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Home Equity Loans
Do you want to take advantage of the equity that you’ve built in your home? Maybe you’ve been in your home for years, maybe the property value has increased, or maybe you made a down payment when you purchased. Home Equity Loans are simply secured by the equity in your home.
Use the following formula to determine the equity available in your home:
Home Equity = Your Home’s Appraised Value MINUS Your Mortgage Balance MINUS Any Home Improvement Loans That Use Your Home As Collateral
Home Equity loans can be used for just about anything!
- Remodel your home
- Build a swimming pool
- Pay for a wedding
- Consolidate debt
- Pay for tuition
…just to name a few!
Why choose a Home Equity Loan from HFCU?
|(in Texas) Loan amount can be to 80% of appraised value (less all liens) of owner-occupied property, located in Texas.|
|(in South Carolina) Loan amount can be up to the amount of equity a member has in his/her home.|
|You can use the money from a Home Equity Loan for just about any purpose – pay tuition or wedding expenses, build a swimming pool, remodel your home, or even consolidate your bills.|
|We’ll even pay your normal closing costs which include title search, recording fee, release of lien, flood determination, and credit report.|
APR is Annual Percentage Rate. Normal credit criteria apply. Rates for approved loans are based on the applicant’s credit history. Stated “rates as low as” apply to well-qualified applicants and apply to first liens only. Loan term, loan to value (LTV) and/or down payment, for example, may vary based upon your credit history. Other restrictions may apply and rates are subject to change without notice. Maximum APR not to exceed 18%. Talk to a loan officer for details.
Payment Example: 120 monthly payments of approximately $9.89 per $1,000 borrowed at 3.500% APR.
Texas and South Carolina Home Equity Closing Costs: The credit union will pay all normal closing costs which include the following fees: title search, recording fee, release of lien, flood determination, and credit report. Additional fees such as any necessary title insurance, appraisal, survey, and attorney fees will be the responsibility of the member. This is not limited to promotional periods.
Texas Home Equity Loan Disclosure: The principal loan amount at the time the loan is made must not exceed an amount that, when added to the principal balances of all other enforceable liens against your home, is more than 80% of the fair market value of your home. Texas residents may only have one home equity loan or HELOC in a 12-month period.
South Carolina Home Equity Disclosure: The mortgage amount may not exceed the lesser of 90% of the taxed assessed value or 80% of a certified appraisal. South Carolina residents are limited to establishing one home equity loan or home equity line of credit at one time.