Home Equity Loans
It’s good to have options
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!* Check our current rates.
Home equity loans: which should you choose?
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*APR = Annual Percentage Rate. Variable Rate Home Equity Line of Credit (LOC) can reprice monthly and uses Prime Lending Rate as its index plus a margin. Your Rate is determined by your credit history and the Loan to Value (LTV) ratio. Rate floor is 2.00%APR and ceiling is 18.00%APR. 7-year draw period with a 15-year repayment. $10,000 initial advance, $500 minimum subsequent advances. Borrow up to 80% of home’s equity (appraised value times 80% less any existing liens), up to $250,000. 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. Ask your tax representative if your interest may be tax deductible based on what you use the loan for. If you borrow $10,000 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. Repayment terms are 60 to 180 months. For example: “For a $50,000 home equity loan for a term of 180 months with a 3.25% APR, payment would be $351.50 monthly. 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. 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. Rate disclosures and policies.