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A home equity loan may have a variable or fixed rate and can be used for home remodeling, tuition, bill consolidation, etc. You can even refinance your current mortgage to get a lower rate and get rid of PMI (Private Mortgage Insurance). You may choose a fixed rate loan and receive your funds in a lump sum or a variable rate loan that has the flexibility to draw on the funds whenever you choose.
Fixed Rate Loans Click here for Rates
– Available in terms up to 15 years with a maximum of amount of $200,000.00
|– Up to 80% of appraised value minus current mortgage equals amount of equity available|
|– Member receives funds in a lump sum|
|– No closing cost|
|– Fixed payment and terms|
– May be tax-deductible (Consult your tax advisor)
Variable Rate Loans Click here for Rates
|– Variable rate – Prime plus .50%|
|– Available in terms up to 10 years with lines of $5,000 – $50,000|
|– Up to 80% of appraised value minus current mortgage equals the line of credit available|
|– Interest accumulates only on the amount you use|
|– May be tax deductible (Consult your tax advisor)|