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Home Equity Loan and Line of Credit Rates
Home Equity Line of Credit
Maximum Loan Amount
Home Equity Loan
Frequently Asked Questions
Our equity loans are typically a no-fee loan to our members, unless our member requests a full appraisal or we need to close through an escrow office to clear up an outstanding lien.
We value out your home using our Automated Valuation Model. We can lend up to 80% combined loan to value if certain qualifications are met. We determine loan-to-value taking in to account what your home is worth, how much you owe on your first mortgage and how much you are looking to borrow with this new loan.
Fixed-rate loans are great for people who want a locked in rate, know the exact amount they want to borrow, and prefer to make a set monthly payment and know they’ll pay off in their loan in a specific amount of time. A variable-rate HELOC is great for home improvement projects when you don’t know how much you’ll need, or to have as an emergency line if a need arises.
It does not. We offer 10, 15 or 20 years with no change in rate for home equity loans. We also offer no prepayment penalties for a home equity loan, so feel free to make extra payments to pay down the principal balance faster.
After you apply, we will value out your home using our Automated Valuation Model (similar to Redfin or Zillow). If you think your home is worth more, you are welcome to request a full appraisal at your cost. The appraisal fee can come from loan proceeds.
If you would like to get an idea of your home’s value and aren’t ready to apply, tools such as the tax assessed value, Redfin or Zillow can give you a ballpark.
It typically takes us 2-4 weeks to move through the entire loan process, depending on the complexity of your loan and the results of our drive-by appraisal and title search.
Possibly, consult with your accountant or tax advisor to determine if your loan qualifies you for a tax benefit.
Many of these loans are set up as liens against your property, allowing the lender to provide you a lower rate since the loan is secured. So, if you already have a first mortgage and a loan that has your home as collateral, you would need to payoff and close that loan in order to move forward with our home equity loan. This process involves closing through an escrow office which is an estimated fee of $650.00.
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