Home equity line of credit
Your house can help pay for its own roof.
Every member gets the same rate on a home equity line. Everything you’ll want to know is right here, and the loan team is always glad to talk it through.
On this page
Today’s rate
Home equity
What it’s good for
Money for the work around the house.
When the kitchen needs redoing or the family needs another room, your home can help pay for it. It can also pull other bills into one payment.
Same rate for every member, whatever your credit score- Borrow more than $10,000, up to $100,000
- Up to 80% of your home’s appraised value, less what you owe on it
- Primary residence only, not rental property
- Variable rate: the six-month Treasury bill plus 3%
How much you can borrow
Up to 80% of its value, less what you owe.
The credit union lends up to 80% of your home’s appraised value, minus any loans you already have against it, up to $100,000. The home has to be your primary residence, not a rental. Every member gets the same variable rate, the six-month Treasury bill plus 3%, so it can change over the life of the line.
| Product | Term | Rate |
|---|---|---|
| Home equitySix-month Treasury bill plus 3%. | Variable | 7.21 % APR*6-month T-Bill 4.21% + 3.00% · T-Bill as of Oct 26, 2026 |
Good to know
A few things worth knowing.
Other liens
Some liens get paid off at closing.
The credit union has to hold a first or second mortgage on your home. If you already have a second mortgage, it has to be paid off at closing or before. If you financed a heat pump through TVA or a similar program, there’s probably a lien on your home. It will need to be paid off at closing too.
The appraisal
Your value starts with the tax records.
The credit union uses your home’s value from the county property tax records. If you think it’s worth more, you can ask for an appraisal, which usually costs $425 to $875. You pay for it up front, whether or not the loan is approved. Most county tax records are online, so you can check your value before you apply.
Your costs
$1,000, plus the appraisal if you need one.
The credit union pays the rest of the settlement fees for you. Keep your balance above $1,000 for the first year the line is open. Otherwise, you may have to pay those fees back as a prepayment penalty.
Before you apply
What to bring to get started.
Have these ready, and your loan can start moving as soon as your application is in.
- Your W-2s from the last two years, and one current pay stub
- The legal description of your property, which is usually on your mortgage, your deed or your title insurance policy, plus a copy of the title insurance if you have it
- A completed application, with the names, addresses, account numbers and balances of everyone you owe
- A printout showing the balance on any mortgage you have now
Help with the list
Can’t find something?
The loan team can help you track down any of it, from the legal description to a mortgage printout.
How long it takes
Four to six weeks, start to finish.
It usually takes four to six weeks from the day your completed application comes back to the credit union. Here’s how it typically goes.
- Step 1
Approval
The credit union reviews your application, usually in 2 to 3 days.
- Step 2
Appraisal, if you need one
Appraisers can take anywhere from 1 to 4 weeks, and 2 weeks is about average.
- Step 3
Title search and closing
The credit union’s attorney runs a title search, which takes 1 to 2 weeks if there are no problems. The attorney then calls to set a closing date, usually within a week. Have the credit union listed on your homeowner’s insurance policy before you close.
- Step 4
Pick up your money
The law requires a wait of three business days after closing. After that, you can pick up your money at the credit union.
How is the rate set?
It’s the six-month Treasury bill plus 3%, and every member gets the same rate, whatever their credit score. Because it’s tied to the T-Bill, it can change over the life of the line.
How much can I borrow?
You can borrow up to 80% of your home’s appraised value, less any loans you already have against it, to a limit of $100,000. Lines start just over $10,000.
Can I use it on a rental or a second home?
No. The home has to be your primary residence.
Do I need an appraisal?
Not always. The credit union starts with the value in your county’s property tax records. If you think your home is worth more, you can ask for an appraisal and pay for it up front.
What does it cost?
Your cost is $1,000, plus the appraisal if you need one. The credit union pays the other settlement fees. If your balance drops to $1,000 or less in the first year, you may have to pay those fees back.
Is the interest tax deductible?
It depends on your situation, so check with your tax advisor.
How long does it take?
It usually takes four to six weeks after your completed application comes back to the credit union.
What should I read before I sign?
You’ll get a disclosure along with your application. Read it carefully, and if you have any questions, call (256) 383-6551.
Do I need to be a member?
Yes. Membership is open to the whole IBEW Local 558 family, and it starts with $25 in Share Savings. You can apply for membership online.
More ways to borrow
Something else on the list?
Personal Loans
Cover a repair or a move at the same fixed rate every member gets.
More about personal loans
Share Secured Loans
Borrow against your savings at a low rate while they keep earning.
More about share secured loans
Auto Loans
Finance a new or used car or truck at the same rate every member gets.
More about auto loans
*APR = Annual Percentage Rate. Not all applicants will qualify. Rates are subject to change without notice. We’ll match a lower rate on a comparable new loan offered by another local lender. To qualify, you need a credit score of 700 or higher and a written, dated offer or quote from the competing lender at the time of application. The offer must be for the same loan type, amount, and term, and for a loan you qualify for with that lender.
Home equity line of credit
Let’s talk about your home.
Get in touch, and the loan team will walk you through what you could borrow.