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Fixed rates, no surprises
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Receive funds as a lump sum
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Up to $200 closing cost rebate
Choose the right home equity option
Feature | Home Equity Line of Credit | Home Equity Loan |
|---|---|---|
Best for | Ongoing expenses | One-time expense |
Loan Terms | 10-year draw + 20-year repayment | 5, 10, 15, or 20 years. |
Rate | Variable | Fixed |
Funding | Access through digital banking or checks | One lump sum |
Loan to Value | Borrow up to 100% | Borrow up to 90% |
Current home equity loan rates in Pittsburgh, PA
6.24% APR
No application fee • Local decisions • Friendly guidance
Home equity loan basics
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Understanding home equity loans
A home equity loan allows you to borrow against the value of your home with a fixed interest rate and predictable monthly payments. You receive the funds in a one-time lump sum, making it a great option for large expenses like home improvements, debt consolidation, or education costs.
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How home equity loans work
Home equity loans are based on the difference between your home’s current market value and what you owe on your mortgage. Once approved, you receive your funds upfront and repay the loan over a set term, ranging from 5 to 20 years, with consistent monthly payments.
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Determining equity in your home
Before you apply for a home equity loan, try using our calculator to help calculate your equity. Equity is your home's current market value minus the remaining balance on your mortgage.
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Compare Home Equity Loans and HELOCs
Both options let you borrow against your home’s equity, but they work differently. Home equity loans offer a fixed rate and lump sum, while HELOCs provide flexible access to funds with variable rates. The right choice depends on how you plan to use your money.
Home equity loans FAQs
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A home equity loan allows you to borrow a lump sum of money using the equity you have built up in your house as collateral. Equity is the difference between your home's market value and what you still owe on your mortgage.
When you are approved, you receive the funds all at once and pay them back over a set timeline with predictable monthly payments.
A home equity loan is sometimes called a second mortgage because it's an additional loan secured by your home.
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A standard home equity loan from Clearview features a fixed interest rate, which means your rate and your monthly payment amount will stay exactly the same for the entire life of the loan.
If you prefer more flexible borrowing, our Home Equity Line of Credit (HELOC) uses a variable rate that fluctuates over time.
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With a Clearview Federal Credit Union home equity fixed rate loan, you can borrow up to 90% of your home’s appraised value, minus what you still owe on your primary mortgage.
For example, if your home is worth $400,000 and you currently owe $250,000:
- 90% of $400,000 = $360,000
- $360,000 – $250,000 = $110,000 maximum loan amount
If you need even more flexibility, our Home Equity Line of Credit (HELOC) allows you to borrow up to 100% of your home’s value.
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For new members, you can apply using our online application, by starting a video call with Clearview Live®, by visiting your local financial center, or by calling us at 1-800-926-0003.
For current Clearview members, you can apply using our online application, through digital banking by selecting Add Product, by starting a video call with Clearview Live®, by visiting your local financial center, or by calling us at 1-800-926-0003.
Once an application is completed, it’s either sent to underwriting for review, or for closing if it has been pre-approved or instant approved.
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Clearview offers competitive rates and flexible repayment terms. View our current home equity rates and terms.
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For additional questions contact our Care Center by calling 1-800-926-0003 or fill out a form below and someone will reach out.
Questions? Talk to a local lending expert.
Get personalized guidance and answers in as little as one business day.