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About Home Equity
Your house has you covered for the good things in life. Compared to other borrowing options, the benefits of a Bay Area Credit Union Home Equity Line-of-Credit are hard to beat.
Using your home, you could qualify for a loan of credit up to 90% of its appraised value. And depending on your situation, much (or all) of your interest may be tax deductible.
Home equity loans can be used for major purchases, home improvement, debt consolidation, education, or any other need. Consult with your tax advisor, and talk to us about putting your home to work for you with a home equity loan from Bay Area Credit Union.
MOST HOMEOWNERS QUALIFY FOR AT LEAST $5000!
Find out how much YOU qualify for. Contact a Financial Services Representative today.
Home Equity Line-of-Credit or
Fixed Rate Home Equity
?
Line-of-Credit:
A Home Equity Line-of-Credit is an open-end loan. As you pay down the balance, more of the credit line becomes available. You can access your credit line through eBanking, Audio Access or by stopping by the credit union. Checks are available upon request. The Home Equity Line-of-Credit carries an introductory annual percentage rate*, APR, for the first four months after your loan closes. After the four-month introductory, period the Current Rate is in efect. The Curent Rate changes with the Prime Rate as published in the Wall Street Journal. The Introductory Rate will reflect your credit history.
Fixed Rate Home Equity:
The
Fixed Rate Home Equity
is a closed end home equity loan. You will receive one check for the full amount you borrow. The annual percentage rate, APR, is fixed and will reflect your credit history.
Before borrowing money against your home, please review the Home Equity Early Disclosure and the Federal Reserve Board: When Your Home is on the Line.
How do I apply?
You can APPLY ONLINE for a Home Equity Loan using our secure server or you can stop into the credit union and a Financial Service Representative will gladly help you. Please stop in, or call to apply for a Home Equity Line of Credit.
*Intro Rate and Current Rate are based on your credit history. Current Rate is based on the Prime Rate ( as published in the Wall Street Journal). Current Rate changes with the Prime Rate with a maximum rate of 18% There is no limit on the amount the rate can change in 12 months. A minimum initial draw of $5000 required to qualify for Intro rate. Draws are available for a 10-year period with a 10-year repayment period after the final draw date. Home Equity Line-of-Credit carries a $50 annual fee which is waived the first year. Property insurance may be required in connection with this plan. If you close your HELOC within the first two years, you are responsible for a closing costs reimbursement up to $350. Consult your tax advisor to determine your tax benefits.
**Interest Only: A balloon principal payment is required at the end of the loan term or a refinance of the amount owed.
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