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Home Equity
If you're a homeowner, you work hard to pay for your home. Maybe it's time to put your home to work for you -- with a home equity loan or line of credit. You can use a home equity loan or line of credit to borrow for home improvements, college tuition, a new vehicle, a vacation, and any number of other major expenditures.
Borrowing with a home equity loan or credit line offers two key benefits: First, the interest rate is lower than what you'd pay on a credit card or personal loan because your house secures the loan or credit line. Second, the interest you pay on a home equity loan usually is tax deductible* which further reduces the cost of borrowing.
The Regular Home Equity is a lump sum you borrow at a fixed interest rate and payment. You can borrow up to 95% of your property's value. The minimum amount you can borrow is $5,000. A monthly repayment example for a $60,000 loan would be $711.98 for 120 months at 7.49%.
The Home Equity Line of Credit (HELOC) is an open line of credit you can draw on as needed, up to a preset limit. A HELOC carries a variable rate and your payments will vary based upon the amount you borrow. As you pay off past borrowings, you replenish the credit line up to your dollar limit. You can tap a HELOC again and again, without having to reapply for a loan each time you borrow. We offer credit lines from $10,000 to 100,000.
Home Equity Loans Up to 80% LTV
effective 10/26/2009
Term
APR
36 Months
5.20%
60 Months
5.20%
90 Months
5.90%
120 Months
5.90%
144 Months
6.49%
180 Months
6.74%
*APR = Annual Percentage Rate
The amount financed is up to 80% of the value of your prperty. The maximum loan amount is $150,000.00. Minimum loan amount $5,000.Appraisal costs are the responsibility of the member. The Minimum Draw is $500.
Home Equity Line of Credit
Effective 10/26/2009
APR*
5.00%
*APR = Annual Percentage Rate
The Annual Percentage Rates (APR) may vary and applies to newly established lines of credit. The amount financed is up to 80% of the loan to value. Lines of credit are available up to $100,000. Minimum loan amount $10,000.Appraisal costs are the responsibility of the member. The Minimum Draw is $500. The Maximum APR is 15% APR.
*Consult a tax advisor regarding the deductibility of interest.
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