Fixed Rate Home Equity Loans
Wish to refinance your home with us, or to take out a second mortgage to do some home improvements? A home equity loan may be right for you!
Home equity loans allow you to borrow a fixed amount for a fixed term (up to 20 years) at fixed rate based on the equity of your home. Your payment and interest rate will not change throughout the term of the loan.
We lend up to 80% of the appraised value of your home, minus any other mortgages you may have. Interest rates are based on the length of time financed and your credit score. A weekly payment structure can cut your overall interest cost.
Fees associated with a home equity loan at OTIS are minimal. They include an appraisal, title search, flood determination and recording of the deed. The total cost is approximately $650. We have no application fee, no credit check fee, and no other processing fees of any kind.
Interested in learning more? Just stop in at the credit union during business hours and see one of our friendly loan officers to find out if you qualify. Please bring your current mortgage statement, current deed, pay stub (if joint, for both), insurance policy with premium and property tax bill.