Home Equity Loans

Your home is one of the best resources you have to obtain cash for big purchases, home remodels, and even your child’s education. Credit Union of the Rockies offers a wide variety of home equity products to help you achieve your financial dreams!

MyChoice Line HELOC
Now you can use the equity your home has earned to establish a line of credit. Use these funds to accomplish many of your goals from renovation and short-term financing to debt consolidation and tuition.

With MyChoice Line, you have access to a line of credit that you can use on just about anything and you can lock in up to two fixed-rate advances at one time.

The Benefits of a MyChoice Line:

  • Use your variable-rate line of credit during the 10-year draw period
  • Pay no annual fee
  • Use what you need, when you need it
  • Choose an interest-only payment option for your line of credit during the 10-year draw period
  • Use your line of credit for 10 years and then take up to 10 additional years to pay off any remaining balance in your variable line.
  • Lock your fixed rate on two advances at any one time during the 10 years draw period for a repayment term not to exceed the remaining term of your loan.

Applying for a MyChoice Line of Credit is easy. You can apply online by simply clicking “Apply Online” below, or in-person at any branch location.

Apply Online  View Rates

Have questions? Visit our FAQs to see answers to our most-asked questions.
APR = Annual Percentage Rate.  MyChoice Line is a Home Equity Line of Credit (HELOC) product.  You can obtain credit advances up to your approved credit limit for 120 months (10 years) during the “draw period.”  During the draw period, payments will be due on a monthly basis.  Your minimum monthly payment will be established at the close of each billing cycle at an amount equal to all accrued yet unpaid finance charges.  You also have the option of making interest-only payments during the draw period.  The rate is variable based on the published Wall Street Prime rate plus or minus the predetermined margin.  The rate is subject to change monthly.  The rate floor is 3.00% APR and the rate ceiling is 21.00% APR.  During the draw period, you have the option of making up to two fixed-rate advances from your available credit limit.  These fixed rate segments are subject to rate pricing based on the term selected and the original credit qualifications when the MyChoice Line was established, but will be based on the then-current rates, which are adjusted monthly based on the Wall Street Prime rate.  After the draw period ends, you will no longer be able to obtain credit advances and you must pay your outstanding balance during the “repayment period.”  The length of the repayment period will depend on the date and the amount of your last advance, but in no event will exceed 120 months.  During the repayment period, your minimum periodic payment (for variable rate balances) will be the amount necessary to fully amortize your then unpaid balance by the agreement maturity date.  The minimum payment will be established on the first day of such repayment period, and will be reestablished on the day: (i) any outstanding fixed rate balance is consolidated into the variable rate balance, and (ii) any interest rate change occurs.  Rates vary based on qualifying credit tiers.  Member is responsible for appraisal cost if one is required.  Subject to credit and property approval.  Membership in good standing is required.  Townhomes and condos and non-owner occupied are subject to additional rate margin.  HELOC available on one-to-four family residential dwellings located in Colorado.  Property insurance is required. Escrow funds are not collected and will not be included within the monthly payment. Other restrictions may apply, call for details.  Contact a Financial Life Coach at (303) 273-5200 or cu-rockies@cu-rockies.org for more information.

Second Mortgages

We also have fixed-rate second mortgage loans with the same streamlined process.
  • Competitive rates
  • Loan terms up to 20 years*
  • Can finance up to 90% of your home’s value
  • No pre-payment penalties

*Terms and financing determined by borrower’s credit qualifications.

*Prime -0.25% APR is available with combined loan to value (LTV) of no more than 80% and is subject to credit qualification. APR will vary based on Prime Rate as published in the Wall Street Journal which was 8.25% as of 06/01/23.
HELOC, Home Equity Loans, and Done in 10 estimated closing costs:
Appraisal fee = $600-$1,200 (Varies based on location and property details)
Credit reporting fee = $15
Flood certificate fee = $11
Title insurance = $100-$1,215 (Based on the loan amount and property value)
Recording and Release fee = $122-$132
Closing costs except for the appraisal cost (if one is required) will be waived on owner-occupied property loans if the loan amount is less than $150,000.00. 
This offer is not valid with any other discounts and may be withdrawn at any time. Interest may be tax-deductible, consult your tax advisor.

***APR = Annual Percentage Rate