Skip to main content

Home Equity Line of Credit

Use funds from your home for anything you want, anytime you need — even in case of emergency.

Apply for a Loan

Or call 1-800-621-2105

Make a Payment Skip a Payment

Home Equity Line of Credit 6-Month Intro Interest Rate 6-Month Intro APR Interest Rate  APR  Points 
Home Equity Line of Credit 1.99% 1.99% 3.75% 3.75% 0.0

Each individual's Annual Percentage Rate (APR) is determined by the applicant's credit history. Not all applicants will qualify for the displayed lowest rates. Home Equity Line of Credit: The Introductory Annual Percentage Rate (APR) of 1.99% is for new home equity lines of credit only and is for the first six months. To receive the Introductory rate, a draw of at least $5,000 must be made within 30 days of account opening. After the introductory rate expires, balances will be charged at the variable APR based upon the Prime rate as published in The Wall Street Journal plus a margin. The APR will never be lower than 3.75% or higher than 18%. Rates vary depending upon credit history, combined loan-to-value (CLTV), and occupancy. The stated rate, correct as of October 1, 2020, applies to borrowers with credit scores of 730 or greater, CLTV 80% or less, and owner-occupied single-family residences. Elements Financial will pay flood determination fee, title search, and simple valuation. You may be required to pay other costs such as recording fees, taxes, and when required, appraisal fees. These costs vary by state and property type. Elements Financial reserves the right to modify or end this offer at any time. Additional terms and conditions may apply. Subject to credit approval. Elements Financial Membership Required.

Home Equity Line of Credit


  • Introductory rates as low as 1.99% APR on New Home Equity Lines of Credit for 6 months then as low as 3.75% variable APR.
  • Have funds available for unexpected emergencies like a new furnace, medical bills, or other major surprise expenses
  • Use it for major expenses: home improvements, new car, tuition, big vacation, second home, debt consolidation
  • Option for interest-only payments for up to 10 years
  • Access your equity simply and easily inside online banking, with the Equity Access Visa® Card, or checks
  • No closing costs
  • No prepayment penalties
  • No annual fee
  • Most closings in two weeks or less


  • The amount you can borrow is based on the equity you have in your home
  • Access as much or as little as you need whenever you need it — up to the credit limit established at closing


Our experienced, helpful member service team is ready to support you!


Live Chat

Chat Available Mon-Fri, 9 am-5 pm Eastern

Can I really use it on anything I want?

Yes, you really can! You can use your Elements Home Equity Line of Credit (HELOC) to finance major expenses, such as:

  • Home improvements
  • College (paying off student loans or paying tuition directly)
  • That big vacation
  • A new car
  • A second home
  • Medical bills
  • Debt consolidation
  • Unexpected emergencies
  • It's up to you! 

How It Works

A Home Equity Line of Credit, also known as a HELOC, allows you to borrow funds using your home as collateral.

What is "Equity"?

The amount you can borrow is based on the equity you have in your home. Equity is the current value of your home minus the amount you own on other mortgages.

How a Credit Line Works

You can access as much or as little as you need from your HELOC, whenever you need it, up to the credit limit established at closing. Much like a credit card that allows you to borrow against your spending limit as often as needed, a HELOC gives you the flexibility to borrow against your home equity, repay, and repeat.

You can easily make transfers from your HELOC to your Elements checking accounts within online banking. Elements also provides an Equity Access Visa Card and checks that you can use to easily make purchases directly with your HELOC funds.

There are two phases to a HELOC:

  • Draw Period: Initial 10 years when you can borrow from the credit line.
  • Repayment Period: Following 15 years when you pay back the amount borrowed plus interest as with a fixed-rate loan.
Interest-Only Payments

You have the option to make interest-only monthly payments during the first 10 years of the loan. After this time, the borrowed amount converts to a fixed loan payment structure in order to complete the balance with interest over the next 15 years.

Frequently Asked Questions

Q: Tell me more about interest-only payments for 10 years...
With an Elements Home Equity Line of Credit (HELOC), you can choose to pay only the interest costs for up to 10 years without having to pay down your loan balance. Then the balance converts to a 15-year loan, and you must begin making payments, including interest and principal, to pay off the debt — or apply for a new HELOC if you still have equity in your home.

The interest-only payment gives you low monthly payments during the initial term and can free up cash flow so you can choose how and when you spend your money.

Q: Are there closing costs associated with a Home Equity Line of Credit?
A: Possibly, an appraisal fee may be necessary, depending on the value and equity of the loan.

Q: Does Elements Financial offer debt consolidation loans?
A: We do offer consolidation loans for our members to consolidate bills and pay off other debts. There are several options available to most members. This may include Personal Loans, Home Equity Loans, a Home Equity Line of Credit (see information on this page), or even a first mortgage refinance with a debt consolidation option.

How to Get Started

Apply for a HELOC in 4 Easy Steps:
  1. You can apply online in as little as 10 minutes! Submit your application anytime. Or call us at 1-800-621-2105
  2. We'll contact you within 1 business day after you submit your application to review documentation that we'll need from you and answer any questions you may have
  3. We'll confirm your home's value via a basic valuation of your home and collect a few documents from you.
  4. We'll contact you with a decision within 10 business days and schedule a closing if approved. That's it — your Elements Home Equity Line of Credit is now open!

Get Started


What you'll need to apply:
    • Your government-issued ID (driver’s license, state ID, or passport)
    • Estimates of your household income, assets, home value and price you paid for your home

How Much Can I Borrow From My Home Equity?

Home Equity Calculator


in a home equity loan or line of credit

You Might Find Helpful