Home Equity Loans and Home Equity Line of Credit Loans
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Loan Information
The Credit Union loans up to 100% of the available Tax Assessment Value, or 95% of Appraised Value.
A Home Equity Loan may be amortized up to 5 years. The Home Equity Line of Credit has a draw period of the first 5 years and can be amortized up to 10 years. The Home Equity Loan is a fixed rate loan. The Home Equity line of Credit is a variable rate loan.
Interest may be deductible for tax purposes. Consult your tax advisor.
No restrictions on Home Equity proceeds. Money can be used for debt consolidation, automobiles, property improvement, vacation, etc.
Documents Needed
- Completed Application
- Copy of Tax Assessment Value or Certified Appraisal less than one year old.
- Copy of Homeowner’s Insurance Policy
- Income verification
- Verification of Principal Balance of Mortgage
