Home Equity Loans
An ECU Home Equity Loan can save you hundreds, even thousands of dollars! Did you know that you can use a home equity loan for just about any large purchase that you desire? Plus, in most cases, a home equity loan will offer you lower rates than a personal loan. Whether you want to pay for a remodeling project, college costs, buy a new car or consolidate your high interest credit card bills, an ECU Home Equity Loan makes good financial sense!
What is a Home Equity Loan?
The generic term "home equity loan" comes from the fact that the equity you have in your home is used to determine the maximum loan amount, and even more importantly, from the fact that your home is used to secure the loan.
Home Equity Loan Types
ECU has variable-rate plans for home equity lines of credit and fixed-rate plans for home equity second mortgages.
Home Equity Line of Credit
A line of credit may be a new lending concept for some individuals. Once your credit line has been established, you can draw on it "as you need it"; you don't have to take the line amount as a lump sum. Repayment is figured on the amount borrowed, and the rate of interest adjusts three times per year (2/15, 6/15, and 10/15). The interest rate is indexed off the Wall Street Journal Prime rate, and the index varies based on the amount of your credit limit. It's easy to borrow additional money with a line of credit. You can stop in any of our offices to get an advance, or you can sign up for check writing access, which allows you to write a check to advance on your line of credit. As you repay your balance, the amount repaid becomes available for you to use again. It's that easy and convenient!
Home Equity Second Mortgage Loan
A home equity second mortgage loan is a one-time lump sum loan that is repaid based on a fixed rate and a fixed term. It does not have the flexibility and convenience of the line of credit where you can get additional advances, but it does give you the peace of mind of knowing exactly what your payment and rate will be for the term of the loan.
Fees & Costs
You'll pay no closing costs (fees) at all when you apply for an ECU Home Equity Loan as long as you borrow at least $15,000. For loans less than $15,000, the only charge is $150.00 for closing costs. Fee reimbursement of up to $300 required for lines closed within 24 months. Other financial institutions may charge you application fees, annual fees, transaction fees, title examination fees, appraisal fees. These fees can easily add up to several hundreds of dollars!
We're Here to Help
There are many home equity loan offers out there today. Trying to decide which one is best for you may not be easy. We can assist you in deciding which plan best fits your financial budget and your needs. ECU has many options available to you; fixed or variable-rate interest plans, 80% LTV, terms from 60 to 180 months. You'll be at ease knowing we're here to help. Contact us or call at 800.844.2ECU to discuss your options on an ECU Home Equity Loan or Line of Credit today.
*APR = Annual Percentage Rate. Your rate will be based on the number of years your loan is financed, your individual credit history under our personal credit program, and other factors. Payment example: A $15,000 fixed rate home equity loan with an APR of 5.99% and a 60 month term would result in a monthly payment of $289.98. **Home equity lines of credit are a variable rate, based on an index using the Wall Street Journal Prime Rate and is determined by credit line. Prime Rate is currently 3.25% effective 03/16/2020. The lowest 80% loan to value variable rate possible is 3.250% APR and the highest rate is 18.00% APR. The rate adjusts 3 times per year.
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