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Forrit Home Equity Options
Put the equity in your home to work
Turn Your Home’s Value into Cash
Whether renovating your kitchen, taking that dream vacation, consolidating debts, and even paying education expenses, you can put your home’s equity to work for just about any and every reason.
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Already a member? Log in to Online Banking to apply for a loan.
Home Equity Loan
Paying too much for your mortgage? Refinance your home and save your hard-earned money with a home equity loan. All our Home Equity Loans come with fixed interest rates as low as 6.48% APR1 and flexible terms up to 20 years.*
No more waiting to start that big project or worry about how you’ll make upcoming tuition payments. Get all your funds up front, along with easy-to-budget monthly payments.
Home Equity Features
- Terms up to 10, 15, and 20 years.
- Low, fixed-interest rate loan.
- Manageable, fixed payments.
Get your home in order—figuratively and literally—with a home equity loan that puts your goals and dreams first.
Primeline Home Equity Line of Credit
Get easy, flexible funding from your house’s built-in value with a Primline HELOC. Kind of like a credit card, HELOCs let you borrow as much or as little of money as you want to take help pay for anything and everything.
But unlike a credit card, HELOCs from Forrit have lower interest rates and more flexible options that make advancing and repaying simple and no sweat. Our Primeline HELOC is the perfect option for members who need a constant supply of cash to cross items off their to-do lists.
Save More Green with Green Saving Updates
Using a Primeline Home Equity Line of Credit (HELOC), you have the resources you need for major home upgrades that can help you save money and our planet!
Discover how going green helps save you green with Forrit’s Primeline HELOC today.
How Eco-Friendly Improvements Help You Save
Home upgrades can be pricey, but not making them can cost you even more.
From extensive repairs and renovations all the way down to increased monthly water, heating, and electric bills, choosing to do nothing can cost a fortune. With a Primeline HELOC, you can make eco-friendly improvements that add to your home’s value and help you save money in utility costs.
Primeline HELOC Provides:
- A Flexible Source of Funds – From $10,000 to as much as $600,000 depending on your home, borrow as much or as little as you need, when you need it.
- Low, Variable Rate – Primeline HELOC rates adjust and respond robustly to the market, so you’ll always have the best rate we have to offer.
- Up to $300 in Closing Costs Covered – Forrit Credit Union will pay up to $300 in closing costs on your Primeline HELOC.2
Eco-Friendly Upgrades to Get Started
The great thing about making green upgrades with a Primeline HELOC is the freedom to go at your own pace and to start as big or as small as you feel comfortable!
But if you’re looking for added inspiration, here’s a list of our top eco-friendly updates that can help you start saving money almost immediately.
Updating Major Appliances
- Outdated washing machines, dryers, dishwashers, and refrigerators waste tons of energy.
- New models often feature eco-friendly settings to optimize energy efficiency.
- Replacing older units significantly reduces your home’s energy use, which can lower monthly energy, water, and other utility bills.
Energy Efficient Lighting
- Light Emitting Diodes (LEDs) use up to 90% less electricity than regular lightbulbs.
- LEDs can last as much as 25 times longer than incandescent bulbs.
- Efficient lighting means saving on monthly electricity bills and routine home upkeep.
Energy Efficient Windows
- Energy efficient windows better insulate your home, so less energy is needed to heat or cool your house.
- Using low-emissivity (Low-E) glass reduces the intensity of sunlight, so you get the same lighting without an increase in temperature.
- A/C and heating use less energy/gas since they run less often and not as long to keep your home comfortable.
Tankless Water Heater
- Regular water heaters use and store gallons of water that it constantly heats, which requires tons of energy.
- Tankless water heaters only heat the amount of water being used in a matter or moments prior to use, reducing both the electricity and water costs associated.
- Tankless water heaters also take up significantly less space, meaning an increase in your home’s usable square footage.
Low-Flow Faucets, Toilets, & Showerheads
- Low-flow equipment reduces water use without sacrificing water pressure.
- Less water is needed for low-flow and what is needed gets used more efficiently.
- Reduced water use and loss can result in a significant decrease in monthly water bills.
Native Lawns & Natural Landscaping
- Native lawns and natural landscaping uses plants and vegetation native to your region.
- These plants often support pollinators and tend to be more allergy friendly.
- Using native plants requires significantly less water and upkeep than vanity lawns.
Upgraded Insulation
- Heating, cooling, and maintaining your house’s temperature requires a ton of energy.
- Old insulation often has cancer-causing materials and is generally less effective.
- Newer insulations better maintain your home’s temp and cuts back on gas/electricity use.
Improved Weather Stripping
- Weather stripping wears out over time. There’s just no avoiding it.
- Updated weather stripping reduces the risk of exposure damage from the elements.
- Fresh weather stripping insulates your home, saves energy, and prevents costly repairs.
Today’s Choice, Tomorrow’s Benefit
Go green to save green and apply for your Forrit HELOC today!
Get Started Now
Already a member? Log in to Online Banking to apply for a loan.
Home Equity Loan vs Line of Credit
A Home Equity Loan works best for one-time purchases, purchases with a set-price, or expenses where significant payment is due upfront. You can apply for the exact amount you need, which is then provided as a lump sum with fixed interest over a set repayment period.
A Home Equity Line of Credit works best for ongoing projects where the cost can change or with multiple payments involved. This loan offers ongoing access to funds, similar to a credit card but with a much lower interest rate. While you only have to pay interest on what you use, your monthly payment can change depending on how much you borrow and when.
For more specific advice on whether a Home Equity Loan or HELOC is the best option for you, speak to a Forrit team member today!
*Property must be located in the states of Oregon, Washington or Idaho.
1. APR= Annual Percentage Rate. Rate quoted valid for first lien loans only. Available in Oregon, Washington & Idaho. Minimum loan amount is $5,000. Maximum loan amount is $600,000. Home equity loans over $400,000 are subject to additional appraisal fees. Maximum loan-to-value is 80%. Rate will vary depending on term, loan-to-value and credit qualifications. A sample loan payment on a $50,000 First Mortgage Home Equity Loan at a rate of 6.20% with a corresponding APR of 6.48% for 10-years would be $560.10. A sample loan payment on a $50,000 First Mortgage Home Equity Loan at a rate of 6.35% with a corresponding APR of 6.55% for 15 years would be $431.41. A sample loan payment on a $50,000 First Mortgage Home Equity Loan at a rate of 6.60% with a corresponding APR of 6.76% for 20 years would be $375.71. Payments do not include amounts for taxes and insurance premiums, if applicable; actual payment obligation will be greater. Closing costs range from $350 – $3,000, depending on loan amount, loan position and appraisal costs. Underwriting approval required. Payment approximation does not include taxes or insurance.
Other terms and conditions apply. Rates posted are indications only and are subject to change without notice. Connect with us for complete details.
2. Primeline Home Equity Line of Credit: Rate is based on Wall Street Journal Prime Rate plus a margin. your margin is based on your credit worthiness. Rate can change monthly. Requires a minimum line amount of $10,000 and is not to exceed a maximum line amount of $600,000. Credit Union pays up to $300 closing costs, any amounts over are paid by the member. Should an appraisal be necessary, fee will be member’s responsibility. $35 Annual fee. $300 prepayment penalty should line be cancelled within the first 3 years. The rate will never be less than 4.00% or greater than 15.00%. At the end of your 7 year draw period you will have 5 years to repay the loan in full or refinance (subject to credit worthiness and loan value). Property must be used as primary residence and located in the states of Oregon or Washington.
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