Curious about how much your home would qualify for?

Let us know how to best reach you so a lending professional can help.

The promptness, courtesy, and the professionalism with which the loan approval was handled.

- John C.

I was stressing to pay the contractor.  Loan was deposited into my account that same day. I was able to relax. Low payments and low interest.

-Excite Credit Union Customer

Apply now to lock in low rates, and transform your home to the one you've been dreaming of.

EXCITE CREDIT UNION  3315 ALMADEN EXPY., SUITE 55 
SAN JOSE CA 95118 USA

Your home renovation could be an
excellent investment

  • When you update your home, not only do you get the enjoyment of living in a modern masterpiece, you could add to the value of your home.
Terms and Conditions
What stands out about your experience with Excite Credit Union?

Use your home's equity to borrow at low rates

  • Unlike a credit card, the interest rates for a Home Equity Line of Credit are much lower! 
  • Payments available as low as the interest due each month.

Excite Credit Union is federally insured by the NCUA, and is an Equal Housing Lender

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Here's what customers are saying about us:

Your home renovation could be an
excellent investment

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Home Equity Line Of Credit

Benefits of a HELOC

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Customer Testimonials

Frequently Asked Questions

What exactly is equity?

In simple terms equity is the value that is left in your home above and beyond your mortgage balance(s). The total mortgage balances consist of ALL loans against your property including any second loans.
IE:  If your home is worth $1,000,000 and you currently owe $500,000 in your mortgage loan(s), the equity in your home is $500,000. 
Mortgage loans consist of all of your mortgages against your property.

If you have ever been turned down for a mortgage based on the fact that your LTV or CLTV is too high, it can be frustrating not really understanding what the terms mean. 

  • An LTV is a simple ratio based on the loan amount divided by the value of the home. 
  • A CLTV is a ratio based on your total amount of mortgages divided by the value of your property.

What is the difference between a HELOC and a HEL? Should I select a new first mortgage with cash-out instead?

HELOC is a Home Equity Line of Credit that allows the borrower to access the equity in their home. In a HELOC, you will not have to pay the interest on funds borrowed until they are withdrawn. HELOCS typically use a variable interest rate based on the prime interest rate plus a small margin. The monthly payment is also based on the total amount that has been withdrawn (your balance).

A HEL (Fixed Home Equity Loan) is a loan that has a fixed interest rate for a set period of time (term), based on your personal preference, and depending on if you can qualify for that specific term of the loan. For example if you want a low interest rate the borrower would typically select a shorter term on the loan such as a 5 year fixed rate mortgage at 3.99% as opposed to perhaps a 5.49% for a 15 year fixed rate mortgage.

What is a DTI?

DTI stands for debt to income ratio, which is based on the total amount of outstanding monthly debts divided by total gross income. The total monthly debts would include mortgage payment/s, insurance, property taxes, and all other monthly debts such as credit cards, student loans, and installment debts. All of these monthly payments are added together and this total is divided by a person’s gross monthly income. Guidelines for this figure vary from lender to lender, however, a good ballpark figure is 43% - 45%.

How can I get started?

Please fill out our form, and a loan specialist will get back to you shortly. At Excite Credit Union, we are not in a rush to simply get you to sign up and get out the door. We carefully review each member's situation, examining various options and analyzing your financial situation to make a solid recommendation.

Do I need to complete a full appraisal if I just want a Home Equity Line of Credit?

No. Most of the time lenders will accept an Automated Value Module (AVM) that will provide a quick value of your property. At Excite, we will help you get in touch with an automated service with a cost of only about $85.

Why use a credit union for a HELOC?

There are many advantages in using a credit union as opposed to a bank. The first and foremost reason is that you are a ‘Member’ of the credit union and not just an account number. This ‘Membership’ means that you will be provided with an exceptional customer service for all of your financial needs. Credit Unions exist to serve their ‘members” rather than maximize their corporate profits. They typically offer higher interest rates on deposit accounts as opposed to a bank. They also care about, and invest in, the community around them.

The average consumer may wonder about the safety of their money, and may not know that for over a century credit unions have been a part of the US Financial Institution. They are Federally insured under the National Association of Federal Credit Unions in Washington, DC.

Is a second mortgage a good option?

The very first step in answering that question is to review the mortgage against your property that you currently have. A lending professional will you help you consider these options when we evaluate you for a loan. We’ll review the following:
•What is the term (length of the loan) of your current loan?
•What is the current interest rate on your first mortgage?
•What would the market interest rate be for refinancing that specific loan?
•Do you have monthly mortgage insurance and want to rid yourself of that payment? 

A conversation with a Mortgage Professional will assist you in answering these questions. Fill out our form to get in touch, or call us at 1-800-232-8669. 


Should I select a new first mortgage with cash-out instead?

You may be wondering if you should do a Home Equity Line of Credit or refinance your current first mortgage loan. If you currently have an interest rate that is higher than the current market you want to want to consider refinancing your old mortgage. In addition to refinancing, it’s possible to opt for an increased loan amount above what is owed owe and obtain a “cash-out”. We suggest having a loan specialist looking at your individual case to make an informed recommendation using an analysis of your situation.

What advantages do a HELOC or HEL have over a credit card?

If you qualify for HELOC or HEL, you will generally see lower rates than credit cards, which can sometimes have interest rates as high as 29.9%. There was even a national company a while back that was charging a 79.9% interest rate for their credit card, which was considered legal providing the rate was fully-disclosed. State Usury limits on credit card interest rates have become largely irrelevant for banks, thanks to federal laws and a Supreme Court Decision. As a contrast Federally Chartered credit unions have an interest rate cap of 18% on all loans, not just credit cards according to the Credit Union National Association. This is another very good reason to select a credit union for all of your financial needs.

It can be financially advantageous to use a low-rate HELOC to pay off credit card debt with a lower interest rate using debt consolidation, and this is something you can suggest with our lending professionals.  

Will I qualify?

While it would be great if a lender could answer this up front, however they must consider a variety of factors during the application process. The lender will review an applicant’s Appraisal, LTV, CLTV, and DTI, credit scores, in order to analyze the risk and decide if someone is qualified. 

That being said, the Mortgage Industry, via third party on-line services such as obtaining bank statements, employment verifications, credit scores, pay stubs, employment/income history, appraisals etc. is getting closer to providing decisions for loans in record times. In the near future lenders will be able to determine in real-time whether a borrower can qualify for a home loan with complete accuracy; you can count on it.

Breaking Down The Terminology

Understanding Your Options

Need more information? Click here to read through our FAQ document.