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CFCCU Home Equity Loan Calculator
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A Home Equity loan is an excellent way for homeowners to finance large projects, purchases and expenses, with up to 100% financing! Consolidate debt, renovate your home, make large purchases, and more. Home equity loans have favorable rates, low closing costs, and could have possible tax benefits (consult with a tax adviser for details).  The amount of money you can borrow depends on the equity you have in your home.  Equity is the difference between what your home is worth and how much you owe.   

HELOC

    • Open-end revolving line of credit
    • Borrow up to 100% of your home’s equity for up to 25 years.
    • Variable rate. Rate based on Wall Street Journal Prime Rate minus 0.50%.
    • Your minimum monthly payment is calculated on your loan balance and a 15 year Amortization.
    • 10 year draw period

Home Equity Loan

  • A one-time fixed-rate loan
  • Borrow up to 100% of your home’s equity
  • Available with terms of 5 to15 years.

Home Improvement Loan

  • Allows you to finance a home improvement project without the equity in your home. Borrow up to $7,500 with terms up to 10 years. 
  • With equity, secure financing for up to 133% of your home’s value, to a maximum of $200,000 with available terms of up to 15 years.

  

Application Check List

When applying for a Home Equity loan, you will need to provide the following documents:

  • Income information – your most recent paystubs and previous two years W2s.
  • If you are self-employed, two years signed Federal Income Tax Returns.
  • Insurance information – a copy of your homeowner’s insurance policy.
Home Improvement Loan Rates
36 Months
Unsecured
APR* as Low as 6.75%
W/ Mortgage
APR* as Low as 6.25%
48 Months
Unsecured
APR* as Low as 6.75%
W/ Mortgage
APR* as Low as 6.75%
60 Months
Unsecured
APR* as Low as 7.75%
W/ Mortgage
APR* as Low as 7.25%
120 Months
Unsecured
APR* as Low as 9.75%
W/ Mortgage
APR* as Low as 8.25%
  • *Annual Percentage Rate (APR).
  • APR as low as listed rate.
  • Unsecured loans have a maximum loan size of $7,500.
  • No requirement for loan to value or title search.
  • All loans are subject to approval. Rates, terms, and conditions are subject to change.
Home Equity Loan Rates
 5 year (60 month) 3.45% APR*
10 Year Special (120 month)** 3.99% APR*
5.5 Year Balloon (66/180) 4.00% APR*
7 Year Balloon (84/180) 4.25% APR*
10 Year Balloon (120/180) 4.45% APR*

Example of Repayment Terms

A $20,000 loan for a term of 60 months with a 3.45% APR*, the monthly payment will be $364.
A $100,000 balloon loan for a term of 84 months with a 4.25% APR*, there will be 83 monthly payments of $753 and one final payment of $61,879.
Payments do not include taxes and insurance premiums. The actual payment obligation may be greater.

  • *Annual Percentage Rate (APR).
  • **CFCCU must be 1st mortgagee for 10 year special.
  • APR as low as listed rate.
  • All loans are subject to approval. Rates, terms, and conditions are subject to change.
HELOC Rates

Home Equity Line of Credit (HELOC)

Rate = 3.50% APR*

Example of Repayment Terms

For $40,000 Home Equity Line of credit amortized for 180 months and a 3.50% APR, the monthly payment will be $287. Closing Fees to open a Home Equity Line of Credit will typically range from $183-$700. Appraisal may be required. Payments do not include taxes and insurance premiums. The actual payment obligation may be greater.

Rate based on Wall Street Journal Prime Rate minus 0.5%, Adjusted Quarterly Floor APR = 3.50% & Maximum APR = 21%)

Current WSJ Prime Rate = 3.25% APR

  • *Annual Percentage Rate (APR). 
  • APR as low as listed rate.
  • All loans are subject to approval. Rates, terms, and conditions are subject to change.