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Home Equity
Put the equity in your home to work
If you have equity in your home, you can put it to work for you, using it for nearly any purpose. Such as: remodeling your bathroom or kitchen, installing solar panels, taking your dream vacation, consolidating your debt, and even making payments on education expenses.
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Already a member? Log in to Online Banking to apply for a loan.
Home Equity Loan
Paying too much for your mortgage? Refinance your home and save your hard-earned money with a home equity loan. Now’s your chance to take advantage of interest rates as low as 6.73% APR1 and put your home’s equity to good use.*
Start items on your to-do list with a loan that’s just right for you. All our Home Equity Loans come with a low, fixed interest rate and flexible terms, for up to 20 years! You won’t have to wait to start any of your projects or make tuition payments because you get all your funds up front, along with easy-to-manage monthly payments.
Primeline Home Equity Line of Credit
Take the first step to reaching your goals by opening a line of credit with low, variable rate and low interest payment options. With this loan option, you can use, reuse, and pay off your balance as often as you like throughout the life of your loan, just like a credit card. Making this the perfect option for members who need a constant supply of cash to cross items off their to-do lists.
Save More Green with Green Saving Updates
Using a Primeline Home Equity Line of Credit (HELOC), you have the resources you need for major home upgrades that can help you save money and our planet!
Discover how going green helps save you green with Forrit’s Primeline HELOC today.
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Already a member? Log in to Online Banking to apply for a loan.
How Eco-Friendly Improvements Help You Save
Home upgrades can be pricey, but not making them can cost you even more.
From extensive repairs and renovations all the way down to increased monthly water, heating, and electric bills, choosing to do nothing can cost a fortune. With a Primeline HELOC, you can make eco-friendly improvements that add to your home’s value and help you save money in utility costs.
Primeline HELOC Provides:
- A Flexible Source of Funds – From $10,000 to as much as $600,000 depending on your home, borrow as much or as little as you need, when you need it.
- Low, Variable Rate – Primeline HELOC rates adjust and respond robustly to the market, so you’ll always have the best rate we have to offer.
- Up to $300 in Closing Costs Covered – Forrit Credit Union will pay up to $300 in closing costs on your Primeline HELOC.2
Eco-Friendly Upgrades to Get Started
The great thing about making green upgrades with a Primeline HELOC is the freedom to go at your own pace and to start as big or as small as you feel comfortable!
But if you’re looking for added inspiration, here’s a list of our top eco-friendly updates that can help you start saving money almost immediately.
Updating Major Appliances
- Outdated washing machines, dryers, dishwashers, and refrigerators waste tons of energy.
- New models often feature eco-friendly settings to optimize energy efficiency.
- Replacing older units significantly reduces your home’s energy use, which can lower monthly energy, water, and other utility bills.
Energy Efficient Lighting
- Light Emitting Diodes (LEDs) use up to 90% less electricity than regular lightbulbs.
- LEDs can last as much as 25 times longer than incandescent bulbs.
- Efficient lighting means saving on monthly electricity bills and routine home upkeep.
Energy Efficient Windows
- Energy efficient windows better insulate your home, so less energy is needed to heat or cool your house.
- Using low-emissivity (Low-E) glass reduces the intensity of sunlight, so you get the same lighting without an increase in temperature.
- A/C and heating use less energy/gas since they run less often and not as long to keep your home comfortable.
Tankless Water Heater
- Regular water heaters use and store gallons of water that it constantly heats, which requires tons of energy.
- Tankless water heaters only heat the amount of water being used in a matter or moments prior to use, reducing both the electricity and water costs associated.
- Tankless water heaters also take up significantly less space, meaning an increase in your home’s usable square footage.
Low-Flow Faucets, Toilets, & Showerheads
- Low-flow equipment reduces water use without sacrificing water pressure.
- Less water is needed for low-flow and what is needed gets used more efficiently.
- Reduced water use and loss can result in a significant decrease in monthly water bills.
Native Lawns & Natural Landscaping
- Native lawns and natural landscaping uses plants and vegetation native to your region.
- These plants often support pollinators and tend to be more allergy friendly.
- Using native plants requires significantly less water and upkeep than vanity lawns.
Upgraded Insulation
- Heating, cooling, and maintaining your house’s temperature requires a ton of energy.
- Old insulation often has cancer-causing materials and is generally less effective.
- Newer insulations better maintain your home’s temp and cuts back on gas/electricity use.
Improved Weather Stripping
- Weather stripping wears out over time. There’s just no avoiding it.
- Updated weather stripping reduces the risk of exposure damage from the elements.
- Fresh weather stripping insulates your home, saves energy, and prevents costly repairs.
Today’s Choice, Tomorrow’s Benefit
Go green to save green and apply for your Forrit HELOC today!
Get Started Now
Already a member? Log in to Online Banking to apply for a loan.
When to use a Home Equity Loan vs a Home Equity Line of Credit
A Home Equity Loan works best for a one-time purchase or a purchase with a set-price. You can apply for the exact amount you need, which is provided in the form of a lump sum with a fixed repayment period.
A Home Equity Line of Credit works best for ongoing projects where the price may fluctuate. This loan offers ongoing access to funds, much like a credit card, and you only have to pay interest on what you use.
Both loans give you access to funds for a specific need, such as covering emergency expenses, tuition payments, debt consolidation and more, but it’s important to consider your goals before applying a loan.
*Property must be located in the states of Oregon, Washington or Idaho.
1. APR= Annual Percentage Rate. Rate quoted valid for first lien loans only. Available in Oregon, Washington & Idaho. Minimum loan amount is $5,000. Maximum loan amount is $600,000. Home equity loans over $400,000 are subject to additional appraisal fees. Maximum loan-to-value is 80%. Rate will vary depending on term, loan-to-value and credit qualifications. A sample loan payment on a $50,000 First Mortgage Home Equity Loan at a rate of 6.45% with a corresponding APR of 6.73% for 10-years would be $566.36. A sample loan payment on a $50,000 First Mortgage Home Equity Loan at a rate of 6.60% with a corresponding APR of 6.80% for 15 years would be $438.22. A sample loan payment on a $50,000 First Mortgage Home Equity Loan at a rate of 6.85% with a corresponding APR of 7.01% for 20 years would be $383.08. Payments do not include amounts for taxes and insurance premiums, if applicable; actual payment obligation will be greater. Closing costs range from $350 – $3,000, depending on loan amount, loan position and appraisal costs. Underwriting approval required. Payment approximation does not include taxes or insurance.
Other terms and conditions apply. Rates posted are indications only and are subject to change without notice. Connect with us for complete details.
2. Primeline Home Equity Line of Credit: Rate is based on Wall Street Journal Prime Rate plus a margin. your margin is based on your credit worthiness. Rate can change monthly. Requires a minimum line amount of $10,000 and is not to exceed a maximum line amount of $600,000. Credit Union pays up to $300 closing costs, any amounts over are paid by the member. Should an appraisal be necessary, fee will be member’s responsibility. $35 Annual fee. $300 prepayment penalty should line be cancelled within the first 3 years. The rate will never be less than 4.00% or greater than 15.00%. At the end of your 7 year draw period you will have 5 years to repay the loan in full or refinance (subject to credit worthiness and loan value). Property must be used as primary residence and located in the states of Oregon or Washington.
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