Home Equity Loans
Put the Equity in Your Home to Work for You!
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!
Fixed-Rate Home Equity Loan
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
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Please contact us for more information on our Home Equity Loans or visit one of our Vermont credit union locations!
