Rio Grande Credit Union
Rio Grande Credit Union
Need help deciding?

Need help deciding?

Home > Home Loans > Home Equity > Compare Home Equity Products at Rio Grande Credit Union

Comparison

Which Home Equity product is best for you?


Description Home Equity Loan Home Equity Line of Credit (HELOC)
Helpful If You need a specific amount right now You need money over time
Possible Uses One-time expenses like:
  • Debt consolidation
  • Large purchases
Ongoing expenses like:
  • Home renovations
  • Educational costs
  • Start-up business expenditures
  • Medical expenses
  • Unexpected expenses
How it Works Borrow up to 90% of your home’s equity and receive all the money at signing Borrow money as you need it up to your line of credit limit
Rate Type Fixed Variable
Available Terms 120-240 months 5 year draw period followed by 10 year repayment period

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Help Deciding

Which Home Equity product is best for you?

Start Over
What do you need a home equity loan for?
I want to renovate, remodel or repair my home.
For something unexpected.
I have a lot of expenses or a large purchase.
I want to lower another loan rate, consolidate debt, or get loan payments more manageable.
Will your project involve paying multiple companies like contractors, electrical workers or different appliances?
I am not sure.
No.
Yes.
How many loans do you wish to consolidate?
I have several loans I would like to consolidate.
Only a few, like 1-3.
Are your expenses ongoing like tuition?
No, this is a one-time expense.
Yes.
Has the unexpected expense already happened?
Yes, it has.
No, I just want to be prepared for an emergency.
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Roadrunner Checking
Roadrunner Checking

We recommend Roadrunner Checking

Roadrunner Checking is a free, no-hassle account.

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Roadrunner Checking 18-25
Roadrunner Checking 18-25

We recommend Roadrunner Checking

Roadrunner Checking is a free, no-hassle account. Plus, you'll get a few more perks since your between 18 and 25.

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Zia Checking
Zia Checking

We recommend Zia Checking

Zia Checking is an account that pays dividends and offers a lot of perks.

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Zia Checking 55 +
Zia Checking 55 +

We recommend Zia Checking

Zia Checking is an account that pays dividends and offers a lot of perks. Plus, if you're 55 or over, you get extra perks.

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Fresh Start Checking
Fresh Start Checking

We recommend Fresh Start Checking

Fresh Start Checking is an account offers a second chance for people who may have had issues with checking accounts in the past.

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Home Equity Line of Credit for Projects
Home Equity Line of Credit for Projects

Based on what you are saying, a Home Equity Line of Credit may be the right solution for you. It offers the flexibility to pay multiple companies over a period of time.

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Home Equity Line of Credit For Debt Consolidation
Home Equity Line of Credit For Debt Consolidation

Based on your situation, a Home Equity Line of Credit may be your best bet. It offers the flexibility to pay other loans off over a period of time as you receive bills, instead of having to calculate one lump sum at once.

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Home Equity Line of Credit for Emergency
Home Equity Line of Credit for Emergency

Based on your situation, we recommend obtaining a Home Equity Line of Credit. You will have access to cash if you need it in the event of an emergency. You will pay no interest unless you actually need it.

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Home Equity Loan for Less Frequent Expenses
Home Equity Loan for Less Frequent Expenses

Based on your situation, a Home Equity Loan would benefit you. When you have a small number of bills or people to pay, or when you know the amount, the set, fixed rate is ideal.

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Home Equity Loan For Debt Consolidation
Home Equity Loan For Debt Consolidation

Based on your situation, a Home Equity Loan would benefit you. When you have a small number of bills and you know the amount right now, the set, fixed rate is ideal and you will have one low payment to manage.

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