Home Equity Loans

Apply for a Home Equity (Second Mortgage) loan at your credit union and receive great low rates, low fees and excellent terms. Use these funds for any reason (may be tax deductible, consult your tax adviser).

What is a home equity loan?

A home equity loan is often referred to as a second mortgage because that's truly what it is. It's a loan that lets you borrow against the value of your home. Often, this type of loan can be a way for homeowners to access large sums of money to pay for life's big expenses. It's not uncommon to see someone take out a home equity loan to finance home improvements, to cover medical debts, or to assist a child in paying for his or her education.

Home equity loans are often an attractive source of funding because they're available at lower interest rates than credit cards or personal loans. However, be aware that those low interest rates come with a high amount of risk. Lenders feel comfortable offering lower rates because these loans are secured by your home, meaning that the lender can foreclose on you if you decide to stop making your payments.

How does it work?

Put simply, home equity loans work in much the same way that your first mortgage did when you initially bought your house. The money from the loan is disbursed as a lump sum, allowing you to use it as you see fit. After you receive it, you start making fixed, monthly payments to pay back the loan.

With each payment, you'll always be paying down a portion of both the principal and the interest. Also of note, home equity loans come with fixed interest rates.

Contact us today to discuss if a home equity loan is right for you!