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Need money for school tuition? Bill consolidation? Home remodeling? If so, a home equity loan may be a good option. The rates are typically lower than other types of consumer loans, and the best part, when you borrow against the equity in your home the interest you pay may be tax deductible. (Consult your tax advisor.) We offer two types of Home Equity Loans for - a Fixed Rate Home Equity Installment Loan and a Variable Rate Home Equity Line of Credit .
Fixed Home Equity Loan
Enjoy the predictability of fixed payments with a Fixed Home Equity Loan. Your fixed rate won't change for the selected term. Rates start as low as 2.79% APR*

Variable Rate Home Equity Line of Credit
The Variable Rate Line of Credit Loan is available at 80% Loan to Value (LTV***). You simply write a check - up to your available limit - anytime without the hassles of reapplying each time you need additional money. As you pay off the balance more becomes available for you to use again. The rate is base on Prime plus a low margin. Credit lines start at $5,000 and go up to $300,000 with convenient draw and repayment terms.

Rates start at Prime**


*APR=Annual Percentage Rate. Subject to credit approval. This is the credit union’s best rate. Rates will vary based on creditworthiness, the loan-to-value ratio on your owner occupied primary home, and the term. ABCO refinance required to add a minimum of $5,000 new cash. The maximum LTV is 80% and the maximum term is 15 years. Rates and terms subject to change at any time without notice.

**The Annual Percentage Rate is a variable rate starting at prime. The prime rate is based on the Wall Street Journal. The current prime rate is 4.00% as of 03/16/17. Your variable rate is calculated by adding a percentage to the most recent Prime Rate published. HELOCs have a 20-year term with a 5-year draw period and 15 year- repayment. The maximum APR is 17%. There are no closing costs, however third-party fees may apply depending on your individual situation. Contact us for details. Property insurance is required, including flood insurance where applicable. Potential line of credit must be a minimum of $5000 new cash; minimum monthly payment amount for credit line balance is $100 . Consult a tax advisor for deductibility of interest..
***To calculate your LTV, divide the mortgage loan amount by the fair market value of the home. For example, a mortgage loan of $150,000 on a home that is appraised at $200,000 has an LTV of 75%. To estimate how much equity you will be eligible for, subtract the amount left on your mortgage (if any) from your estimated home value.

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