Borrowing with home equity

Home values are up, and that means more equity in your home. Home equity is the difference between what your home is worth and what you owe on it. You can borrow against that value with a home equity installment loan or a home equity line of credit (HELOC) to fund home projects, plan a big event, consolidate debt, and more!

It's home equity you can build on.

Learn More About Home Equity Installment Loans

Learn More About HELOCs

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Borrowing With Home Equity


Features

 

Low Rates

Great Rates

Because the funds are secured by your home, rates are often lower than other types of borrowing like credit cards and personal loans.

No Closing Costs

No Closing Costs

Depending on the county your property is located in, you may qualify for no closing costs, saving you thousands.2

 

No Application Fees

No Application Fees or Annual Fees

It’s simple to apply for a Sandia Area home equity installment loan or home equity line of credit.

Use funds for anything

Use Funds for Anything

Use your home equity to build anything—a deck, a kitchen, your credit, or even a future.

 


Compare

 

Lower Rates

No closing costs

Use funds for anything

Using your funds

Rates

Payments

Home Equity Installment Loan

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Get your funds at once

Fixed

Starting at 6.50% APR1

Predictable monthly payments

Home Equity Line of Credit

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Borrow as you go

Variable

Starting at 8.50% APR3

Pay only on what you borrow

 


Home Equity Installment Loan vs. HELOC

Home Equity Installment Loan

Home Equity Loan

A home equity installment loan is the perfect option if you are unsure how much money you need and want to receive your funds up front with fixed, predictable payments.

Home Equity Line of Credit (HELOC)

HELOC

A HELOC is a great choice if you want to have control over how much you borrow by taking out what you need when you need it, and only paying interest on what you draw.


Ready to Get Started?

Forms Required

This is the document that proves you own your home/property. You will find this with your property records, likely in a Title Company Folder that was provided to you when you closed on your home purchase.
This is an insurance policy you received when you purchased your home/property that protects you against loss resulting from a defect in the Title. You will find this with your property records, likely in a Title Company Folder that was provided to you when you closed on your home/propert purchase.
This is a type of property insurance that protects your interest in losses thay may occur in respect to your home (fire, theft of contents, etc). Your insurance agent will be able to provide you with a copy of your policy. The declarations page shows limits of coverage for various categories.
Regulations governing real estate lending make it necessary for us to obtain verification of income. Please provide us with your last two pay statements. If you are self-employed, please provide us with your last two years of signed tax returns.

Learn

Home Equity Loans vs. HELOC: What's the difference?

Home Equity Loans vs. HELOC

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Is a HELOC right for you?

Is a HELOC Right for You?

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2024 Design Trends

Top 2024 Design Trends

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Federally insured by NCUA. An Equal Opportunity Lender. Membership eligibility required. Visit Sandia.org/Membership for complete details. 1. APR=Annual Percentage Rate. Rate effective 1/10/2024, and subject to change without notice. New Sandia Area loans only. Subject to credit approval. Rates are based on an evaluation of credit history and lien position. “As low as” rate assumes excellent credit history and first lien position. Your rate may differ. 2. Closing costs associated with this product are waived for loan amounts up to $150,000 in the counties of  Bernalillo, Sandoval, Santa Fe, Valencia, Torrance, Cibola, Dona Ana, Rio Arriba, Mora, San Miguel and Los Alamos on primary residences with clean title history. Loans over $150,000 are subject to property appraisal, flood certification, recording fees and title insurance, which generally range from $1,467 to $1,600. Borrower is responsible for homeowners’ insurance and, if required, flood insurance. 3. Home Equity Line of Credit is a revolving credit line. Maximum loan amount is 90% LTV for 180 months up to $200,000. Loans over $200,000 will be reviewed on a case-by-case basis. Term of 180 months consists of 5-year draw period followed by 10-year repayment only period. Borrower is responsible for homeowners’ insurance and, if required, flood insurance. APR = Annual Percentage Rate. Rate effective 09/20/2024, and subject to change without notice. New Sandia Area loans only. Subject to credit approval. Rates are based on an evaluation of credit history and lien position. “As low as” rate assumes excellent credit history and first lien position. Your rate may differ. Home Equity Line of Credit is a variable APR (Annual Percentage Rate) based on the value of an index plus a margin and is subject to increase. The index is the NY Prime Rate published in the Money Rates column of the Wall Street Journal and is 8.00% as of 09/20/2024. When a range of rates has been published, the highest rate will be used. The current margin could range between 0.50% - 1.50% and is subject to change based on your credit score. The HELOC has a floor of 3.75% and a ceiling of 18.00% and will change by no more than 0.25% per month.

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