What is a Home Equity Loan?
A Home Equity Loan uses a portion of the value of your primary residence, above what you owe on your existing mortgage, as a security for a loan.
How do I calculate the amount I have available for a Home Equity Loan?
To determine the amount available for a home equity loan, take your home’s appraised value and multiply by 80% (the loan to value ratio), minus any outstanding liens, that equals the potential loan amount.
What type of home equity loans does the credit union offer?
The credit union offers only the Fixed Home Equity Loan.
What is the minimum and maximum loan amount on a Home Equity Loan?
The minimum loan amount is $10,000 and the maximum loan amount is $85,000.