Mortgage Loans

Home Equity Loans

You've worked hard to build equity in your home. Now you can use it to fund renovations, cover major expenses, consolidate debt, or prepare for what's next with a flexible Home Equity Line of Credit from CoVantage.

Cover life's major costs. Or splurge on some simple pleasures.

Turn your home's equity into a flexible financial resource. CoVantage Credit Union's Home Equity Line of Credit (HELOC) gives qualified borrowers in Wisconsin, Michigan, and Illinois access to funds for home improvements, debt consolidation, major purchases, and more. Borrow what you need, when you need it, and only pay interest on the amount you use.

What is a Home Equity Line of Credit (HELOC)?

A Home Equity Line of Credit (HELOC) lets you borrow against the equity you've built in your home. Think of it like a credit card secured by your home. You're approved for a credit limit and can borrow only what you need, when you need it, up to that limit.

 

How It Works

 
  • Your home's equity is the difference between your home's value and the amount you still owe on your mortgage.
  • CoVantage establishes a credit limit based on your available equity.
  • You can draw funds as needed during the draw period, often for home improvements, debt consolidation, or other major expenses.
  • Interest accrues only on the amount you've borrowed, not your entire credit line.
  • Once the draw period ends, you enter the repayment period and begin paying back the balance you borrowed, plus interest.
 

Why Members Choose a CoVantage Home Equity Line of Credit

 
  • Flexible access to funds without reapplying each time you need money.
  • Often lower interest rates than credit cards and other unsecured borrowing options.
  • Potential tax benefits when funds are used for qualifying home improvements. Consult a tax advisor for details.

Home Equity Line of Credit Loans

Annual Percentage Rate (APR) effective October 10, 2026 and subject to change. Rates and monthly payments are our lowest available. Individual rates and terms may vary based on down payment, credit history, and credit score.

Home Equity Line of Credit Loans

Effective Date: October 10, 2026
Rate Term APR As Low As Monthly Payment Per $1000
3.99%Line of Credit3.99%10.00

Home Equity Rate Conversion Option

Effective Date: October 10, 2026
Rate Term APR As Low As Monthly Payment Per $1000
8.24%15 Year8.24%9.70
9.24%20 Year9.24%9.15
6.49%5 Year6.49%19.57
6.74%10 Year6.74%11.48

Payments can be made more frequently on personal loans, vehicle loans, or credit cards. Mortgage payments are only accepted monthly.

CoVantage will mail a packet with loan information to every borrower, so watch your mailbox! If you provided an email address at the dealership, you will also receive an email with that information approximately one week after the loan closed. Please note that the loan may not close until one to three days after you sign at the dealership.

You can use MyCoVantage digital banking and mobile app to set up automatic payments from your CoVantage checking or savings account OR from another financial institution (also called an External Transfer). Set-it-and-forget-it using the Transfer/Pay feature today!

To set up a transfer from another financial institution within MyCoVantage, navigate to the Transfer/Pay tab, then select Manage External. Before you can set up a one-time or recurring transfer, you will need to Add a New External Account and create an account nickname you can use to reference the account within digital banking.

Once added, you will need to verify the account by confirming two small amounts to the external account. Then log into MyCoVantage and go back to the Transfer/Pay tab, select Manage External and enter the trial deposit amounts that were sent to the external account. After completing this step, the external account will be ready to use within Transfers.

Please note: External Transfers are not immediate, they are processed in 1 to 3 business days from the date scheduled, provided they are scheduled by 4pm. For example, if you have a loan payment due on Friday, January 15, you will want to schedule the transfer at least 3 business days prior, Tuesday, January 12, to ensure the funds are received by that date.

Unfortunately, if your loan payment becomes 30 days past due, your status as a CoVantage “Member in Good Standing” is jeopardized, which could also affect any digital banking services.  In addition, late payments on loans and mortgages may result in a late fee or negative reporting to credit bureaus. To avoid late payments, set up automatic payments using MyCoVantage digital banking and mobile app.

As a financial cooperative, we depend on all our members to contribute to the credit union and uphold their obligations. It’s working together and sharing our resources that allow us to offer lower loan rates, higher savings rates, and the quality products and services that are a part of the credit union experience. If you are having financial difficulties, please contact our Member Solutions team at 800-398-2667, ext. 2404 to discuss repayment options.