Home financing right under your roof, leverage your home’s value with a Ellafi Federal Credit Union home equity loan. Use the equity you’ve built within your home—thanks to those timely mortgage payments—to get affordable financing for a wide range of needs with some of the best home equity loans in CT!
Whether you’re looking to consolidate debt, finance a major event or make home improvements a Ellafi Federal Credit Union home equity loan is a valuable cash resource and may improve your income tax liability*. Ask your tax advisor to show you how this potential savings can lower your cost of borrowing.
How does a Home Equity Loan work?
Home equity is the difference between your home’s market value and the remaining balance on your mortgage. If you own a home and have been making payments on your mortgage for years, then you may have built up a significant amount of equity. If you are looking for a home equity loan in CT, you can use that value to borrow against your home. This could be a good strategy for you if you need to get extra money to pay for a large expense.
Home Equity Loan Benefits
- Great low rates
- Interest may be tax deductible*
- Use funds for any purpose
- Local decision-making
*Consult a tax advisor.
Looking for help paying your home equity loan in CT?
Upload Home Equity Loans Documents
Ellafi Federal Credit Union makes it a priority to ensure your personal and financial information is protected. In this day and age of conducting business electronically, it is important that sensitive documents are sent securely.
For this reason, Ellafi Federal Credit Union provides a secure online method to safely send sensitive documents directly to us using Docusign. Based on the type of documents that you need to send to us, please utilize the corresponding link below to upload your sensitive files and/or documents to us.
Upload documents or files pertaining to your Mortgage, Home Equity Loan, or Home Equity Line of Credit.
Home Equity Loans - FAQs
What is an Ellafi home equity loan?
An Ellafi home equity loan allows you to borrow against the equity you have built in your home. Home equity is the difference between your home’s market value and the remaining balance on your mortgage, and the funds can be used for a wide range of financial needs.
What can I use a home equity loan for?
You can use an Ellafi home equity loan for a variety of purposes, including home improvements, debt consolidation, major expenses, or other financial needs. The funds provide a flexible source of financing based on the equity in your home.
What are the benefits of an Ellafi home equity loan?
Ellafi home equity loans offer competitive rates, local decision-making, and the flexibility to use the funds for a variety of purposes. Depending on your situation, interest paid on a home equity loan may also be tax deductible; consult a qualified tax advisor for guidance.
Who can apply for a home equity loan in CT with Ellafi?
Eligible Ellafi members who own a home and meet the credit union’s lending requirements can apply for a home equity loan in CT. Your available loan amount and terms depend on factors such as your credit history, loan-to-value ratio, and property.
Are Ellafi home equity loans only for women?
No. Ellafi home equity loans are available to all eligible members who meet the credit union’s membership and lending requirements. Ellafi’s commitment to women’s financial empowerment does not limit access to its lending products.
How do I apply for a home equity loan with Ellafi?
You can apply for a home equity loan online or connect with the Ellafi team for help with the application process. You may also schedule an appointment at an Ellafi branch to discuss your home equity financing options.
What do I need to qualify for a home equity loan?
Qualification is based on factors such as your credit history, income, existing mortgage balance, property value, and loan-to-value ratio. Property and/or flood insurance may also be required.
How are Ellafi home equity loan rates determined?
Your home equity loan rate is determined based on factors including your credit history, loan term, loan amount, and loan-to-value ratio. Ellafi offers several term options, and rates are subject to change and credit approval.
Make an appointment with our team in the branches!
Do you have questions about your account? Do you need to apply for a home equity loan or a credit card?
If you schedule an appointment online, you can choose the time and date that works best for your schedule to come into a branch. You can avoid waiting in the lobby when you need financial help.
Home Equity Loans
Home Equity Loan Rates in CT (5 Year)
| Term | Rate | Payment Amount Per $1,000 Borrowed |
|---|---|---|
| 5 Year (< = 80% LTV) | rates as low as 5.75% | $19.22 |
Home Equity Loan Rates (10 Year)
| Term | Rate | Payment Amount Per $1,000 Borrowed |
|---|---|---|
| 10 Year (< = 80% LTV) | rates as low as 6.00% | $11.10 |
Home Equity Loan Rates (15 Year)
| Term | Rate | Payment Amount Per $1,000 Borrowed |
|---|---|---|
| 15 Year (< = 80% LTV) | rates as low as 6.25% | $8.57 |
Home Equity Loan Rates (20 Year)
| Term | Rate | Payment Amount Per $1,000 Borrowed |
|---|---|---|
| 20 Year (< = 80% LTV) | rates as low as 6.50% | $7.46 |
- Your rate will be determined by your credit report.
- Home Equity loan rates will be increased by 0.50% if loan amount is less than $25,000.00
- Property and/or flood insurance required.
*APR=Annual Percentage Rate. Rates effective 10/1/2026. Rates are subject to change. All loan requests subject to credit approval. Actual rate and term based on creditworthiness of borrower and percentage of loan-to-value; rates subject to change without notice. The minimum interest rate for a Home Equity Loan of 5.75% APR and a maximum rate of 18% APR. Home Equity loan rates will be increased by 0.50% if loan amount is less than $25,000.00. Please contact a Ellafi FCU representative for additional information.
Ellafi Federal Credit Union NMLS ID# 441485
Ellafi Federal Credit Union Loan Officer's NMLS ID Information (PDF)