidelines.

How HELOCs Can Be Used

Borrowers can use funds from a HELOC for any purpose they choose, such as making repairs and upgrading their homes, paying down debt, or even purchasing another property. No matter what your financial needs may be, a HELOC can be an affordable way to meet them.

At Cinfed, our HELOC is called an Equity Access Account. The Equity Access Account offers:

  • Low rates (quarterly rate adjustments are based on the Prime Rate)
  • Same low rate no matter how small or large the balance
  • Free Equity Access checks allows you to easily use the funds

Your home can be your greatest asset. Find out more by contacting our Mortgage Lending Department at 513-333-3995.


Cinfed Credit Union
4801 Kennedy Avenue
Cincinnati, OH 45209
(513) 333-3800
Routing #242076656


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