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Home Equity Line of Credit (HELOC) Loans

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Make your dreams come true. Our HELOCs are offered at up to 100% loan to value of your home. 

Let Excel help you unlock the power to gain peace of mind with our highly competitive HELOC offering.
• We offer up to 100% loan to value of your home!
• Annual Percentage Rate as low as 7.49% for two years!
• Up to $1500 no closing costs.


Open a line of credit using the equity you’ve already built up in your home and then use those funds to make home improvements, take a family vacation, consolidate debt or more.  You pick the need and we’ll help fund it!


Borrow against the equity you've built up in your home


Competitive rates and flexible terms


Convenient online application


No closing costs on loans of $100,000 or less

Why Get a Personal Loan?

A home equity line of credit is a loan on the equity of your house. Your home’s equity is the value of your home minus the amount of money you currently owe on your mortgage. The better your home’s equity, the more money you are generally able to borrow.

Unlike traditional lump-sum loans, HELOCs are a line of credit. This means you can borrow up to your maximum loan amount and make payments throughout the loan repayment period. You can then continue borrowing from the same line of credit after you replenish it – much like a credit card.

Benefits of a HELOC

Usage Flexibility – HELOC loans are popular with some borrowers because they can be used for many purposes without strict rules over where the funds go. Some examples of reasons people take out HELOCs include:

  • Home Repair
  • Vacations
  • Tuition and Educational Expenses
  • Debt Consolidation
  • Medical Expenses
  • Weddings
  • Emergency Expenses

Borrow What You Need – Unlike lump-sum loans, lines of credit mean you’re in control of how much you borrow and spend. Some people find it easy to spend more than anticipated when cash is deposited directly into their bank account, such as with a cash-out refinance option. A line of credit means loan holders can borrow only what they need, when they need it.

Less Risk – While they both use the value of your home to secure a loan balance, mortgages can be riskier to borrowers than a HELOC. In the event you cannot repay your loan, mortgages take top priority, and receive any available funds immediately. HELOCs, on the other hand, are only required to be repaid after any mortgages are paid off.

Secured Status – Another advantage HELOC has over other loans is its secured status. Secured loans are borrowed against collateral. In this case, the loan is “secured” against the collateral of your home’s equity. Because secured loans involve less risk on the lender’s side, loan terms tend to be more favorable, and loans can be easier to secure than other traditional loan types. This includes lower interest rates, lower initial costs, and tax-deductible borrowing in some cases.

Unique Benefits – For a borrower who has paid off a large percentage of their mortgage and owns the majority of their home, HELOCs can be particularly beneficial. Similarly, if the value of your home has increased significantly since you purchased it, a home equity loan could give you very favorable loan terms. Finally, tax-deductible borrowing can make great financial sense for borrowers planning to use their HELOC to make home repairs.

How To Get Favorable Loan Terms

The first step in securing excellent HELOC loan terms is using the right financial institution. Excel Federal Credit Union works hard to ensure our members get the best possible rates when they finance through us. We also waive closing costs for borrowers who meet specific criteria. After that, loan terms will be determined by a variety of factors. If you’re concerned with making sure you get great rates on your HELOC loan, take a look at the following items and make sure you’ve optimized your chances to get the terms you want.

Credit Score – A good credit score can help you qualify for promotional rates and earn you a better annual percentage rate when signing. While there is no set minimum credit score to qualify for a HELOC, most lenders prefer to see a score of at least 620. If you’re eager to get the best possible deal, take some time to review your credit history and optimize your credit score to make sure you’re setting yourself up for success

Home Equity – Home equity is obviously necessary to be approved for a HELOC. Generally, lenders like to see at least 15-20% equity on a home before approving a HELOC application. You’ll want to ensure you have excellent home equity to get the best possible rates and the highest credit limit.

Income – Income isn’t necessarily a make-or-break factor regarding HELOC approval since the loan is secured. However, showing you make a significant salary on your proof of income can help you qualify for great terms.

