Home Equity

If you are looking for ways to finance a major purchase, home improvement, medical expense, wedding or college education, a home equity loan could be your solution. We offer two types of second mortgages – Home Equity and Home Equity Line of Credit (HELOC). Both are secured by your property.

With rates as low as 5.25% APR1 and closing cost credits of up to $5002, either can be a smart financial resource for any project or purpose. Our mortgage consultants are here to help you navigate your options. We also have a helpful lending guide and checklist for new borrowers.
 

Home Equity Line of Credit

A Home Equity Line of Credit (HELOC) is worth considering when you don’t need the entire amount of money all at once.

You can establish a line of credit up to 90% of your home’s current value, less any outstanding balances, and use that line to withdraw funds as you need them (simply transfer the funds into your savings or checking through online banking). The advantage to a HELOC is that you only pay interest on the amount you are using, not the entire line of credit. This loan is perfect for paying for periodic expenses like medical costs, home improvements or college education. 

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Home Equity Loan

A Home Equity Loan is best when you need a lump sum of money, all at once. 

Depending on the amount of equity in your home, you can borrow up to 90% of your home’s current value, less any outstanding balances, with up to 15 years to pay back the loan at a fixed, competitive rate which may be tax deductible3.  This loan is commonly used for debt consolidation or major purchases.

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We do business in accordance with the Fair Housing Act and Equal Credit Opportunity Act.
NMLS# 469322

Loans granted on credit worthiness. Home Equity Loan Payment example: 15 year term, monthly payments of $7.98 per $1,000 borrowed at 5.15% (5.538% APR) and a 70% loan-to-value. Your actual rate may be different.

 

1APR = Annual Percentage Rate. APR is variable, based on Prime, and may change after account is opened. APR will never be higher than 6.00% above the initial interest rate, with a maximum rate of 18% APR. The highest actual interest rate offered is based on credit history, product, term and percentage of remaining equity in your home. Adequate property insurance must be maintained. 
2
Closing cost credit amount is dependent upon initial balance drawn against line and requires a minimum $10,000 draw.  If initial draw is prepaid within the first 36 months, you will be responsible for repayment of any closing costs paid by USF FCU.
3
Consult your tax advisor regarding any deductibility of interest.

Home Mortgage Disclosure Act Notice: The HMDA data about our residential mortgage lending are available for review. The data show geographic distribution of loans and applications; ethnicity, race, sex and income of applicants and borrowers; and information about loan approvals and denials.  Inquire in our office regarding locations where HMDA data may be inspected.

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