Ready to spruce up your house? Now is a great time to work on those home improvement projects you have been putting off. 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 View Fixed Loan 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 $200,000.00
- Member receives funds in a lump sum
- Appraisal fee must be paid by member up front; all other closing costs paid by First Ohio CFCU
- Fixed payment and annual percentage rate
- May be tax-deductible (Consult your tax advisor)
Variable Rate Loans View Variable Loan Rates
- Variable annual percentage rate – Prime plus .50%, minimum 4%
- Available up to 10 years with maximum line of $50,000.00
- Up to 80% of appraised value minus current mortgage equals the line of credit available up to $50,000.00
- Interest accumulates only on the amount you use
- Has a 5 year draw period
- Appraisal fee must be paid by member up front; all other closing costs paid by First Ohio CFCU
- HELOC checks available upon request
- May be tax deductible (Consult your tax advisor)