Put your house to work for you!
Choose a Fixed-Rate Home Equity Loan
as low as 4.49% APR* with approved credit
Home Equity Line of Credit with a variable rate
as low as 4.00% APR* with approved credit.
Are you looking to make home improvements, pay for college tuition or finally take that much needed vacation? Then Sentinel Federal Credit Union may be able to help you with a Fixed-Rate Home Equity Loan or a variable rate Home Equity Line of Credit! Borrow only what you need … only when you need it … and pay interest on only what you borrow.
A Home Equity Loan or Home Equity Line of Credit is also great for those of you who want to consolidate debts without refinancing your first mortgage, or for those of you who want to pay off higher interest consumer debt with a loan secured by their home in order to gain possible tax advantages. Consult a tax advisor regarding the tax deductibility of interest.
Fixed-Rate Home Equity Loan
Choose from a variety of terms and save money with fixed rates as low as 4.49% APR. With the fixed-rate home equity loan, you get the entire amount of the loan at closing and the rate never changes over the life of the loan.
- Offers a low, fixed rate
- Repayment terms up to 15 years
- Borrow up to 100% of current appraised value with approved credit
- Interest rates on home equity loans will increase 1% on loans with 90% or greater loan-to-value (LTV) ratio based on the appraisal of the property
- Minimum loan amount is $5,000 with $100 minimum monthly payment
- Usually the estimated costs to obtain a Home Equity Loan is $200
- For example, a payment for a $20,000 Home Equity loan at 4.49% for 60 months would be approximately $373 per month
| Term | APR as low as |
| up to 60 months | 4.49 |
| 61 to 120 months | 5.49 |
| 121 to 180 months | 5.99 |
Variable Home Equity Line of Credit (HELOC)
With a variable Home Equity Line of Credit you borrow only what you need, only when you need it and pay interest on only what you borrow! Variable rate as low as 4.00% APR with approved credit.
- This is a revolving line of credit secured by improved real property.
- Borrow up to 100% of current appraised value with approved credit
- For example: Appraisal of home $100,000
- 90% of appraised value = $90,000
- Less mortgage debt – $50,000
- Potential line of credit $40,000
- Minimum loan amount is $5,000 with $100 minimum monthly payment
- Usually the estimated costs to obtain a Home Equity Line of Credit is $200
- Maturity is up to 20 years depending on loan amount
- The Draw Period is 5 years from the funding date of the loan. After that time, further draws are not allowed
- The Repayment Period is up to 20 years including the 5-year Draw Period
- Interest Rate Cap: The annual percentage rate shall not be increased or decreased by more than two percentage points annually
For a better understanding of Home Equity Lines of Credit, please read:
When Your Home Is On The Line: What You Should Know About Home Equity Lines of Credit
Shopping For Your Home Loan (HUD Settlement Cost Booklet)
Consumer Handbook on Adjustable-Rate Mortgages (CHARM Booklet)
*Offers and rates are subject to change or end at anytime. The Annual Percentage Rates (APRs) above are our current lowest rates; actual rates may vary, depending upon the program you select, individual credit history, loan to value ratio and other factors. The rate is available on new credit lines and owner occupied properties only. All loans subject to credit approval. Variable rate Home Equity Line of Credit based on The Wall Street Journal Prime Rate; lifetime maximum APR is 18%. APR will vary over loan term. If an appraisal is required, it will be paid by the borrower. The draw period is 5 years from the funding date of the loan. The repayment period is up to 20 years including the draw period. Certain restrictions apply. Limited time offer. Membership requires $5 share deposit. Consult a tax advisor regarding the tax deductibility of interest.Contact us for a Home Equity Application
