Home Equity Loans

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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    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 up to $200,000
– Member receives funds in a lump sum
– No closing costs
– Fixed payment and rate
– May be tax-deductible (Consult your tax advisor)

Variable Rate Loans    Click here for Rates

– Variable rate – Prime plus .50%, minimum 4%
– Available up to 10 years with maximum line of $50,000
– Up to 80% of appraised value minus current mortgage equals the line of credit available up to $50,000
– Interest accumulates only on the amount you use
– Has a 5 year draw period
– No closing costs
– HELOC checks available upon request
– May be tax deductible (Consult your tax advisor)