Home Equity Loans

NMLS #479208

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

- Available in terms up to 15 years
- 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

- 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
- Member receives equity checks to write as needed for $250 or more up to available credit line
- Interest accumulates only on the amount you use
- Has a 5 year draw and a 5 year repayment schedule
- No closing costs
- May be tax deductible (Consult your tax advisor)

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