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You've spent time and effort increasing the value of your home, so why not utilize your asset to your advantage? A home equity loan is a smart way to finance home improvements or any large expense.

Line of Credit – HELOC

No Application - No Annual Fees!

Enjoy the flexibility of a home equity line of credit. A line of credit provides immediate access to funds, as you need them. Interest is calculated on the outstanding balance, which can be paid down at any time.A home equity line of credit is attractive to homeowners who anticipate future expenses and want to advance funds periodically. SDCU offers very attractive rates and, unlike other lenders, does not charge an annual fee.

SDCU's Home Equity Programs Offer:

  • Competitive rates
  • No application or annual fees
  • Possible Tax-deductible interest. Please consult with a tax adviser regarding deductibility of interest.
  • Easy access to line-of-credit via Online Banking and Telephone Teller

HELOC Frequently Asked Questions

How long does it take to close on a HELOC?

A: It should take no longer than four (4) weeks from application to closing.

What are the costs of obtaining a HELOC?

A: Presently, there are no application, closing or appraisal fee costs

Does SDCU have prepayment penalties?

A: Yes. There is a prepayment penalties on a HELOC that reaches a zero balance within 36 months of opening date. Fees range from $200 to $350.

Is the interest rate on a HELOC Fixed?

A: No. The interest rate is a variable rate subject to change on a monthly basis. When the interest rate changes, it changes on the entire outstanding balance of the loan.

What is the interest rate on the Home Equity Line of Credit (HELOC)?

A: The current interest rate is posted on our rates page.

What is the difference between a HELOC and a Second Mortgage?

A: The HELOC is an open-ended mortgage. The Second Mortgage is a closed end mortgage. On the HELOC you only pay interest on the dollar amount you take as an advance. You can continue to use the available dollar amount on the line for 10 years. In other words, the HELOC can be repaid and then you can borrow the money again and again. With the Second Mortgage you take the full amount of the loan at closing and interest starts accruing on a daily basis, and repaid on a fixed monthly basis. For more information, please call 708.857.7070.

All loan requests subject to Loan Review Committee and Guidelines. Actual rate and term based on creditworthiness of borrower and percentage of loan-to-value; rates subject to change without notice. SDCU does not charge application or annual fees. We may pay bona fide third party fees on your behalf. If we do, you will be liable to reimburse us for up to $350 of those bona fide third party fees if this home equity line reaches a zero balance within 36 months of opening date. Offer available for real estate in Illinois, Indiana and Wisconsin only. Please contact a SDCU representative for additional information; consult your tax advisor about the possible deductibility of interest. APR=Annual Percentage Rate. Equal Housing Lender. Home Equity Line of Credit disclosure.