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HELOCs

Home Equity Lines of Credit

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A Home Equity Line of Credit(HELOC) is more than a home loan. It’s an easy, fast, and affordable way to take advantage of the equity you’ve built in your home for some of life’s largest expenses.
Read about home equity basics here.

Why a HELOC?

You can use your HELOC as often as you like** and for whatever you like. Most commonly used for the “big things” like:

  • Remodeling or renovating
  • Paying for a family member’s college education
  • Financing the purchase of a vacation home
  • Consolidating high-interest debt
  • Taking that much-deserved dream vacation

How does a Home Equity Line of Credit work?

The equity is calculated by using the appraised value as stated by a valuation model or appraisal. The difference between the appraised value and any outstanding mortgages equals your total equity. Once your HELOC is established, you can easily transfer available funds to your CPM checking or other designated account using our mobile and online banking. The transferred funds are available immediately. There is no need for separate checks or a separate debit card to access your HELOC funds. You can also transfer just as easily in the other direction when you want to pay down your HELOC. Simple banking!

If you do not have online banking, you can request checks or request a withdrawal at any CPM location.

Advantages of Home Equity Lines

CPM HELOCs offer many advantages:

  • Borrow up to 100% of your homes value***
  • Close in as little as 14 days****
  • Fast and easy access to your HELOC
  • Extended repayment schedules help to keep your payment low and affordable
  • Your interest may be tax deductible (consult your tax advisor)
  • Have a lower interest rate (or APR)
  • Fixed Rate and Variable Rate options are available
  • Fixed Rates offer rates as low as 6.99% APR*
  • Variable Rate Options offers a variable rate tied to Prime rate. 1.99%* 6-month introductory rate/as low as Prime - .25%
    (Prime=6.75% Example: 6.50%)     Introductory rate is not available if you borrow more than 90% of your homes value.

Benefits of a CPM HELOC

Loans

Loans from $10,000.00 - $250,000.00

Flexible Terms

We offer a 10-year draw period and a 15-year repayment period or a 5-year draw and 10-year payment giving you the flexibility you need.

Reduced closing costs

Reduced closing cost. Average closing costs are less than $500.00**

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HELOC

HELOC OptionTermAPR
(as low as)
Variable Rate10 year draw with 15 year repayment1.99%* 6-month introductory rate/as low as Prime - .25%
(Prime=6.75% Example: 6.50%)
Fixed Rate5 year draw with a 10 year repayment6.99%
*APR- Annual Percentage Rate. Introductory APR is a 6-month introductory rate of 1.99% . After introductory period, the rate would be as low as Prime* - .25%. For example, the Prime Rate is currently 6.75%, which would result in a rate of 6.50%. The Variable Rate is based upon The Wall Street Journal Prime Rate (“Prime”) minus a discount; and can change periodically based on Prime. Rates are for illustrative purposes only and are subject to change without notice. Membership rules and restrictions apply. Terms and conditions subject to change without notice. Offer subject to credit approval, not all borrowers will qualify. Rates depend on LTV, lien position, and credit score. The offer is limited to currently occupied, single-family dwellings and is not valid for rental properties, mobile homes, or residential lots. Property insurance is required as a condition of the loan. Closing cost are associated with this loan. To open and maintain a Home Equity Line of Credit, you may have to pay certain fees to third parties. These fees generally total $750.00- $2000.00. At your request, an itemization of these fees can be provided and are estimated. Prime Rate as of 12/12/25 = WSJ rate is 6.75%

100% HELOC - Subject to additional underwriting guidelines, minimum 660 credit score based on the Equifax Beacon 5.0 model. Not all properties are eligible, only eligible on primary residence with a maximum loan amount of $250,000. Only eligible with our Prime HELOC product. Mobile Home properties are ineligible.

Rates accurate as of 11/20/2025

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