Home Equity Loans
Put Your House to Work
If you're thinking of doing some home improvements or buying a new car, consider a home equity loan from Citizens Community Credit Union. A home's equity is equal to its value less any outstanding loans.
The maximum loan amount is based on the amount of equity available, your credit standing, and other lending guidelines. CCCU can finance up to 110% of the appraised value of your home, minus any existing mortgage balance.
You may be eligible to deduct home equity loan interest on loans up to $100,000 (consult your tax advisor; some limitations apply). If the interest is tax deductible for you, a home equity loan is one of the smartest ways to borrow money.
CCCU offers two options to tap the equity in your home: a home equity line of credit (HELOC) or a closed-end loan.
Line of Credit
A home equity line of credit, like a credit card, can provide you with a predetermined borrowing limit, allowing you to access money when you need it most.
Because of the draw option, credit lines can work well for recurring expenses such as college tuition.
Some people just don't want a line of credit on their homes. They aren't comfortable because the funds can be too accessible. They prefer a home equity loan: a lump-sum second mortgage.
Closed-end loans are appropriate when you need a set amount for a specific purpose and you aren't looking for future draws.
Check with your nearest CCCU office today to see how our Home Equity loan programs could work for you!