Home Equity Products

When you tap into the value of your home by applying for a home equity loan or line of credit, you open up a whole world of possibilities – without having to make a major dent in your budget and hard-earned savings.

A home equity loan is a second mortgage on your property made in addition to your original loan. It allows you to borrow against the equity in your home that has grown with its increased value and/or your original mortgage has been paid down. With a home equity loan, you receive a lump-sum payment at closing, which you can use for anything: home improvements, education, business investments, or for unexpected expenses.

New 6 Year – 9 Year HE Fixed Interest Loan

  • This loan offers a fixed interest rate over the life of the loan
  • This is not a line of credit
  • Members make a one time advance at the time of the loan inception
  • Statements are generated quarterly

Home Equity Fixed Interest Loan

  • This loan offers a fixed interest rate over the life of the loan
  • This is not a line of credit
  • Members make a one time advance and have 10 to 20 years to repay the debt
  • Statements are generated quarterly

Variable Home Equity Line Of Credit

  • Very LOW introductory rates
  • Very LOW variable rates – Prime minus 1.00% (rate changes quarterly)
  • Revolving line of credit that is continually available for use
  • May be advanced by check or through our Internet Teller
  • Statements are generated monthly
  • Payments are calculated at 1.4% of the unpaid balance each month for the first 7 years, after which it goes into the repayment mode at the rate of 1.8% of the unpaid balance each month

5-Year Balloon Home Equity Loan

  • This loan offers a fixed rate – good for five years
  • Members may pay off the balance at the end of the five year term or refinance
  • This is not a line of credit
  • Payments are amortized over 15 years
  • Statements are generated quarterly

5-Year Easy Equity Loan

  • Loans are amortized at a fixed interest rate for 60 months
  • The interest rate is based on the Wall Street Journal prime rate, as of the first day of the month
  • Statements are generated quarterly

Additional Benefits of all Home Equity Products

  • Closing costs are $150.1
  • In most cases the interest paid is tax deductible2
  • No discount points
  • No Origination Fee
  • Up to 20 years repayment
  • Up to 90% Loan to Value
  • Rental property financing available at low interest rates3
  • Payments may be made bi-weekly or monthly, and by payroll allotment or check
  • Interest rates posted online

1 Member will pay a minimum of $150 in closing costs. The Credit Union will pay additional closing costs for the member up to $1000. Any remaining closing costs over $1,000 are paid by the member and can be added to the loan request.

2 Interest payments on home equity loans are tax deductible as defined by the federal government. Consult your tax advisor to determine the extent of your benefit.

3 The credit union will finance 75% of the value of non owner occupied rental properties.