Fixed Rate Home Equity Loan
HE Loans are fixed rate, single use, equity loan. At closing you will receive the entire lump sum of the loan amount and payments will be based on the amount, term length, and rate. You can utilize your equity for those purchases or projects where you need a specific amount of funds and want to have the peace of mind your payment will not change from month to month. The stable monthly payment allows for easier simple budgeting.
- Loan amounts from $20,000
- Borrow up to 100% of the value of your home less any mortgage balances
- Rate remains constant for loan term
- 5, 10 and 15 year terms available
- Credit life and disability insurance is available to eligible borrowers
Home Equity Loan Rates
|Terms||APR*||Minimum Finance Amount||Monthly Payment/$1,000|
|Home Equity-Fixed (not a line of credit)1||5 Years||5.49%||$5,000||$19.10||Apply Now|
|10 Years||5.99%||$5,000||$11.10||Apply Now|
|15 Years||6.99%||$5,000||$8.98||Apply Now|
Looking for Home Equity Line of Credit rates? Click Here
*Annual Percentage Rate (APR). Loan subject to underwriting qualifications. All programs, rates and conditions are subject to change without notice. Rates above reflect an 80% loan to value ratio. Loan APR based on an evaluation of credit worthiness and ability to repay, so your rate may differ. Fixed HE (Fixed Home Equity) values greater than 80% loan to value have certain restrictions, please contact a loan officer for further details. HRCU will pay the following closing costs on most new Equity Loan applications (Fixed Rate and Lines of Credit): settlement fees, flood determination fee, title search fee, credit report fee, and recording fees. Offer excludes the following fees: appraisal fee, lenders title insurance and any additional fees associated with properties held in a trust. Loans paid off and closed within three (3) years of origination date will require reimbursement of all closing costs paid by HRCU. For loan amounts up to $200,000, closing costs that members could pay range between $150 and $1,200.
1 Closing costs depend on property location, property type, and amount of the Equity Loan. Only available for primary residence. HRCU must be in first or second lien position; and home is not listed for sale. Maximum loan amount of $200,000. Homeowner insurance required; Flood insurance may be required.
2 Example: A $20,000 loan at 6.99%APR. 180 monthly payments of $179.65 Total finance charge of $12,337.69 bringing the total payment to $32,337.69