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Home Equity Loans & Lines

Home Equity Loans & Lines

Make Your Dream Home a Reality

What if we told you that you could have the house of your dreams, without going anywhere? With a home equity loan or line of credit, you can afford to make those upgrades you’ve been dreaming about. Remodel your kitchen, expand the master bedroom or improve your home’s curb appeal with a little help from Fox Communities Credit Union.

Invest in your home today so it’s ready for the market tomorrow.

Apply now and start bringing your dreams to life.

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Which is right for you?

Home Equity Loan

Allows you to borrow money in one lump sum and you make monthly payments for the life of the loan.

  • Borrow up to 90% of the equity in your home.
  • Repayment term of up to 30 years.
  • Flexible ARM and Fixed rate and term options.
  • Potentially tax deductible. *

Home Equity Line of Credit

Payments are based on the outstanding balance of the loan.

  • Use the amount that you need and once the funds are paid down, the money is available for you to use again.
  • Establish a credit line up to 90% of the equity in your home.
  • Potentially tax deductible. *

Minimum disbursement = $500, Minimum Line = $5,000. Minimum Payment = Interest only or $100 (whichever is greater).

How your equity available is determined

The following example is based on a $100,000 home value, using 90% of the equity to determine loan/line amount with $50,000 in outstanding lien loan balance:

$100,000 home value x 90% = $90,000
$90,000 – $50,000 outstanding loan = $40,000 potential credit line

At closing, a fee will be charged to cover the following:

  • Title Search
  • Flood Certification
  • Recording Fee
  • Property Inspection Fee

An appraisal may be required.
*Consult a tax advisor regarding deductibility of interest and fees.

Home Equity Loan Fixed Rate Disclosure:
For a $35,000 home equity loan with a term of 5 years at 3.445% Annual Percentage Rate (APR), the monthly payment will be $636.71.
Home Equity ARM Disclosure:
5/1 ARM payment example for a $35,000 loan with a 3.50% rate and 5.119% APR, the first 60 monthly payments are $157.17 with 12 payments at $193 if the rate adjusts to the annual maximum of 5.50%, 12 payments at $231 if the rate adjusts to the annual maximum of 7.50%, 275 payment at $271 if the rate adjusts to the ceiling of 9.50%, with one remaining payment at $271.  Payment examples do not include taxes and insurance premiums; actual payment obligation may be greater.
Home Equity Line of Credit Disclosure:
Current variable Annual Percentage Rate (APR) based on Wall Street Journal Prime plus a margin.  Margin based on creditworthiness, qualifications, and collateral.  Maximum APR of 18.00%.  Closing costs range from $159.50 and $216.50; additional fees may apply. Available draw period during first 5 years.
General Disclosure:
Must meet eligibility requirements.  All loans subject to final approval.  Rates, Terms, and Conditions subject to change and may vary based on creditworthiness, qualifications, and collateral.  Subject to change or terminate without notice.

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