Home Equity Line of Credit

Home Equity Lines of Credit

We will loan funds on the equity of your home for whatever purpose you choose. We may loan up to 100% of the appraised value of your home.

This may be a 1st or 2nd Mortgage. This is a revolving line of credit and you may draw against it for up to 20 years from the date opened.

You will receive a book of checks to access your line of credit or take the funds in one lump sum. The choice will be yours.

Here are some reasons to take advantage of the Equity in your Home:

• Make home improvements
• Take a dream vacation
• Pay for college
• Consolidate bills
• And More!
• ~Subject to certain credit requirements, terms and conditions. 
  
  *APR = Annual Percentage Rate. Rates are subject to change.
  *LTV = Loan to Value
  
  Click here for current rates.
  
  
  Now members can enjoy the comfort of knowing their loan is local.
  
  
  How do I know if I have equity in my home?
  
  
  The general guideline is if you have owned your home for at least two years. Or if you made a large down payment when you purchased the home.

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Calculate how much Equity you have in your home. To estimate how much your home would be appraised for, just think of how much you would sell it for then times that by 90% and minus your first mortgage amount. See example below.

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How do I know how much Equity is in my home?


Follow this simple calculation: 

Home appraisal	Example:	$100,000
x 90%		x 90%
		$90,000
Minus first mortgage		- $50,000
Possible line of credit		$40,000

For more details call us today!


*Fees are subject to change without prior notice. Contact our loan department today!
LTVē- Loan to Value. The amount of the loan is based on the appraisal minus the first mortgage.
APR* - Annual Percentage Rate

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