With our Home Equity Loan and Line of Credit, you can get what you want, when you want it.

Home equity loan

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

• Borrow up to 90% of the equity in your home.
• Repayment term of up to 30 years.*
• Fixed rate terms up to 5 years.
• Potentially tax deductible.**

Home equity line of credit

Has payments that 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 and again without coming back into the credit union.
• 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 minimal fee will be charged to cover the following:

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

Appraisal may be required.
*An adjustable rate mortgage will result on terms longer than 5 years.
**Consult your tax advisor for tax deductibility.

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