Services

Home Equity Line of Credit

Take advantage of the equity in your home! Whatever the purpose - remodeling your home, going on vacation, or consolidating your bills, a Home Equity Line of Credit makes good financial sense. Also, the yearly interest paid on your loan may be tax deductible.

Home Equity Line of Credit loans are offered at a variable rate of interest. The interest rate is reviewed each month and will match the prime rate. The term of the loan is determined by the amount of the loan and the draw period is five years.

To qualify for a Home Equity Line of Credit loan, you must meet the loan requirements such as eligible property and property value determination. In addition to completing the application, you will need to provide the following documentation:

• $25.00 application fee (one time fee - due at time of application);
• Current tax assessment or an appraisal;
• Mortgage, deed or survey;
• Current wage receipts;
• Last two years tax return and Schedule E if self-employed or Schedule C for day care providers;
• Homeowners insurance policy; and
• All statements on debts to be paid (for bill consolidation loans only).

Another advantage you will receive is the credit union will pay your closing costs such as title insurance, closing and filing fees.

Borrowing has never been more convenient. You will receive FREE checks with your Line of Credit loan and you can also access your loan by phone, ATM or at the credit union office.

Contact our loan department if you are interested. They are always happy to answer any questions and help get you set up.

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