Home Equity
Home Equity
Tap into what you own. You’ve invested in your home and can easily tap into its value. Access low interest funds for that next home improvement, debt consolidation or purchasing whatever your life circumstances warrant.
Types of Home Equity Loans
Which one is right for you?
|
Features & benefits
|
Home equity loan
(for specific expense)
|
HELOC
(for anticipated expenses)
|
|---|---|---|
| Rate | Fixed Rate See our Rates | 0.00% APR* for 6 months |
| Receive lump sum | – | |
| Draw as needed in person, by check and Online Banking | – | |
| Interest on drawn amount only | – | |
| Interest may be tax deductible** | ||
| No application fees | ||
| No prepayment penalties | ||
| No closing costs | ||
| Borrow up to 95% of the value of your home | ||
| Terms | 5, 10, 15 and 20 year terms available | 10 year draw period followed by 20 year repayment period |
| Apply | Apply |
Estimate your monthly home equity payment
How much can you borrow?
Your opportunity
Borrow up to 95%
Home Equity with Proponent
Other financial institutions may only lend up to 80%
You may need to build more equity in your home. Your advocate is ready to help with a game plan and available options at 800.457.8058
Results are approximate and intended for information only.
The accuracy of the results is not guaranteed by the financial institution.
Here are some ideas to get you started
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Home Improvement -
Debt Consolidation -
Unexpected Expenses -
Student Loans -
Major Purchases
Remodel, renovate, and upgrade your property.
With this traditional use of home equity, well-planned improvements could lead to a return on your investment and greater satisfaction from your property.
Speak with an Advocate today for tips on how to make your home equity work for you.
Pay all of your debt down together.
Use your home equity to combine multiple outstanding balances, allowing you to reduce your debt faster by making one monthly payment.
Speak with an Advocate today about how your home equity can make more room in your budget.
Surprise yourself by being prepared.
Your home equity could provide a handy solution if something out of the ordinary happens.
Speak with an Advocate today about how your home equity can always be in your back pocket.
Pay off your education at a smart rate.
If you have student loans on your books, your home equity could help consolidate them for a lower rate and more convenient monthly payment.
Speak with an Advocate today about how your home equity can be the answer you need.
Lighten the weight of heavy purchases.
Your home equity could provide an affordable way to pay for significant, one-time expenses, like appliances, furniture, or even a wedding.
Speak with an Advocate today about how your home equity can help you purchase what you want or need.
Fixed Rate Home Equity Loan
*APR = Annual Percentage rate. Rates are for qualified members and are subject to credit approval. The APR may vary due to an individual’s credit worthiness, term of the loan and value of the home. Loan to Value (LTV) and/or Combined LTV (CLTV) restrictions apply. Rates are subject to change without notice.
Available up to 95% Loan to Value on a 1-4 family home, up to 85% Loan to Value on condominiums/townhomes and 80% Loan to Value on second homes and investment properties. Proponent loan must be in first or second lien positions. Not available for homes currently for sale.
Borrower required to pay for a title insurance policy for loan amounts over $200,000 and must pay certain fees to third parties to open the plan. These fees generally total between $0 and $4,000. If you ask, we will provide you with an itemization of the fees you will have to pay third parties.
The minimum loan amount is $7,500 and the maximum loan amount is $500,000. State specific tax fees may apply at closing. Homeowner’s insurance is required; flood insurance is required where applicable. Borrower may be charged up to $350.00 for fee reimbursement for any home equity loan closed within 2 years from loan open date.
New HELOC Loans
*HELOC = Home Equity Line of Credit. APR = Annual Percentage rate. The 0.00% APR is an introductory fixed rate for the first 6 months from the loan open date on new advances for qualified HELOC borrowers and are subject to credit approval. Refinancing within 24 months of existing Proponent HELOC does not qualify for the promotional rate. Offer subject to change without notice.
Promotional Information: Your monthly payment during the promotional period will be calculated on the total loan balance at the fully indexed rate. After an advance, the loan will recalculate out to a 240 month repayment and interest will be calculated on the advanced balance at the promotional rate. Rate after 6 months from the open date will float with the Prime Rate, under the terms of your credit line agreement.
Variable Annual Percentage Rate (APR) is based on The Wall Street Journal Prime Rate published on the last business day of the month minus 0.50% with a floor of 4.00%. Rates may vary depending on credit worthiness and value of your home. Loan to Value (LTV) and/or Combined LTV (CLTV) restrictions apply. Rates are subject to change without notice. Property must be an owner-occupied primary home. HELOC loans are available up to 95% Loan to Value on a 1-4 family home and up to 85% Loan to Value on condominiums/townhomes, in first or second lien positions. Not available for homes currently for sale.
Borrower required to pay for a title insurance policy for loan amounts over $200,000 and must pay certain fees to third parties to open the plan. These fees generally total between $0 and $4,000. If you ask, we will provide you with an itemization of the fees you will have to pay third parties.
The minimum loan amount is $7,500 and the maximum loan amount is $500,000. State specific tax fees may apply at closing. Homeowner’s insurance is required; flood insurance is required where applicable. Borrower may be charged up to $350.00 for fee reimbursement for any HELOC closed within 2 years from loan open date. Borrower must have automatic payment from a Proponent account.
Existing HELOC Loans
*HELOC = Home Equity line of Credit. APR = Annual Percentage Rate. The 0.00% annual percentage rate is a promotional rate on new advances from April 1, 2022 through September 30, 2022 for qualified home equity line of credit borrowers. On October 1, 2022, the total loan balance (promotional advances plus the regular loan balance) will be subject to the prevailing rate as set forth in the original credit line agreement. Unless otherwise stated all terms and conditions remain as set forth in your original loan documents. Rates can change monthly based on Prime Rate.
Monthly payments during the promotional period will be calculated on the total loan balance at the fully indexed rate. After an advance, the loan will recalculate under the terms of your credit line agreement. Interest will be accrued on the advanced balance at the promotional rate while interest on the existing balance will be accrued at the fully indexed rate.
Payments during the promotional period will be first applied to any late payments or late fees then to satisfy the interest due on the loan. The interest will be calculated on the promotional advances at the promotional interest rate. The interest on the regular loan balance will be calculated at the rate as set forth in your original credit line agreement. All monies affecting the principal balance will be applied first to the promotional balance and if any additional funds remain (after the full satisfaction of the promotional balance) they will be applied to the remaining principal on the loan balance.
**Consult your tax advisor.