BFG FCU Home Equity Loans
With a Home Equity Loan, you can use your home's equity to finance big-ticket items, home repairs, remodeling projects, or consolidate bills into one low monthly payment. There are no restrictions on how you use the money from a Home Equity Loan. Interest rates and terms on home equity loans are very favorable compared to other types of loans because your home secures the loan. Your home equity is the collateral to secure the loan itself. Another advantage is that interest paid on a home equity loan may be tax-deductible. Consult your tax advisor for your specific qualifications.
A Home Equity Loan decision comes quickly. Those who qualify can get immediate approval, pending the appraisal of their home. Home loan equity services are available on owner-occupied properties located in Ohio. We offer both fixed-rate Home Equity Loans and variable-rate Home Equity Line of Credit options.
Home Equity Line of Credit
Great Features and a LOW RATE!
Our Home Equity Line of Credit is priced to save you money. Our current line of credit rate is as low as 6.24% APR¹.
Need assistance? Call one of our Home Equity Consultants at (800) 306-4400 Ext. 4120.
NO HIDDEN FEES
A NO-FEE Home Equity Line of Credit from BFG gives you peace of mind knowing that you have access to cash when you need it. Our NO-FEE HELOC means it costs you less.
NO Application Fee
NO Annual Fee
NO Appraisal Fee
NO Closing Costs²
Low Minimum Advance
Minimum advance is only $500. You can access your line of credit by writing a check for $500 or more.
80% Loan To Value
This means we will loan you up to 80% of your home's value with our home equity line of credit, minus any balance you have on your first mortgage.
10-Year Draw Period & 10-Year Repayment Period
Use your Home Equity Line of Credit for:
home improvements
large purchases
a dream vacation
consolidate high-interest debt
Apply today to get started with a great low rate on a home equity line of credit.
1 Subject to credit approval. Variable rates for the home equity line of credit are based on The Wall Street Journal Prime Rate (Prime) and are as low as Prime -0.51% APR (6.24% APR as of 12/12/25). Rates may not exceed a maximum of 18.00% APR or go below 4.00% APR at any time during the plan. Your actual rate will be determined by credit qualifications. One BFG Home Equity Line of Credit per owner occupied property, single family unit, located in Ohio. Certain collateral restrictions apply. Loan to Value (LTV) 80% or less. Hazard and, if applicable, flood insurance is required on collateral property.
2 Closing fees are currently waived on line amounts $10,000 and above. REIMBURSEMENT OF LENDER PAID COSTS: IF YOU VOLUNTARILY CLOSE YOUR LINE OF CREDIT AND TERMINATE YOUR ACCOUNT WITHIN 36 MONTHS OF THE DATE YOU SIGN THE AGREEMENT, YOU WILL REIMBURSE BFG FOR BONA FIDE FEES IT PAID TO THIRD PARTIES ON YOUR BEHALF IN CONNECTION WITH THE OPENING OF YOUR ACCOUNT. THESE FEES MAY INCLUDE THE COSTS OF APPRAISAL, TITLE AND FLOOD. Actual rates, fees, and terms are based on those offered as of the date of application and are subject to change without notice. Other restrictions may apply. THIS IS NOT A FIXED RATE OFFER.
Consult your tax advisor regarding deductibility of interest.
Fixed Payment Home Equity Loan
Our fixed payment home equity loan offers the security of a 5, 10 or 15-year fixed rate. This is a fixed-rate loan, distributed as a lump sum, which is ideal for members who need a specific, predetermined amount and prefer predictable, fixed monthly payments. You can use your home's equity to receive an outstanding loan rate. The minimum loan amount is $10,000. We will loan up to 80% of your home's equity value, less any outstanding mortgage balance.
Benefits of a Fixed Rate Home Equity Loan
A home equity loan is versatile, offering various benefits to meet your diverse needs and circumstances.
Low, Fixed Rates: Home equity rates are generally quite favorable compared to other types of borrowing or debt which is available to consumers. Homeowners can also lock in a fixed rate for an extended period of time, ensuring they don't see rate hikes down the line or experience unexpected rises in how much they owe with their monthly payments.
Tax Advantages over Credit Cards: Home equity loans actually have tax benefits as well. Homeowners may be able to deduct the interest paid on a home equity loan of up to $100,000 from their taxes. So while the low rates provide upfront savings, the tax benefits then kick in and provide an additional advantage, and even greater savings potential. Check with your tax consultant to determine how much you can save.
Consolidate Higher Rate Debts: With a fixed rate home equity loan, consumers can consolidate high interest debts and experience more breathing room and flexibility immediately. Paying off higher rate credit cards or other outstanding obligations, and putting everything into one easy payment, from one source, is more convenient, and can also save a substantial amount of money both instantly and over the long haul.
Use for Home Improvement, Education & Expenses: A home equity loan can be utilized for many different purposes. Many people only think about them in terms of major home renovations or improvement projects, and that's certainly a viable option. However, a home equity loan can also be used for education, for major unexpected expenses, and more.
BFG Federal Credit Union has been providing low rates and great options to consumers and homeowners for more than 75 years. Akron residents and everyone throughout Summit County, Ohio, can take advantage of rates as low as 4.54% on a 10 year, $35,000 home equity loan, with monthly payments as low as $364. This is just one example though, and there are a variety of fixed rate home equity loan rates and options available.