Home Equity

Home EquityYou can use the money for any reason—home improvements, vacations, back-to-school expenses, college education, and bill consolidation, just to name a few.

Introductory rate as low as 4.99%1 for 6 months
(7.50% variable APR after the introductory period2)

HELOC accounts work similarly to a credit card where you are approved for a certain maximum amount and can spend the money as you need it. The rate on these accounts can change monthly based on the Wall Street Journal Prime Rate. These accounts are great for people who are planning various home improvements without a set budgeted amount. This lets you have the flexibility to borrow what you need when you need it.

Features of our Home Equity Line of Credit:

  • Low monthly payments
  • Borrow up to 90% of your home’s equity
  • Enjoy no closing costs for most lines of credit3.
  • No annual fee
  • No prepayment penalties
  • Interest may be tax-deductible (consult a tax advisor regarding the deductibility of interest)
  • Loan amounts up to $500,000

Or, call our Loan Center directly at (618) 381-7300

1APR (Annual Percentage Rate) effective Jan.1, 2023; introductory rate applicable for the first six months following open date. 7.50% APR reflects the best rate available and is based on both individual creditworthiness and a loan-to-value of less than 80%.

2APR=Annual Percentage Rate and is based on the Wall Street Journal Prime Rate (WSJ Prime Rate) plus or minus a margin based on underwriting & loan-to-value (LTV) and may vary monthly with the WSJ Prime Rate; Floor=7.50% APR, Cap=18% APR. Currently, 7.50% APR reflects the best rate available and is based both on individual creditworthiness and a LTV less than 80%. Loan features 10-year draw and 15-year repayment period.

3No credit union closing costs incurred for lines of credit on Second Lien Home Equity Line of Credit less than $100,000 when automated value model is used for underwriting; loans using alternate valuation sources could incur closing costs up to $600 depending on property location, type and loan amount. All loans subject to approval; membership eligibility required – new members required to open a Savings account with a $5 deposit. Rates, terms, and conditions subject to change.

Scott Credit Union NMLS #415767. Consumer Access Website: http://www.nmlsconsumeraccess.org/