Rooted in Home. Ready for More.
Turn your home's equity into the foundation for what's next - whether its' renovation, education, or a fresh start.
We're introducing a 5-year special interest rate HELOC designed for people who want to make smart, grounded decisions in the communities we serve.
Unlock a limited-time 5.99 % APR* on a Unity Bank Home Equity Line of Credit.
Special 5.99% introductory rate for the first 18 months, followed by a variable (prime rate) for the remaining 42 months. Interest-only payments are due each month. The repayment of principal and interest (fixed at prime rate) will begin after the 60-month draw period ends, to be paid back in a 10-year time frame
Available until December 31, 2025.
To qualify for the special rate, customers must meet the following criteria:
- Maintain a minimum credit score of 680 or higher
- Maximum 75% loan to value ratio
- Have a recurring automatic payment from a qualified Unity Checking account
- Submit your loan applications within the promotional period
- Meet our standard loan underwriting and approval requirements
- $10,000 Minimum Credit Amount
- $250,000 Maximum Credit Amount
Let's connect and talk about what's possible. Contact one of our professional retail mortgage loan officers:
HELOC FAQ
What is a HELOC?
A Home Equity Line of Credit (HELOC) is a revolving line of credit that allows you to borrow, spend, and repay as you go using your home as collateral.
How does a HELOC work?
A HELOC is a revolving line of credit meaning you can borrow as little or as much as you need up to your approved credit line, like a credit card.
Home Equity Line of Credit or Home Equity Loan?
With a HELOC you can borrow money as you need and typically have a variable interest rate, meaning it changes over time.
With a HOME Equity Loan, you receive your funds in a lump sum upfront and usually have a fixed monthly interest rate.
What can I pay for with a HELOC?
A HELOC can be used to finance almost anything, such as home renovations, repairs, education, or consolidating higher-interest rate debt.
What are the pros of a HELOC?
A HELOC offers the flexibility to borrow funds as needed for various purposes. Additionally, HELOCs tend to have lower interest rates compared to personal loans or credit cards, and you only pay interest on the money you borrow making them an affordable option.
What are the cons of a HELOC?
Because your home is used as collateral, failure to make payment may result in foreclosure on your home. Additionally, HELOCs tend to have variable rates meaning your interest rate could go up.
Is the interest tax deductible?
Interest on a HELOC may be tax deductible. Consult with a tax advisor or financial professional regarding tax deductibility to ensure compliance with IRS regulations.
HELOC Special FAQ
What is the interest rate for the HELOC Special?
The Unity Bank HELOC offers a special 5.99% APR* for the first 18 months, which will then adjust to a variable rate (prime rate) for the remaining 42 months of the draw period. At the end of the draw period, interest becomes fixed at the prime rate for the 10-year repayment period.
What are the eligibility requirements for the HELOC Special?
To qualify for the special rate, customers must meet the following criteria:
- Maintain a minimum credit score of 680 or higher
- Maximum 75% loan to value ratio (LTV)
- Have a recurring automatic payment from a qualified Unity Checking account
- Submit your loan applications within the promotional period
- Meet our standard loan underwriting approval requirements
What is the HELOC Special eligibility for first and second lien mortgages?
The Unity Bank HELOC applies to first and second lien mortgages, and we recognize an LTV exception may be necessary for second lien mortgages.
What are the HELOC Special limits?
The minimum limit amount is $10,000. The maximum limit amount is $250,000. Renewals of Unity Bank HELOC require a minimum draw of $10,000 new money at origination.
How does repayment work for the HELOC Special?
Interest-only payments are due each month. The repayment of principal will begin after the 60-month draw period ends, to be paid back in a 10-year timeframe. Interest is fixed at the prime rate for repayment period.
Can I pay the HELOC back before the draw period ends?
Yes, you can repay your HELOC—including both interest and principal—at any time during the draw period.
Are there closing costs or additional fees for the HELOC Special?
Yes, closing costs and fees are to be paid by the customer at closing.
How long is the promotion period for the HELOC Special?
The Unity Bank HELOC Special will be available until to December 31st 2025.
How do I apply for a Unity Bank HELOC Special?
An appointment should be made with your branch's retail mortgage loan officer. Contact your branch to get in touch with Todd Sorenson or Tina Hammer.
What if I am not eligible for the HELOC Special?
No worries, if you are not eligible for the HELOC Special you may still qualify for one of our other mortgage products.