Mortgage Loans

Home Equity Loans

Remodeling projects. A family vacation. College tuition. There are countless ways a CoVantage home equity loan can make your life a little (or a lot) better.

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

CoVantage Credit Union offers Home Equity Flex loans with a wide range of options to borrowers in Wisconsin, Michigan, and Illinois. You can use the funds for a special purchase or to cover practical expenses, like credit card debt or medical bills. With a CoVantage home equity loan, you get the benefits of a line of credit with the added security of locking in portions of the interest rate.

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.

  • 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 the 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 30, 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 (Variable Rate)

Effective Date: October 30, 2026
Rate¹ Term APR As Low As¹ Monthly Payment Per $1000
3.99% Line of Credit 3.99% 10.00

Home Equity Rate Conversion Option

Effective Date: October 30, 2026
Rate Term APR As Low As Monthly Payment Per $1000
6.49% 5 Year 6.49% 19.57
6.74% 10 Year 6.74% 11.48
8.74% 15 Year 8.74% 9.99
9.74% 20 Year 9.74% 9.48

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.

¹ Offer valid October 5, 2026 through November 30, 2026. Offer available only to new Home Equity Line of Credit (HELOC) borrowers and existing HELOC borrowers who increase their line of credit by at least $10,000. During the first six (6) months, a fixed introductory Annual Percentage Rate(APR) of 3.99% will apply to qualified borrowers with a credit score of 760 or higher, a primary residence,and a loan-to-value (LTV) ratio of 80% or less. Borrowers who do not meet these qualifications may receive different rates and terms. After the introductory period ends, the APR becomes variable and is currently 6.00% APR, based on the Prime Rate minus 1.00% (Prime Rate of 7.00% as of September 16, 2026). The APR may increase or decrease as the Prime Rate changes. The maximum APR that may apply under this line of credit is 16.00%. No closing costs apply to qualifying HELOCs of $150,000 or less that qualify for financing without a full appraisal. HELOCs that do not meet these qualifications may incur closing costs. Standard closing costs for nonqualifying HELOCs typically range from approximately $275-$300, although actual costs may vary. Equal Housing Lender. Member NCUA. NMLS #412987.