Home Equity Loans
Write a Review Pay low to no closing costs, no annual fee, and no pre-payment penalty.1Home Equity Line of Credit or Fixed Loan?
We’ll guide you through your options and help give you quick access to financing.Home Equity Line of Credit
Interest-only payments for 10 years; amortized repayment thereafter |
Promo rate for 12 months2 |
$0 annual fee |
$0 pre-payment penalty |
Low to no closing costs1 |
Accessible for a 10-year draw period |
Manage in Digital Banking |
Interest may be tax deductible3 |
Home Equity Loan
5, 10, or 15-year repayment terms |
Low fixed rate |
$0 annual fee |
$0 pre-payment penalty |
Single one-time draw |
Home Equity Line of Credit rates.
Rates effective as of March 1, 2021.
Combined loan-to-value 70% & below.
Promo APR
for 12 months2 1.99% Current APR as low as 2.75%
|
Combined loan-to-value 71% - 80%.
Promo APR
for 12 months2 2.49% Current APR as low as 3.25%
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Combined loan-to-value 81% - 90%.
Promo APR
for 12 months2 3.49% Current APR as low as 4.25%
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We'll help you make this process quick and easy.
Collect the below documents and apply online.Required documents for all applications:
- Two most recent paystubs for each borrower and must include YTD income totals
- Two most recent W2s for each borrower (tax returns may not be used in place of W2s)
- Most recent award letter, most recent 1099, or most recent two months’ direct deposit statements
- Most recent 1099, or most recent two months’ direct deposit statements
- Most recent account statement showing the distribution amount along with the account balance
- Most recent two years’ complete federal tax returns
Optional documents:
- Award letter or two months' direct deposit statements
- Divorce decree/support order
Home Equity FAQs
Frequently Asked Questions about Home Equity.This information is located on the member's monthly statement. Calculate the Average Daily Balance (ADB), then calculate the interest due: Average Daily Balance x APR x # of Days in Billing Cycle ÷ 365 = Interest Due. Example: 5,000.00 x 0.0325 x 30 ÷ 365 = $13.36.
During the Open/Draw period, the billed monthly payment is only for the amount of Interest Due. As the Outstanding Principal Balance rises, the amount of interest owed rises, thus the monthly payment goes up. Only if a member pays more than the billed Interest Due amount, will funds go toward reducing the Outstanding Principal Balance. The lower the Outstanding Principal Balance, the lower the billed Interest Due payment. It also means that HELOC funds continue to be available for additional advances up to the available credit limit. During the Closed/Repayment Period (beginning 10 Years after closing), the HELOC shifts from being an Interest Only payment to a Fully Amortized payment. This means the billed monthly payment will be both Interest and Principal, calculated so the HELOC will pay off on the maturity date. No additional advances will be available —it is in payback mode only (for the 2nd half of the 20 year term