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Home Equity
Home sweet home? It sure is. Especially when you see how it can help you qualify for a low-cost loan or line of credit.
Money for almost any purpose
Competitive rates
Streamlined application process
Let's discuss the details
At Securityplus Federal Credit Union, our experienced lenders are happy to listen to your plans and offer insight into whether a Home Equity Loan or Line of Credit might be your best choice.
How can your home help you? Here's how it works:
Home Equity Loans and Lines of Credit are built on the same foundation. We start with your home's market value. Then we subtract the remaining mortgage balance. The difference is your equity. The bigger that dollar figure, the better your borrowing power. Is it better to get cash in one lump sum right away or a little at a time through a credit line? That depends on personal preference and your plans for the money.
Home Equity Loan
Often used in instances that call for one major payment or several payments in a short period.
- Lower rates than most other term loans
- Commonly used by our members to pay for home remodeling projects and major purchases, such as cars, boats, or other vehicles
- Another popular strategy is to pay down higher-interest loans and credit card balances
- Stable monthly payments make budgeting easier
Home Equity Line of Credit
Ideal for providing fast access to funds for smaller but significant expenses that may stretch the household budget.
- Commonly used for major repairs, tuition payments, vacation costs, and medical bills
- Can serve as source of emergency funds for everyday use during periods of unexpected expenses or reduced income
- Often feature lower interest rates than Home Equity Loans
- Interest-only monthly payments can be extremely budget-friendly
