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
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– Available in terms up to 15 years with a maximum of amount of $200,000.00
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| – 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 |
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– May be tax-deductible (Consult your tax advisor)
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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 | |||
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| – May be tax deductible (Consult your tax advisor) | |||