Make the Most of Your Home's Value
Home Equity Loans and Line of Credit
Use the equity in your home to take advantage of your financial opportunities.
Put Your Home’s Value to Work for You
If you’ve built equity in your home, it could be the key to reaching your next goal. With an Andrews Federal Home Equity Loan or Line of Credit, you can tap into your home’s value to fund renovations, consolidate debt, cover education expenses, or make major purchases. Choose the fixed-rate stability of a loan or the flexible access of a line of credit—both designed to fit your financial needs and budget.
Fully Utilize Your Home's Value
Use up to 95% of your home's value (minus the remaining balance on your mortgage).
Tap into More Funds
Borrow up to $350,000
Flexible Options for Financing
Choose consistent payments or flexibility to access funds when needed
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Your Questions. Answered.
Frequently Asked Questions about Home Equity Loans
Learn more about the differences in Home Equity and HELOC Loans, and the loan application process.
How much can I borrow with a Home Equity loan?
Your current first mortgage and the equity loan compared with your home value is the combined loan-to-value (CLTV) ratio. Andrews will lend up to 95% of the CLTV of your property.
What is the difference between a HELOC vs a home equity loan?
A HELOC is a revolving line of credit. You can take out money as you need it, up to your approved limit, during the draw period.
A home equity loan is another type of second mortgage that uses your home as collateral, but in this case, the funds are disbursed all at once and repayment starts immediately. It is a fixed-rate loan of five to 20 years, and monthly payments remain the same until the loan is paid off.
How long does it take to get a home equity loan?
We average about 21 days from application to closing, but plan for an estimated 30 days to close your loan. Your loan officer should be able to give you a more specific estimate and keep you updated throughout the process.
How long does it take to receive my funds?
Funds are disbursed around three business days after loan closing.
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We do business in accordance with the Equal Credit Opportunity Act. Must be a member of the credit union to open any loan account. Rates, terms and conditions vary based on creditworthiness and qualifications and are subject to change. Subject to credit and property approval. Closing costs vary and will depend on the location of the property and the amount of the loan. Property insurance is, and flood insurance may be, required. Additional restrictions may apply.
*APR=Annual Percentage Rate.
1All balances accrue interest at the variable APR (Annual Percentage Rate) in effect for your account. Variable rate is based on The Wall Street Journal Prime Rate plus a margin, adjusted quarterly. The annual percentage rate will not fall below 4.00% APR during the term of the line of credit. Subject to credit and property approval. Minimum loan amount is $5,000. Maximum loan amount will be based on the amount of equity available, based on the appraised value of your home, up to a maximum of $350,000. Rates, terms and conditions vary based on creditworthiness and qualifications and are subject to change. Property insurance is, and flood insurance may be, required. Additional restrictions may apply. Rates and APRs are subject to change without notice.
2As a member, you may borrow up to 95% of your home’s value minus the amount remaining on your mortgage.