Home Equity Loans
Direct benefits to you include…
Click here to see an example of how you can save.
Tapping into the money invested in your home.
| If you ever need a ready source of cash, your home’s
equity may be where to find it. With a home equity loan or line of credit, you can borrow
against the equity in your home for debt consolidation, home improvements or just about
anything else. Borrowing with a home equity loan is one of the most efficient ways to borrow because unlike the interest on other loans, the interest on most home equity loans is 100% tax deductible. You should consult your tax advisor for details regarding the deductibility of interest. In addition to potential tax savings, consolidating your debt under a low-rate home equity loan could reduce the total amount of interest you pay and could possibly lower your monthly payments. Just look at how much you could save… |
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| High Interest Credit Cards/Loans | CCUI Fixed-Rate Home Equity Loan | |
| Amount | $25,000 | $25,000 |
| Rate | 16.54% | 5.99% |
| Term | 5 Years | 5 Years |
| Monthly Payment | $615.13 | $483.19 |
| Total Interest | $11,906.91 | $3,991.18 |
| Potential Tax Savings | 0 | $1,117.53* |
| Total Interest Savings With Home Equity Loan |
---------- | $7,915.73 |
| Total Interest &
Potential Tax Savings With Home Equity Loan |
---------- | $9,033.26 |
*Assumes a 28% tax bracket.
As you can see, a lower loan rate could help reduce your total monthly payments and interest expense. Use our loan calculator to calculate your monthly payment and total interest expense with one of our loan rates.
And while a home equity loan can help reduce your interest expense, monthly payments and tax bill, if you’re using a home equity loan to pay off your higher-interest credit card debt it is important that you be disciplined enough not to incur new credit card debt. Limit the use of your cards and pay off your balances in full each month. Otherwise, you won’t decrease your overall debt.
If you would like more information regarding home equity loans, including information on how to calculate your home’s equity, please call our Home Equity Department at (708) 649-6427.
Using your home’s equity to finance a car.
If you’re only looking for a home equity loan to finance a car so that you can deduct the interest from your taxes, consider taking advantage of our Equity Advantage Auto Loan. With Equity Advantage, your interest may be 100% tax deductible. Plus, financing with our Equity Advantage option will be much faster and will involve less paperwork than financing with a traditional home equity loan.
Select the option that’s right for you.
Fixed-Rate Loans*
Variable-Rate Lines of Credit**
Interest-Only Lines of Credit***
Fixed-Rate Loans*
$25,000 Or More
Under $25,000
Qualified members can borrow up to 85% of their home's equity, up to $150,000, at the above-listed rates. Qualified members without a first mortgage balance can borrow up to $500,000. Qualified members can borrow up to 100% of their homes’ equity at a higher rate. For more information, please call (708) 649-6427.
Variable-Rate Lines of Credit**
Based on available line of credit as follows:
Qualified members can borrow up to 85% of their home's equity, up to $150,000, at the above-listed rates. Qualified members without a first mortgage balance can borrow up to $500,000. Qualified members can borrow up to 100% of their homes’ equity at a higher rate. For more information, please call (708) 649-6427.
Interest-Only Lines of Credit***
Based on available line of credit as follows:
Qualified members can borrow up to 85% of their home's equity, up to $150,000, at the above-listed rates. Qualified members without a first mortgage balance can borrow up to $500,000. For more information, please call (708) 649-6427.
Looking to
purchase a new home?
Take advantage of our free "Guide To Buying A New Home."
Our free home-buying guide breaks down the home-buying process into manageable steps and offers valuable tips to help both first-time and repeat buyers save. To download the guide, click here, and be sure to check out our mortgage options.
Apply today!
Call (708) 649-6427.
Questions?
Please call our Home Equity Department at (708)
649-6427 or e-mail us. Please be sure to include your daytime phone number.
*Listed rates are accurate as of 9/2/08 and are subject to change at any time. 10-year term availability is dependent on availability of designated long-term funds. Minimum loan amount is $15,000. Loans are repayable in equal monthly installments over the term of the loan. Example: Monthly payment on a $25,000 loan at 6.79% APR for 120 months is $287.51. Total finance charge: $9,500.84. Total loan cost: $34,500.84. Listed rates are for qualified members who borrow up to 85% of their homes’ equity. Qualified members can borrow up to 100% of their homes’ equity at a higher rate.
**Rate can change on the first of each month and is based on the Prime Rate as published in the Wall Street Journal. On 9/2/08, the Prime Rate was 5.00%. Rate determined by available line of credit as follows: $99,000 or more, Prime minus 1.00%; $50,000-$98,999, Prime minus .50%; $25,000-$49,999, Prime minus .25%; $5,000-$24,999, Prime plus .50%. Listed rates are for qualified members who borrow up to 85% of their homes’ equity. Qualified members can borrow up to 100% of their homes’ equity at a higher rate. Maximum APR: 18%. Initial advance of at least $5,000 is required at the time of loan disbursement. Subsequent advances must be at least $500. Minimum monthly payment $120. A $50 annual fee is waived the first year and then becomes effective for the remaining four years of the draw period. If you close your line of credit within two years of its opening, you will be required to reimburse the credit union for certain third party fees up to a maximum of $400.
***Rate can change on the first of each month and is based on the Prime Rate as published in the Wall Street Journal. On 9/2/08, the Prime Rate was 5.00%. Rate determined by available line of credit as follows: $99,000 or more, Prime minus .75%; $50,000-$98,999, Prime minus .25%; $25,000-$49,999, Prime; $5,000-$24,999, Prime plus .75%. Listed rates are for qualified members who borrow up to 85% of their homes’ equity. Maximum APR: 18%. Initial advance of at least $5,000 is required at the time of loan disbursement. Subsequent advances must be at least $500. Minimum monthly payment during principal balance plus interest repayment period is $120. A $50 annual fee is waived the first year and then becomes effective for the remaining nine years of the draw period. If you close your line of credit within two years of its opening, you will be required to reimburse the credit union for certain third party fees up to a maximum of $400.
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