Home Equity Loans

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Loan Terms Loan Amount
Looking to put that addition onto your home, or sending your student to college? Whatever the case, Citymark FCU has great home equity loans to suit your need. Using the value of your home, you can borrow against it to get you a lower rate and better terms. Use the money for whatever you would like. Up to 15 years
(if using a home equity to take over first position on deed)		 Financing up to 90% appraised value of home

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Here’s the formula to find out how much you would be eligible for:

Appraised Value of Home X 80% – Balance of 1st Mortgage = Amount of Equity in your home to borrow

example

$200,000.00(Value) X 80% = $160,000.00
$160,000.00 – $100,000.00 (1st Mortgage) = $60,000
$60,000 is available to borrow

Terms: up to 20 years (if using a home equity to take over first position on deed)
Financing: up to 90% appraised value of home

Home Equity Line of Credit (HELOC)

You can use the money for any reason—home improvements, vacations, back-to-school expenses, college education, and bill consolidation, just to name a few.

HELOC accounts work similarly to a credit card where you are approved for a certain maximum amount and can spend the money as you need it. The rate on these accounts can change monthly based on the Wall Street Journal Prime Rate. These accounts are great for people who are planning various home improvements without a set budgeted amount. This lets you have the flexibility to borrow what you need when you need it.

Features of our Home Equity Line of Credit:

  • Low monthly payments

  • 10 Year Draw/15 Year Repayment

  • Borrow up to 90% of your home’s equity

  • No annual fee

  • No prepayment penalties

  • Interest may be tax-deductible (consult a tax advisor regarding the deductibility of interest)

  • Loan amounts up to $500,000

  • Rates based off of Prime + Margin