Home Equity Loans
It was a sad day when we learned there really isn't a pot of gold at the end of a rainbow. But that's OK. Turns out there's money right under your roof, which is a lot easier to find than the elusive rainbow's end.
We can help you use your greatest asset to its fullest with a home equity loan or line of credit. Approval is fast and easy, and utilizing your home's equity can secure better loan rates. Best of all, interest may be up to 100% tax deductible!*
- Summary
- Excellent interest rates
- Interest may be tax deductible*
- Fast, easy approvals
- Local decision-making
- Can be used for most anything
- Approval amount based on home's market value
- Unsurpassed personal service
Please contact the Credit Union for today's rates.
*Consult with a tax advisor.
- HELOC
A home equity line of credit (HELOC) gives you immediate access to funds whenever you need them. Rather than receiving the lump sum upon approval, the funds are reserved as a line of credit.
- Only pay interest on what is used
- Reuse as needed without reapplying
- Interest may be tax deductible*
- Easy, instant access to funds by debit card, check, or in branch
*Consult with a tax advisor.
- Credit Life Protection
This optional coverage can be elected for all Advantage Plus loans to provide security when it would be needed most. If the covered borrower passes on, the loan balance would be paid in full. This prevents spouses, children, heirs, and other remaining borrowers from being saddled with more debt during an already difficult time.
Credit Life Protection can be elected for the primary borrower, the secondary borrower, or both. It can be added to the loan balance so there is no separate payment to be made. This protection is a form of term life insurance and ends at the time the loan is paid off.
Features & Benefits:
- No health questions to answer if protection is elected within 30 days of the loan
- All members pay same low rate regardless of sex, health, or occupation
- Covers up to $50,000 and 15 years
- Borrower or co-borrower must be under 70 years of age
- No employment requirements for borrower or co-borrower
- Protection can be cancelled at any time
- Conditions existing within six months prior to electing coverage are not covered until 6 months after the coverage was elected
This list is not intended to be all-inclusive of either the benefits or restrictions. For more information, contact the credit union.
Cost:
- Single rate: $0.86 per $1,000 balance per month
- Joint rate: $1.42 per $1,000 balance per month
