Home Equity Line Of Credit
A Home Equity Line of Credit lets you borrow money for almost anything at a great rate
Connect with our HELOC team
$250 Off Home Equity Line Of Credit Closing Costs*
It’s time to get a Royal HELOC and turn your home’s equity into opportunity! Apply for a HELOC before June 30, 2026 to get this $250 off closing costs offer. Apply For a Home Equity Line of Credit
It’s time to get a Royal HELOC and turn your home’s equity into opportunity! You can use the money from a home equity line of credit for almost any purpose! When you use a HELOC, you can:
- Add on to or remodel your home
- Make home repairs
- Buy a boat or vehicle
- Fund your student's education
- Consolidate debt
How Does A HELOC Work?
Using the equity you have in your house as collateral, you can borrow funds to use for just about anything! Your equity is the value of your home minus the amount you owe on your mortgage. You borrow just the money that you need, and you can repay and borrow on your HELOC again and again during the draw period. After the draw period is done, the HELOC enters a repayment period so you have an extended time to pay off the amount.
HELOCs Are For Just About Anything!
Home Equity Lines of Credit can be used for almost any purpose. Because the interest rate is often lower than other types of loans, many people choose to use them for large purchases, education expenses, or home renovations. Since you can choose how much of it to use as you go, a HELOC can also make a great emergency funding option.
Did You Know?
If you have an existing Home Equity Line of Credit, we may be able to increase it.
Home Equity Line Of Credit interest may be tax deductible with some limitations. For additional information, please consult a tax professional.
Need Help With Your Home Equity Line Of Credit?
What is a HELOC (Home Equity Line of Credit)?
HELOC Rates And Terms
- Royal offers both 3-month adjustable-rate and 5-year adjustable-rate Home Equity Lines of Credit.
- If you choose the 3-month adjustable rate, the interest rate can change every three months.
- If you choose a 5-year adjustable rate, the interest rate may change every 5 years.
- Royal Credit Union HELOCs have a 5-year draw period followed by a 15-year repayment period.
- During the draw period, only interest payments are required.
- There are also no annual fees and no service fees for having a HELOC.
Home Equity Rates
Frequently Asked Questions
What is a Home Equity Line of Credit (HELOC)?
A home equity line of credit lets you borrow money for almost anything at a great rate. It works by using the equity you have in your house as collateral. Your equity is the value of your home minus the amount you owe on your mortgage. A HELOC gives you flexible access to funds you can use as needed, making it a versatile borrowing option for Royal Members.
What can I use a HELOC for?
You can use the money from a home equity line of credit for almost any purpose! When you use a HELOC, you can add on to or remodel your home, make home repairs, buy a boat or vehicle, fund your student's education, or consolidate debt. Additionally, because the interest rate is often lower than other types of loans, many people choose to use them for large purchases, education expenses, or home renovations. Since you can choose how much of it to use as you go, a HELOC can also make a great emergency funding option.
How does Royal’s HELOC work?
With Royal’s home equity line of credit, you borrow just the money that you need, and you can repay and borrow on your HELOC again and again during the draw period. After the draw period is done, the HELOC enters a repayment period so you have an extended amount of time to pay off the amount. Royal’s HELOC has a 5-year draw period followed by a 15-year repayment period. During the draw period, only interest payments are required.
How do I access funds from my HELOC?
You can access HELOC funds in several ways. The easiest option is to transfer funds from your HELOC to another Royal deposit account using online banking or the mobile app. You can also use Computeller bank-by-phone service, write HELOC checks against your line of credit, or visit any Royal office to receive cash or a cashier's check.
Can I increase how much I can borrow from my existing HELOC at Royal?
If you have an existing home equity line of credit with Royal Credit Union, you may be able to increase it. Connect with our HELOC team to discuss your options and find out if you qualify for a higher credit limit based on your current home equity.
Are there any fees associated with Royal’s Home Equity Line of Credit?
There are no annual fees and no service fees for having a HELOC with Royal. However, when you first take out a home equity line of credit, closing costs and finance charges may be imposed.
Member Story: How a HELOC can change your life
*250 off closing costs offer valid on new Home Equity Line of Credit applications only. Closing cost discount is applied as a credit at closing. Offer cannot be applied to existing loan applications or previously closed loans. Application must be received by June 30, 2026. Other conditions or restrictions may apply. Offer subject to change or termination at any time.