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Home Equity Loans

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.

Low Fixed Rate

A home equity loan offers an affordable way to pay for large expenses like home projects, college tuition, or debt consolidation.

10 Year Loan

An extended loan term of 10 years allows you to borrow what you need but keep your monthly payments manageable.

Borrow 90% of Your Equity

We will lend up to 90% of the equity you have built in your home, making large purchases affordable.

WHAT IS A HOME EQUITY LOAN?

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.

 

HOW MUCH CAN I BORROW?

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.

HOW LONG DOES IT TAKE?

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.

  • Onondaga
  • Oswego
  • Madison
  • Cayuga

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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:

  • Proof of income for each borrower (paystub, social security statement, pension, etc.)
  • Current government-issued photo identification (for new members)
  • Proof of address if it’s different than what is on your ID (utility bill, vehicle registration, etc., for new members)
  • List of current loans and outstanding debt
  • Your first mortgage information (if any), including current balance and who holds the mortgage

MORE QUESTIONS?

Call (315) 671-4000 or chat with us, Monday-Friday 9am-4pm!

APR = Annual Percentage Rate. All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice. Term of up to 120 months; estimated monthly payment of $10 per $1,000 borrowed. Equal Housing Lender. Not responsible for typographical errors.

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