Home Equity Loans

get the money you need, when you need it

A Home Equity Line of Credit (HELOC) or Home Equity Loan can provide you the money you need at lower interest rates than other options, including personal loans and credit cards.

What is Home equity?

Home equity is the difference between how much you owe on your mortgage and how much your home is worth. You can build equity as you pay down your loan balance and as the market value of your home increases.

How can you use home equity?

Once you’ve gained equity in your home, you can use home equity by taking out a Home Equity Line of Credit or a Home Equity Loan, which borrows against that amount.

Common Uses of equity loans

• Home Improvements and Repairs

• Debt Consolidation

• Large Purchases

• Life Events

Home Equity Line of Credit

Are you interested in finding out how our Home Equity Loans can help you? Complete this Home Equity Information form and we will contact you as soon as possible to discuss the best match for your needs.

*Actual interest rate will be provided upon approval of a completed loan application.

*Payment Example : Pay $7.40 per month per $1,000 borrowed at 4.00% APR for 180 months.

(1)Based on collateral valuation of the property and credit union guidelines

(2)Minimum loan advance is $500.00

Home Equity Loan

The best part of our Home Equity Loan is stability. This is a great option if you’re in need of a specific amount of money for a one-time expense. You’ll get a lump sum amount and enjoy a fixed rate for the life of the loan with set monthly payments. If you know exactly what you would like to use these funds for, then a Home Equity Loan may be the right choice for you.

• Fixed interest rate

• Minimum loan amount $5,000

• Maximum loan amount $250,000 on owner occupied properties (1)

• Minimum payment of $50

• Borrow up to 70% of your home’s value (minus the amount remaining on your mortgage)

• 15 year repayment term*

Put your home's equity to work for you!

Are you interested in finding out how our Home Equity Loans can help you? Complete this Home Equity Information form and we will contact you as soon as possible to discuss the best match for your needs.

*Actual interest rate will be provided upon approval of a completed loan application.

*Payment Example : Pay $7.40 per month per $1,000 borrowed at 4.00% APR for 180 months.

(1)Based on collateral valuation of the property and credit union guidelines

Home Equity Terms to Know

Debt-to-Income Ratio (DTI):

The percentage of your monthly income that currently goes to repaying other debts. To calculate this ratio, total up your monthly bills (excluding utilities) and divide by your total gross monthly income. The result is your DTI. For example, if your monthly debts total $2,000 and your gross monthly income is $7,500, your DTI is 27%.

Loan-to-Value Ratio (LTV):

Loan-to-value ratio is a term used by lenders to represent the amount of a loan compared to the value of the property securing the loan. For example, if a borrower takes a $75,000 loan to buy a $100,000 property, the LTV would be expressed as $75,000 to $100,000, $75,000/$100,000 or 75%.

Combined Loan-to-Value Ratio (CLTV):

Combined loan-to-value ratio is similar to a loan-to-value ratio (LTV), but implies that more than one loan has been secured by the property. The CLTV includes the total amount from all loans borrowed divided by the total value of the property. For example, if a property owner takes out 2 separate $20,000 loans on a property worth $100,000, the CLTV would be calculated as $20,000 + $20,000/$100,000 or more simply, $40,000/$100,000 or 40%.

Prime Rate:

Generally the lowest interest rate at which money can be commercially borrowed, based in part on the federal funds rate set by the Federal Reserve. View the current U.S. Prime Rate.

Draw Period:

A draw period is the time during which you can borrow money from a line of credit.

Repayment Period:

Time during which you have to pay off your loan. During this period, you can no longer borrow funds from your line of credit.

Mortgage Loans

EIFCU is an Equal Opportunity Lender