Home Equity Loans and Line of Credit
Everyone loves having flexibility, and with Capital Credit Union, we give you the options to best tap into the equity of your home. Think of it as finding buried treasure that can help pay for that special home project, vacation or consolidate debt. You've worked hard, now let us help guide you to realize the full potential your dreams.
Home Equity Line of Credit
You're now a homeowner and looking to upgrade that kitchen, pay down high interest debt, or need cash now for that unexpected expense. Unlike high-interest credit cards or payday loans, a Home Equity Line of Credit (also called a HELOC) is a smart way to borrow money by using the equity from your home.
Home Equity Loan
Home equity loans can be another way to tap into your homes equity. They are great if you know exactly how much you need. We offer several options and will provide personal guidance from your first call to closing. So the only tough decision you will have to make is, outdoor kitchen or that sunset walk on the beach?
Frequently Asked Questions
What is the difference between a Home Equity Loan and Home Equity Line of Credit?
The key difference between Home Equity Loans and Home Equity Line of Credit (HELOC) is that Home Equity Loans can be offered as single lump sum at a fixed rate. Whereas a HELOC, can be drawn upon as a line of credit at a variable rate.
The key difference between Home Equity Loans and Home Equity Line of Credit (HELOC) is that Home Equity Loans can be offered as single lump sum at a fixed rate. Whereas a HELOC, can be drawn upon as a line of credit at a variable rate.
How does a home equity loan work?
A home equity loan is a type of loan that allows you to use the equity in your home as collateral to borrow money. A single lump sum, usually at a fixed rate and monthly payment, making your repayment schedule predictable over the life of the loan.
How do I know how much equity I have in my home?
You can determine how much equity you have in your house by subtracting the amount you owe on your house from the appraised value.
Home Equity Loans - Fixed Rate Mortgage
Rates effective 12/01/2023
*Rates and terms are subject to change at any time and without notice; additional restrictions may apply. Published rate may be adjusted based on other factors, including but not limited to, when your rate is locked, actual occupancy status, loan purpose, loan amount, credit score, debt to income ratio, and loan to value.
**Displayed rates and payments based on a second mortgage and assume a property value of $250,000, loan amount of $25,000 (10% of value), and a first mortgage less than $175,000 or 70% of the value of the home/property and a minimum credit score of 740. Additional rates and terms are available. This monthly payment does not include taxes or insurance.
Home Equity Loans - Adjustable Rate Mortgage (ARM)
Rates effective 12/01/2023
*Rates and terms are subject to change at any time and without notice; additional restrictions may apply. Published rate may be adjusted based on other factors, including but not limited to, when your rate is locked, actual occupancy status, loan purpose, loan amount, credit score, debt to income ratio, and loan to value.
**Displayed rates and payments based on a second mortgage and assume a property value of $250,000, loan amount of $25,000 (10% of value), an amortization term 20 years, and a first mortgage less than $175,000 or 70% of the value of the home/property and a minimum credit score of 740. APR and payment amount may increase after consummation. Additional rates and terms are available. This monthly payment does not include taxes or insurance.
+Adjustment could occur after initial term. Adjustment is based on an index of UST1YW (1-year Constant Maturity weekly average yield) plus margin of 3.5%. Maximum annual adjustment is 2%; maximum over the life of the loan is 5%. No conversion option. Additional rates and terms are available.
Home Equity Line of Credit (HELOC)
*APR = Annual Percentage Rate. APR is based on owner occupied status, credit score and a loan to value (LTV) of 80% or less. Variable rate tied to Wall Street Journal Prime Rate, with a floor of 3% and a maximum rate of 11.50%. Minimum draw amount $50. Finance charges may be imposed. Closing costs could range from $550-$1000. Rates and terms are subject to change at any time and without notice.
**Displayed rate and payment based on a second mortgage and assume a property value of $250,000, loan amount of $25,000 (10% of value), and a first mortgage less than $175,000 or 70% of the value of the home/property and a minimum credit score of 740. Minimum monthly payment will equal the greater of $100.00 or $1.00 for each $100 (and fraction thereof) of the Principal Loan Balance as of the end of the month of the billing cycle of the most recent advance. This monthly payment does not include taxes or insurance.