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Home Equity Loans

A Home Equity Loan can be the answer for a variety of financial needs.

We offer two types of Home Equity Loans that are easy to apply for. Money from these loans can be used for virtually any purpose such as: consolidating debt, financing home improvements, paying for tuition – even taking a much needed vacation.

There are NO prepayment penalties (provided that you do not close out your account within one year of start date) and the interest may be tax deductible! (Consult a tax professional for details).

 

A Fixed-Rate Home Equity Loan

With a Fixed-Rate Home Equity Loan, you can borrow up to 90% (up to $250,000) of your home’s equity and have a choice of repayment terms up to 180 months. Your rate is determined by the Prime Lending Rate at its index plus a margin, credit history and the number of years the loan is financed. Home equity loan can be used as a main mortgage; however, you can’t purchase a home using a home equity loan,  you can only use a home equity loan to refinance. To make this even more affordable, we’ll waive up to $500 in closing costs when you borrow $10,000 or more!

A Variable Rate Home Equity Line of Credit (HELOC)

Rates are determined by your credit history and the Loan to Value (LTV) ratio. We’ve simplified the process to use your HELOC. To take an advance, you’ll simply use the checkbook provided so that you can pay for purchases on the spot when you need to. That’s how simple it is to take an advance on the loan!

  • We waive up to $500 in closing costs when you advance $10,000 or more
  • You can borrow up to 90% (up to $250,000) of your home’s equity.
  • Minimum payments are as low as $100 per month.
  • There is a seven-year draw period with a 15-year repayment. $10,000 initial advance, and as low as $500 for subsequent advances.

Talk to a friendly FFCCU teammate today to see if a Home Equity Loan is right for you, or apply online now.

 

As of May 15, 2017.
Loan TypeMaximum TermFixed Rate
APR*
Variable Rate
APR*
Home Equity Line of Credit Loan (Variable Rate)7 yr. draw period, 15 year repaymentas low as 4.00%*
Home Equity Loan (Fixed Rate)up to 180 monthsas low as 4.00%*

 

Still not sure? Use this calculator to estimate how affordable a Home Equity Loan can be:

 

 *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% or 90% of home’s equity (appraised value times 80% or 90% 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. Borrow up to 80% or 90% of home’s equity (appraised value times 80% or 90% less any existing liens), up to $250,000. Repayment terms are 60 to 180 months. Call 800-621-4644 for current rates as they are subject to change at any time and without notice. Click here to view full rate disclosures and policies. **Members must be 18 years of age or older. Approval and rates based on credit worthiness, number of years the loan is financed and the amount financed. 80% combined loan to value or less. Higher rate may be offered upon approval. Rates quoted reflect .25% discount for EasyPAY (to qualify for EasyPAY, enroll in Online Banking with e-Statements, Direct Deposit at least $200 per month, sign up for Auto Pay for loan payments). Closing costs up to $500 will be waived if application is approved, an initial amount of $10,000 is advanced, and the loan remains open for a period of 12 months. In many cases, the interest is tax-deductible; please consult your tax advisor. Promotion valid: 7/15/16 – 9/30/16. 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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