Put your home to work for you. If you need cash, your home's equity may be where to find it. Borrow against the equity in your home for debt consolidation, home improvements, college tuition or just about anything else.
There are many reasons to get the money you need from a Central Credit Union Of Illinois home equity loan.
|Fixed-Rate Loans||Variable-Rate Lines of Credit||Interest-Only Lines Of Credit|
|Current APR||As low as 5.99%||As low as Prime||As low as Prime plus .25%|
|Payment Amount||Fixed||Can vary with rate changes||Can vary with rate changes|
|Disbursement||Get your money up-front in one lump sum||Write checks against your line for up to 5 years||Write checks against your line for up to 10 years|
|Repayment||Choose from 5-, 7- or 10-year terms||Take up to 15 years to repay||Pay interest only during draw period, and take 10 more years to repay|
Borrow up to 80% of your home's equity
|Borrow up to 80% of your home's equity||Borrow up to 80% of your home's equity|
|Closing Costs And Up-Front Fees||None||None||None|
Borrowing with a home equity loan is one of the most cost-effective ways to borrow, especially if you are borrowing for home improvements. That's because in some cases the interest you pay on a home equity loan used for home improvements may be tax deductible. Consult your tax advisor for details.
If you are looking to consolidate debt, a home equity loan could also help you save. Consolidating your debt under a low-rate home equity loan could reduce the total amount of interest you pay and possibly lower your monthly payments. Look how much you could save.
High-Interest Credit Cards/Loans
|CCUI Fixed-Rate Home Equity Loan|
|APR||19.99%||As low as 5.99%|
|Term||5 Years||5 Years|
|Total Interest Savings With Home Equity Loan||------------||$10,741.68|
Assumes a 28% tax bracket.
And while a home equity loan can help reduce your interest expense, monthly payments and tax bill (if used for qualified home improvement expenses), 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 balances in full each month. Otherwise, you won't decrease your overall debt.