Home Equity Loans & Lines of Credit
Let your home help fund your dreams.
Lower interest rates
With your home value as collateral, these loans have some of the lowest rates around.
Incredibly versatile
Add a room, buy something big, or pay off bills. The choice is yours.
Payments are flexible
Choose stable monthly payments of a lump-sum loan or use the amount you need and once the funds are paid down, the money is available for you to use again with a line of credit.
All that effort you've put into maintaining your home and paying down the mortgage? It can pay off in a low-interest loan or a convenient line of credit.
Chef-quality kitchens or backyard landscaping. College education or family vacations. Doctor bills, emergency funds - or something that's just plain fun. With an affordable Home Equity Loan or Line of Credit, the money can be used for almost anything you can imagine.
Home Equity Loan
Borrow money in one lump sum and enjoy stable monthly payments. Often used for big projects and major purchases.
- Borrow up to 90% of the equity in your home (your home's market value minus your remaining mortgage balance)
- Repayment term of up to 30 years1
- Home Equity Loan interest payments may be tax-deductible; consult your financial advisor2
Home Equity Line of Credit
Tap into a loan fund as often as you like for years on end. Commonly used to cover unexpected costs, make periodic payments (such as tuition) or consolidate higher-interest loans.
- Establish a credit line up to 90% of the equity of your home3
- Access funds quickly through Online Banking and our mobile app
- Make interest payments only on the amount of money actually in use
- After you make payments, the money is available for you to use again and again
- Home Equity Line of Credit interest payments may be tax-deductible; consult your financial advisor2
Fox Communities Credit Union is a full-service, not-for-profit financial institution serving members throughout Wisconsin.
Run the Numbers
You can earn 5.00% Annual Percentage Yield (APY) on balances of up to $5,000. For balances greater than $5,000 earn 0.50% APY.1
General Disclosure: Annual Percentage Rate (APR). All rates, terms, and conditions may change without notice and published rates do not constitute a loan offer. Individual rates and terms may vary based on account relationship, loan amount, down payment, creditworthiness, loan-to-value, purpose of loan and property type. All loans are subject to approval and eligibility. Additional fees, such as, a fee to cover title search, flood certification, recording, and property evaluation, may apply.
Home Equity Loan estimated monthly payment based on a single family, owner occupied, 725+ credit score with a combined loan-to-value of 80% for a 5-year fixed loan in the amount of $50,000 at rate of 6.740% and 6.833% APR will have a monthly payment of $983.94. Monthly payment example quoted do not include taxes or insurance; the actual payment obligation will be greater. Contact one of our friendly Mortgage Loan Officers for further details.
Consultant a tax advisor about deducting interest and fees.
Home Equity Line of Credit, Annual Percentage Rate (APR) is a variable rate and may change quarterly based on an index plus a margin. The APR will vary with Prime Rate (the index) as published in the Wall Street Journal plus a margin of 0% to 4% based on creditworthiness, with a floor rate of 2.50% APR and a maximum APR of 18%. The APR is based on a current index and applicable margins ranging from 8.50% to 12.50%. A 15-year draw period for advance, in which borrower will be billed for interest only or $100, whichever is greater, followed by a 15-year amortization of principal and interest. You may be required to pay certain fees to third parties to open a line of credit such as appraisers and title companies; such fees can range from $214 to $796.50, if required. Contact one of our friendly Mortgage Loan Officers for further details.
NMLS ID # 402968