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Home Equity Loans

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 needs. 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.

Home Equity Loan Application

Terms

Up to 15 years (if using a home equity to take over first position on deed)

Loan Amount

Financing up to 90% of the appraised value of the home.

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 on Prime + Margin