Home Equity Loans
It's Good to Have Options
Get a home equity loan or line of credit, the choice is yours. Home equity loans are a great low-rate option when you want to tackle big home improvements, consolidate debt, or pay for college. And, depending on what you use the funds for, the interest may even be tax deductible!* Plus, FFCCU may cover up to $800 in closing costs!*
Home Equity Loans: What Should You Choose?
Home Equity Fixed-Rate Loan
WHAT IS IT?
A lump-sum loan at a fixed interest rate that you’ll pay back, in equal installments, over time.
INFO TO KNOW:
Terms up to 15 years, with fixed rates
NO prepayment penalties (after one year)*
Your interest may be tax deductible.* (check with your tax advisor)
BONUS!
We'll cover up to $500 in closing costs when you borrow a minimum of $10,000, and up to $800 in closing costs when you borrow $50,000 or more!
Home Equity Line of Credit (HELOC)
WHAT IS IT?
A line of credit that uses the equity in your home as collateral. Use your line during the draw period, while paying a monthly balance throughout the life of the loan.
INFO TO KNOW:
7-year draw period with a 15-year repayment.
$10,000 initial advance, and as low as $500 for subsequent advances
BONUS!
We'll cover up to $500 in closing costs when you borrow a minimum of $10,000, and up to $800 in closing costs when you borrow $50,000 or more!
Estimate Your Loan Payment Now
Estimate Your Monthly Payments with Our Home Equity Loan Calculator
Want to know if you’re eligible for a home equity loan — and how much you might be able to borrow? Just input how much you want to borrow from your home’s equity and your credit score, and we’ll estimate how much your loan monthly payment will be based on various loan terms and interest rates.
Estimate Your Monthly Payments with Our Home Equity Loan Calculator
Want to know if you’re eligible for a home equity loan — and how much you might be able to borrow? Just input how much you want to borrow from your home’s equity and your credit score, and we’ll estimate how much your loan monthly payment will be based on various loan terms and interest rates.
For illustrative purposes only. Rates and terms may vary based on individual credit history and CU loan policy.
Get started with your new home equity loan application
Our Rates
| Loan Type | Fixed Rate APR* | Variable Rate APR* |
|---|---|---|
Home Equity Line of Credit LoanVariable Rate, 7 yr. draw period, 15 year repayment | as low as 7.50%** | |
| Home Equity Loan (Fixed Rate) | as low as 5.99%* | |
*Promotional Annual Percentage Rate (APR) shown is accurate as of 5.1.25 and is available to well-qualified borrowers for a term up to 60 months and a loan-to-value (LTV) ratio of 80% or less. Offer is only valid for new, fixed rate home equity loan applications submitted between 5.1.25 – 7.31.25, that are approved and opened within 60 days of the application date. Rate is determined by credit history, the term of the loan, and the Loan to Value (LTV) ratio. Fixed rate home equity loan rate is determined by the Prime Lending Rate as its index plus a margin, credit history and the number of years loan is financed. If you borrow $10,000 - $49,999, FFCCU may cover up to $500 in closing costs. If you borrow $50,000 or more, FFCCU may cover up to $800 in closing costs. Borrowers who incur closing costs, such as appraisal, title search, and flood search, during the application process, but whose loan does not close for any reason, including but not limited to, borrower electing to withdraw application, or if the results from the appraisal, title search, or flood search render the application ineligible for approval, are responsible for all closing fees incurred. Home equity loan repayment terms are 60 to 180 months. For example: A $50,000 home equity loan for a term of 60 months with a 5.99% APR, payment would be $966.41 monthly. Maximum APR for Home HELOC is 18%. Call 216-621-4644 for current rates as they are subject to change at any time and without notice. Applicants must be eligible for membership and become a member if loan is approved. Accounts are insured up to $250,000.00 by American Share Insurance. This institution is not federally insured by member choice. MEMBERS’ ACCOUNTS ARE NOT INSURED OR GUARANTEED BY ANY GOVERNMENT OR GOVERNMENT-SPONSORED AGENCY. |
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