Home Equity Loans
Leverage the equity in your home to consolidate bills, to pay college tuition, to complete home improvements and more. A Member Experience Consultant can walk you through the process and help you achieve your goals.
With each mortgage payment, you've been adding to the equity in your home. Equity is the difference between what your home is worth and how much you still owe. You can apply for a Home Equity Loan or Home Equity Line of Credit depending on your needs.
Choose a lump sum payout with a fixed rate and term. This option provides the confidence in knowing the amount of your monthly payment. Plus, you could borrow up to 100% of your home’s value.
Select a variable rate line of credit if you want to have access to funds for needs now and into the future. Use funds as you need, up to your credit limit. You can take advantage of a flexible 10-year draw period and borrow up to 90% of your home’s value. This option offers the flexibility to reuse funds for some of your ongoing needs.
Ready to get started? The application process takes a few minutes and we can close on most loans within 30 days or less. Simply, gather all the required documentation and either give us a call (301.627.2666) or schedule an appointment to speak with a Home Equity Specialist today.Schedule an Appointment
*APR= Annual Percentage Rate. Rates are based upon the appraised home value and the combined loan-to-value (CLTV) of the first and second mortgage as well as credit. Available on owner occupied primary residential properties and vacation homes in most
states and the District of Columbia, except Alaska, Hawaii, and Texas. The home equity loan has a fixed rate that is a fully amortized loan for the life of the loan (no balloon payment). The Home Equity Line of Credit (HELOC) has a variable interest
rate that is based on the Wall Street Journal Prime Rate and is subject to change quarterly. The monthly payment on a HELOC is 1.00% of the outstanding balance established and fixed at the time of each advance. The floor is 4.00%. The rate cannot
increase or decrease by more than 2.00% in a calendar year, and the maximum rate is 18.00%. Property values are based on the lesser of the current appraised value with a condition report. Independent appraisals not accepted. If the credit union pays
the closing costs and the HELOC or Home Equity Loan is terminated within two years, the closing costs must be reimbursed by the borrower. All rates and terms are subject to change without notice and other restrictions may apply. Please consult your
tax advisor on all tax matters.
In accordance to the Federal Reserve Board’s Regulation C (Home Mortgage Disclosure Act), the Credit Union submits annual reports to the National Credit Union Administration regarding compliance with the Home Mortgage Disclosure Act. The HMDA data regarding out residential lending is available for review and includes geographic distribution loans and applications and borrowers: and information about loan approvals and denials. These reports are available for inspection at the credit union headquarters at 15201 Hall Rd. Bowie, MD 20721. Copies are available upon written request to 15201 Hall Rd. Bowie, MD 20721.
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