Whether you're looking to move or simply improve, using the equity in your home might be the solution!
Key Features
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Competitive Rates
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Refinancing Available
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Local Decisions
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Friendly Service
Home equity is the difference between the amount you owe on a mortgage and what the home is worth. It's essentially what you own in a home. The amount of equity in a house can grow over time as you make payments and the property's value increases (Investopedia, 2024).
Home equity is the best part of home ownership. Use the equity you have in your house as collateral to pay for home renovations, large purchases, or even to consolidate debt.
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A Home Equity Line of Credit (HELOC) is a revolving line of credit, meaning that you can draw funds from it as long as it remains open. A HELOC lets you borrow money using the available equity in your home (CFPB, 2024).
Core Benefits
No Annual Fee
Plus, you only pay principal and interset on what you borrow.
Potential Tax Benefits 2
Interest is usually tax deductible when used for home improvements.
Additional Benefits
Sign Documents Electronically
Shorten your office visits by signing most loan documents online.
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A Home Equity Loan allows you to borrow money using the equity in your home as collateral (CFPB, 2024). A home equity loan provides a lump sum that’s repaid in equal, fixed, monthly payments.
Core Benefits
Potential Tax Benefits 2
Interest is usually tax deductible when used for home improvements.
Additional Benefits
Sign Documents Electronically
Shorten your office visits by signing most loan documents online.
[1] Members who have an existing home equity line of credit with Fort Community Credit Union are not eligible for advertised loan terms. 3.49% APR (Annual Percentage Rate) available on loans for owner-occupied primary residencies with loans up to 90% LTV (loan-to-value) and credit scores of 680 or higher. Rate is variable. Rate is locked for 12 months, then will be set as high as prime (recently 3.50%) for first mortgage loans and prime plus .25 percentage points for second mortgage loans. Rate is subject to change after 12 months from closing date, and thereafter on the first day of each month following any change in the prime rate as published in the Wall Street Journal. Payments are 1.25% of balance or $125, whichever is greater. Maximum rate 18%. Minimum credit line of $10,000. Homeowners Insurance required. Closing costs range from $285- $1,100. Rates and terms subject to change.
[2] Consult a tax advisor.
[3] All loans must be current and cannot be delinquent twice throughout the current year. Mortgage loans must originate in the current year. Student and non-member commercial loans are not eligible for this portion.
Some restrictions apply.