Home Equity Loans
Put the Equity in Your Home to Work for You! Apply for a Home Equity Line of Credit.
Looking to purchase that big ticket item? The funds you need may be right in your own backyard – or closer! Many of our satisfied members have used home equity loans for:
- College tuition
- Purchase a car
- Pay for car repairs
- Funeral expenses
- Vacation
- Pay off higher rate loans
- Home improvement
Borrow up to 80% of the equity in your home minus first mortgage balance.
For example: If a home is valued at $200,000 and the remaining mortgage balance is $100,000, we would lend up to $60,000. ($200,000 x 80% = $160,000 – $100,000 = $60,000)
- May be tax-deductible*
- Convenience checks provided to access your line
- Variable rates
- Minimum loan amount $5,000
- Quick turnaround time!
Looking for something fixed? Try our Fixed-Rate Home Equity Loan
For people who want the security of a fixed rate and a one-time disbursement of funds.
- Borrow up to 80% of the equity in your home minus first mortgage balance
- For example: If a home is valued at $200,000 and the remaining mortgage balance is $100,000, we would lend up to $60,000. ($200,000 x 80% = $160,000 – $100,000 = $60,000)
- Rate is fixed for the life of the loan
- 5-, 10-, and 15-year terms
- Minimum loan amount $5,000
- May be tax-deductible*
- Low closing costs
Please contact us for more information on our Home Equity Loans or visit one of our Vermont credit union locations!