Home Equity Loans
Would you like to update your kitchen or build a back deck? You can use the equity you have built up in your home to pay for those updates.
Your home equity is the difference between the value of what your home is worth and what you owe. You’ve earned the equity in your home. Now, use it to put your home to work for you.
You can use your home equity to pay for things like:
- Home improvements
- Debt consolidation
- Emergency funds
- Whatever you need
We offer two types of home equity loans: a fixed-rate home equity loan* and a variable-rate home equity line of credit (HELOC).**
Benefits of a home equity loan:
- Fixed rate never changes over the life of the loan.
- You get the entire amount of the loan at closing.
Benefits of a home equity line of credit:
- You can use your variable-rate HELOC funds for whatever you need, whenever you need it and you pay interest only on the amount you use.
- Your HELOC is a revolving line of credit, which means your funds become available again as you pay down your balance.
- You can easily transfer your HELOC funds directly to your checking or savings account using your Online Banking and Mobile Banking. Plus, you can give us a call or visit any branch and we will transfer the funds for you.
*Annual Percentage Rate (APR) is accurate as of 1/1/2020 and programs, rates, terms and conditions are subject to change without notice. The rate may vary depending on everyone’s credit history and underwriting factors. Interest rates will increase 1% on loans with 90% or greater loan-to-value ratio based on the appraisal of the property. Usually the estimated cost to obtain a Home Equity Loan is $300, excluding appraisals and title insurance, if required. Offer excludes Home Equity Loans used for a home purchase and the appraisal fee, if an appraisal is necessary. Does not apply to refinancing existing SFCU loans. A sample Fixed Home Equity Loan payment based on $20,000 at 5.00% APR for 5 years is $377.00 per month.
**Annual Percentage Rate (APR) is accurate as of 1/1/2020 and programs, rates, terms and conditions are subject to change without notice. The rate may vary depending on everyone’s credit history and underwriting factors. Rates are variable and are subject to increase after consummation. Rates are based on the value of an index, plus or minus a margin. The index is the Prime Rate as published in the Wall Street Journal on the last business day of each quarter. The APR will be based on the prime rate plus a margin of up to 4.75%. The maximum APR that can apply is 18.00%. A home equity line of credit is secured by a first or second mortgage lien on your home, which must be one-to-four family residential real estate. This type of credit is not available for modular homes, manufactured homes or cooperatives. Flood and/or property hazard insurance may be required. Other restrictions may apply.