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Summit’s home equity loan options all offer great rates and fast turnaround. What an affordable way to cover home improvements (adding value to your home and building your wealth). Or knock down high-interest debt, go back to school – anything for your goals! Compare your home equity loan options below, and we’re here to help you get the right fit for you. Home Equity Loan Home Equity Line of Credit (HELOC) Interest-Only Home Equity Line of Credit (HELOC) Key Features & Benefits If you have a project and price tag in mind, a Home Equity Loan lets you take out a set amount and lock in a fixed rate, so you can count on standard monthly payments over your term.
  • Lock in a great fixed rate and low closing costs
  • Deduct your interest from your taxes (if eligible)
  • Forget about annual fees and prepayment penalties
A HELOC is a great, flexible option that gives you access to a pool of money and lets you borrow what you need, when you need it.
  • Get a variable rate as low as prime minus 0.50%
  • Lock in your balance to a low rate for a term of up to 15 years
  • Get no or low closing costs
  • Forget about annual fees and prepayment penalties
  • Deduct your interest from your taxes (if eligible)
  • Easily access your funds online
  • Use it to cover unexpected costs
An Interest-Only HELOC is great if you’re looking for a lower, more affordable payment. Payments only include interest accrued on the loan – no principal – during the “draw” or borrowing period.
  • Get ALL the same advantages of a standard HELOC with the same low rate
  • Pay only the interest accrued on the loan since the previous due date, or $50 (whichever’s greater)
  • Make larger payments when you have funds to do so (great if you work on commission or have a seasonal income)
Rate Type Fixed Variable (with option to lock in your balance for up to 15 years) Variable (with option to lock in your balance for up to 15 years) Loan Term 36-180 months 5-year draw (or borrowing) period, up to 3 times 5-year draw (or borrowing) period, up to 3 times Closing costs Low Low (or none!) Low (or none!) Annual Fee No No No Are there tax benefits? Deduct your interest from your taxes (if eligible) Deduct your interest from your taxes (if eligible) Deduct your interest from your taxes (if eligible) Is this available outside of Wisconsin? Yes Yes Yes Contact us to determine which option is right for you!
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* The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2023, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 ** SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2024. Copyright 2025 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA