A Home Equity Loan can be an attractive borrowing option.
Here is some information to help you decide if it would be right for you.
Our Interest Rates
See our current rate sheet. Click here!
Our Fees
Prepayment penalty up to $300.00 dollars if the loan is paid off in the first two (2) years.
Refinancing fee is $300.00
These great fixed rates with no costs or fees may only be available for a limited time. This may be the right time to pay off your current variable equity loans with a no cost fixed rate loan.
Get The Details First
The popularity of Home Equity Loans has skyrocketed since the Tax Reform Act of 1986 took away the tax deductions for other types of consumer loan interest. All the publicity about Home Equity Loans in newspapers, magazines, and newscasts can be a little overwhelming, and it's important to get some of the basic facts established before you plunge into any Home Equity Loan program.
What’s In A Name
The term "Home Equity Loan" indicates that the equity you have in your home is used to determine the maximum loan amount, and even more importantly, from the fact that your home is used to secure the loan.
The Home Equity Loan can be very helpful if properly used. We encourage you to come in and talk to us about your specific needs.
Tax Deductions Are Not Guaranteed
Many people are under the impression that all interest paid on Home Equity Loans is tax deductible.
We encourage you to consult your personal tax advisor to determine the individual ceiling for Home Equity indebtedness.
Benefits of a Home Equity Loan
With a Home Equity Loan from St. Columbkille Federal Credit Union, you can remodel your home, buy a car, consolidate your bills, or pay education expenses. You can even obtain peace of mind by paying off your current "variable rate" equity loan.
How much Ready Cash do you have Available
Your Home Equity loan will depend on the amount of equity in your home, based on our appraisal, and the required income to support the loan. It’s easy to determine your potential loan using this work sheet:
This Final Result is the Maximum Loan Value (This is an approximation. An Appraisal may be conducted to determine the value of your home).
Payments
The table below will give you an idea of payments for a certain annual percentage rate and payment term. Your rate and payment may be different. Please call your credit union for details. Or see our current rate sheet. Click here!
Flexible, Accessible, Competitive
Home Equity loans have many benefits, and should be considered when you’re in the market to borrow money.
We hope this discussion has helped answer your questions, and invite you to come in and talk to us for additional information on Home Equity Loans and other loan options that are available to you.
Key Benefits
An excellent interest rate
No annual fee
No Prepayment Penalties
Personalized service
Fixed payment
Low fixed interest rates
Low start-up costs
Flexible payment terms
This credit union is federally insured by the National Credit Union Administration