Debt To Income Ratio – Again, there is no set-in-stone rule for the necessary debt-to-income ratio you’ll need to be approved. However, lenders generally like to see ratios less than 50%. The better your debt-to-income ratio is, the more likely you are to get the interest rate and terms you want.

Credit Union HELOC Loans Interest Rates

HELOC interest rates are variable and calculated using third-party financial data known as the index rate, such as the prime rate. This can benefit or negatively impact borrowers depending on economic fluctuations and the corresponding index rate. EFCU calculates variable interest rates on HELOC loans using the prime rate published by The Wall Street Journal each month.

Why Choose Excel?

Borrowers choose Excel for their home equity loans because we take care of our customers like family. At Excel Federal Credit Union, we take pride in offering favorable loan terms and helping our community meet its financial goals. We work with you to help lock in the best possible loan terms and secure property insurance at the rate you need. Our competitive rates, flexible terms, and quality customer service help make EFCU one of Georgia’s most popular HELOC loan providers. Reach out today to ask our helpful associates how you can lock in great interest rates and credit limits on your home equity loan. Or, use our easy online application to get started and unlock the power of your home today.

A home equity loan is similar to a HELOC in that they are both secured against the equity of your home. However, a home equity loan, also known as a second mortgage, is a lump sum you receive all at once. Home equity loans often have lower interest rates than HELOCs. However, unlike a home equity line of credit, they require you to pay the interest over the entire loan period. In the end, HELOCs and home equity loans both have unique benefits and drawbacks that depend on your personal financial situation.

The minimum necessary credit score to qualify for a HELOC varies based on the lender, loan terms, and other factors like income and equity. Typically, the higher your credit score, the more likely you are to be approved and the more likely you are to receive a low interest rate and high credit limit. In order to qualify for our promotional rates, we require a 740 credit score or higher. However, if you have a lower credit score, you can certainly still qualify for competitive loan terms

While HELOCs are an excellent option for many borrowers, there are potential downsides. HELOCs can have higher interest rates than some other loan types, and the variable interest rate can fluctuate both up and down. As with all home equity loans, HELOCs are secured using your home as collateral. This means if you default on the repayment, you may be at risk of losing your home. However, diligent repayment makes this scenario unlikely.

The monthly payment on a HELOC will vary based on your loan terms. It is also important to remember that a HELOC is a line of credit, not a lump sum. That means you could have a $50,000 HELOC but only use a small percentage of your maximum credit limit at any given time. Your minimum monthly payment is often tax deductible and is determined based on what you’ve actually borrowed, not your maximum borrowing amount.

We make your dreams our priority. Unlock your dreams today with an Excel Heloc.
*Annual percentage rate. Rates are subject to creditworthiness and underwriting standards. Our promotional rates are valid for 2 years fixed, after which time rates will return to your qualified variable rate. Minimum $10,000 line of credit on a primary residence only. Initial minimum draw of $7,500 and must be maintained for one year. Additional restrictions apply. See credit union for full details.Promotions may end at any time without notice. We are an equal housing lender.

Up to your credit limit. Approval and rates are based on creditworthiness. Rates stated as Annual Percentage Rates (APRs). Cost of appraisal is refunded at close of loan. Stated APR based on a credit score of 740 or better and loan amount equal to or less than $100,000. We calculate your variable rate by adding 0.00-3.00% to the Prime Rate published in the “Money Rates” section of The Wall Street Journal every month. The rate will never be more than 18.00%. The line is revolving for the first 10 years with interest-only payments; the line is frozen for the second 10 years, accepting monthly payments of 1.5% of the balance or $50, whichever is greater. If not paid off at the end of the term, a balloon payment may be required. Eligible properties must be in Georgia and include single-family detached and attached units, Planned Unit Developments (PUD), and condominiums. Qualified homes must be owner-occupied and the principal residence of the borrower. Investment properties, vacant lots, purchase money seconds, and manufactured homes are not eligible. Rates are subject to change without notice. Other rates, terms, and loan programs available. Excel Federal Credit Union membership is required.

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