Tap Your Home’s Equity
If credit card payments are eating up your disposable income each month, or if you
need cash to remodel your kitchen, buy a new car, take a vacation, pay off debt
or anything else, a home equity loan or home equity line of credit (HELOC) might
be your best bet.
These loans let you borrow money using the equity in your home as collateral.
Unlike almost any other consumer loan type, the interest on a home equity loan or
HELOC of $100,000 or less is likely to be tax-deductible ($50,000 if married filing
separately). Consult your tax advisor to see if your interest is eligible for a
tax deduction.
Home Equity Loan
With a home equity loan, you borrow a lump sum of money repayable over a fixed term,
usually five to 15 years, giving you the security of a locked-in rate and a consistent
monthly payment.
Check rates and terms
for your area.*
Home Equity Line of Credit
A HELOC is much like a credit card or any other type of open-ended credit. You can
borrow money as needed, up to the credit limit your lender assigns, access your
loan using our HELOC Gold MasterCard, or by making a transfer into your checking
account. A HELOC is a variable-rate loan, so your monthly payments will change based
on your outstanding balance and fluctuations in the rate. HELOCs are not available
to Texas homeowners.
You may qualify for a Home Equity Line of Credit for as low as 3.75% Variable
APR/WAC**.
Appraisals are required.
Start Renovating Today!
Call our Mortgage Department (800) 897-6991.
You’ll find all the information you need about Home Equity loans, including an application
form, at our
Home Loan Center.
*This is a fixed rate loan. $5,000 minimum loan amount
with 60 month term, up to 90% Loan to Value (LTV). Fixed rates do not apply to all
states. Appraisals are required. Please check
rates for payment terms, closing costs and availability for your area. Adequate
property insurance must be maintained. Rates available depending on desired term
and LTV. For Texas homeowners, the minimum loan is $10,000 and the maximum LTV is
80%. A minimum balance ($25) share savings account is required to maintain membership
in the Credit Union. Consult your tax advisor to see if your interest is eligible
for a tax deduction.
**ANNUAL PERCENTAGE RATE/WITH APPROVED CREDIT. This is
a variable rate loan which may change quarterly. $5,000 minimum line of credit.
3.75% APR applies to credit line for up to 80% Loan to Value (LTV). 5.25% APR
is available for a total loan to value (TLTV) from 80% to 90%. Rate effective until
October 25, 2011. The maximum annual percentage rate that may be imposed on this variable
rate plan is 18%. Appraisals are required. The cost of an appraisal may range from
$350 to $500. Check rates for payment
terms for your area. Adequate property insurance must be maintained. A minimum balance
($25) share savings account is required to maintain membership in the Credit Union.
The Home Equity Line of Credit is only available to homeowners in the following
states: AK, AR, CA, IA, KS, MO, NE, OK, and SD. Consult your tax advisor to see
if your interest is eligible for a tax deduction.
We Do Business in Accordance With the Federal Fair Housing Law and the Equal Credit
Opportunity Act.