Variable Rate Home Equity loan (HELOC)
This is a line of credit home equity loan. With this you take what you need when you need it to make home improvements, help a child through school, pay for a wedding, etc. based on the equity of your home. Payments are calculated on the balance of your loan after the last advance. When you take another advance on your line, your payment will adjust accordingly. This payment is 1.5% of the balance after the latest advance.
We lend up to 80% of the appraised value of your home minus any existing mortgages. An appraisal may be required – $300. Additional fees include a title search, flood determination and recording of the deed. The approximate total charges are $600. We have no application fee, no credit check fee or other processing fees.
Our rates are based on the prime rate and your credit score. View our Current Home Equity Rates.
It is easy to apply. Just stop in at the credit union and see one of our friendly loan officers to see if you qualify.
Fixed Rate Home Equity loan
Wish to refinance your home with us or take out a second mortgage to do some home improvements? Stop by the credit union or start an application online to see if you qualify.
With this loan you borrow a fixed amount for a fixed term (up to 20 years) and fixed rate based on the equity of your home. The 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. (link to loan rates)
Our fees are minimal. They include an appraisal, title search, flood determination and recording of the deed. The cost is approximately $650. We have no application fee, credit check fee or any other processing fee. Payments can be made weekly on these loans which will cut down the interest cost.
It’s easy to apply. Just stop in at the credit union and see one of our friendly loan officers to see if you qualify today. Bring your current Mortgage Statement, Current Deed, Paystub (if Joint, for both), Insurance Policy with premium and Property Tax Bill.