Buying a new car, offsetting the cost of college tuition, or improving your home are only a few of the reasons our members take advantage of Home Equity products.  Apply online today and find out how we can help you!

Home Equity Loans

• Mortgage rates will be based on the ratio of the total loan amounts to the property value amount (LTV).
• To calculate Loan to Value use the following formula:

  
  

  	A.  Market value of home  (assessment/appraisal)				______________
  	B.  Mortgage loan balances
  		New loan requested		______________
  		First mortgage balance		______________
  		Second mortgage balance		______________
  		Home Equity line of credit		______________
  		Other liens		______________
  		TOTAL  B			______________
  	C.  Loan to Value (LTV) = B divided by A				______________

   

• Higher rates will normally be charged for higher loan to values.  Rates are set for the following ratios:  80% or less, 81%-90%, 91%-100%.
• The member is given a three day period during which he has the right to cancel the home equity loan.  This means that the loan cannot be disbursed until the third business day following the day on which the loan agreements are signed.  
• When applying for the loan the member must provide the following:
  • Loan Application
  • Verification of Property Value
    • A copy of the most recent assessment or tax bill.
    • OR
    • An appraisal, if completed within the last 2 years by a certified appraiser.  If a new appraisal is needed, the member will pay the actual cost (normally around $250).
  • Copy most recent first mortgage statement & other mortgage statements.
  • Copy of the first mortgage document/legal description of property.
  • Copy of the homeowner's insurance policy.
  • A check to cover any applicable fees.
• Payroll deduction or preauthorized electronic/automatic payment services are available.
• Credit life and credit disability insurance are available.
• Check out our great rates.
• Calculate a payment.
• Contact us for a Loan Application
  

Home Equity Line of Credit

• This loan is an established limit based on the property value.
• The annual percentage rate (APR) is based on the prime rate reported in the Wall Street Journal.
• Rates are set for the following loan to value ratios:
  

	60% or less	prime rate less 1/2%
	61% to 80%	prime rate

• The APR will be adjusted at the beginning of each calendar quarter based on changes in the prime rate.
• Upon approval of the loan limit, advances can be obtained for five years. At the end of the five year term, the line of credit must be approved again.
• Minimum advance is $500, with no limit on the number of advances.
• Payroll deduction or preauthorized electronic/automatic payment services are available.
• Credit life and credit disability insurance are available.
• Check out our great rates.
• Calculate a payment.
• Contact us for a Loan Application

Home Improvement Loans

• A Home Improvement Loan is a loan to remodel, repair or improve the condition of the owner occupied home. The improvement must be permanent in nature and will become a part of the structure, if sold.
• The member will be required to provide a written estimate or bill for the improvement.
• Terms are based on the amount of the loan.
• Payroll deduction or preauthorized electronic/automatic payment services are available.
• Credit life and credit disability insurance are available.
• Check out our great rates.
• Calculate a payment.
• Apply online right now