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It’s important to understand what equity is and how to use it wisely. You’ve worked hard to build value in your home and it can become one of your greatest assets. Our team can work with you to figure out the best use of your investment.
A home equity loan offers an affordable way to pay for large expenses like home projects, college tuition, or debt consolidation.
An extended loan term of 10 years allows you to borrow what you need but keep your monthly payments manageable.
We will lend up to 90% of the equity you have built in your home, making large purchases affordable.
A home equity loan is an affordable way to pay for large expenses by using your home as collateral.
It allows you to borrow against the equity you have built in your home, making things like large home improvements or college tuition affordable. You borrow a fixed amount of money and pay it back over the term, just like your original mortgage.
Money FCU can lend up to 90% of the appraised value of your home minus any outstanding balance on a first mortgage or home equity product. An easy way to calculate this is to take the appraised value of your home, multiply it by 90% (.90) then subtract your current mortgage balance and any other home equity loan balances. The resulting figure is the maximum dollar amount the Credit Union would be able to lend, if approved.
For example:
Appraised Value ($200,000) x 90% (.90) = $180,000 – Existing Mortgage Balance ($130,000) = $50,000
In the example above, you could borrow up to $50,000.
If you are interested in a home equity loan, it does take 4-6 weeks to complete due to scheduling the appraisal, title search, flood certification, and setting a closing date.
COUNTY LIMITATIONS
Home equity loans are limited to the following counties due to the location of our closing attorney.
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Due to COVID-19, only the person(s) signing the closing documents will be allowed entry into the attorney’s office.
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Information you will need:
Call (315) 671-4000 or chat with us, Monday-Friday 9am-4pm!
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