Whether you're looking to move to a new home or improve your current home, using the equity in your home might be the solution! Your home equity is the value of your home minus any current mortgage debt you owe. Use this amount to secure a line of credit.
Moving and improving aren't the only ways to use your home equity-- consolidate your debt to a lower rate, finance your education, and more! Ask a loan officer for ideas on how to use your home equity to help you live your best life.
** HELOC = Home Equity Line of Credit
There are many different ways to utilize the equity in your home including fixed terms and rates or a line of credit with a variable rate.
*Rates and terms subject to change. Members who have an existing home equity line of credit with Fort Community Credit Union are not eligible for advertised loan terms. *1.99% APR (annual percentage rate) available on loans for owner-occupied primary residencies with loans up to 90% LTV (loan-to-value) and credit scores of 680 or higher. Rate is variable. Rate is locked for 6 months, then will be set as high as prime (recently 4.75%) for first mortgage loans and prime plus .25 percentage points for second mortgage loans. Rate is subject to change after 12 to 6 months from closing date, and thereafter on the first day of each month following any change in the prime rate as published in the Wall Street Journal. Payments are 1.25% of balance or $125, whichever is greater. Maximum rate 18.%. Minimum credit line of $10,000. Homeowners Insurance required. Closing costs range from $285- $885.