Home Equity Loans

Home Equity Loans

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Home Equity Loan is a fixed-rate loan with a fixed payment schedule based on how much equity you have in your home. You'll get your money all at once and then pay it back in predictable, fixed monthly payments.
  • Fixed competitive rates with terms up to 15 years
  • No hidden fees
  • No pre-payment penalties
  • Interest may be tax deductible

Explore Your Loan Options

If you need: Home Equity Line of Credit (HELOC) Home Equity Loan
Ongoing access to your equity to pay for projects and expenses --
Access to your equity through Home Equity convenience checks --
Predictable monthly payments --
One-time access to your equity, without refinancing your first mortgage --

Other Comparison Points

Home Equity Line of Credit (HELOC) Home Equity Loan Similarities
Withdraw funds as you need them Receive a lump sum Interest may be tax deductible
Withdraw only the amount you need Borrow a specific amount for a set time Interest rates are generally lower than other types of credit
Pay a variable interest rate Pay a fixed interest rate Use funds for a variety of purposes
Make fluctuating monthly payments Make regular monthly payments You can apply online, in person or by phone

So, what exactly is "equity"?

Equity is the difference between the appraised value of your home and what you owe on your mortgage. Equity is the part of your home's value that belongs to you, not your lender. You can borrow against this equity in your home and use the money for whatever purpose you choose - improve your home, buy a new car, pay for college tuition, consolidate other loans, or send yourself on a well-earned vacation!

Why not a personal loan, instead?

Our home equity is a loan in which your home serves as the collateral. With a home equity, you may be able to deduct the interest you pay from your taxable income. Remember to consult with your tax advisor concerning the deductibility of interest. These are perks you would not get with an ordinary personal loan.

How much can I borrow?

At Heritage Valley FCU you can get a home equity loan for as little as $5,000. Please contact us for the maximum amount of equity from which you can borrow against.

How is the rate determined?

The rate is fixed and fully disclosed at the time you take the loan.
*APR = Annual Percentage Rate. Terms up to 60 months with rates as low as 3.99%, 61-120 months as low as 4.49% APR & 121-180 months as low as 4.99% APR. Minimum amount to borrow is $5,000 & Maximum Loan-to-Value is 85%. All loans subject to standard underwriting guidelines. Not all borrowers will qualify for the lowest rate. Equal Housing Lender. Membership eligibility required.