Home Equity

How you use the equity in your home, matters.

Home Equity Line of Credit:

What are Home Equity Lines of Credit?

Apply for a credit line that you can draw against in various amounts, as needed
Borrow up to 100% of your home’s appraised or assessed value, less the outstanding first mortgage balance
Payments may vary from month-to-month based on the current balance of the line of credit
Keep remaining portion of your line of credit open for draws and payments, as needed
Variable rate loan based on the prime rate, subject to change quarterly

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Benefits of Home Equity Lines of Credit

Borrow on an as-needed basis (for emergencies, vacations, or other expenses)
Rates lower than many other loans
Interest is charged, only when you carry a balance
No annual fees or prepayment penalties
Easy access to funds with online banking
Quicker loan process and turn time than traditional mortgages

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Interest-Only Home Equity Line of Credit

Revolving Loan: Make Advances, Repay, Advance Again as Needed During Initial Draw Period
Draw Period: 120 months (10 Years)
Repayment Period: 240 Months (20 Years)
Monthly Payments: *Interest-Only Payments During Initial 10-Year Draw Period
Variable Rate – May Change Quarterly Based on Prime (See Rates)
Lien Position: 2nd Mortgage Only

*Interest-only monthly payments for the first 10-year draw period. Monthly interest payments based on existing loan balance. Any amount over the interest-only payment is applied directly to the principal. A monthly payment is billed and due monthly. After the 10-year draw period, principal and interest payments begin. Closing costs and fees apply.

Home Equity Loan:

What are Home Equity Loans?

Borrow up to 100% of your home’s appraised or assessed value, less the outstanding first mortgage balance
Apply once for a specific loan amount, with a specific term
Available terms: 5, 10, 15, and 20 years
Quicker loan process and turn time than traditional mortgages

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Benefits of Home Equity Loans:

Enjoy low fixed rates
Perfect for members who want to borrow a certain amount and have set monthly payments
No prepayment penalties

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