You can also use your home equity loan or line of credit to provide the funds to consolidate bills and get your financial house in order. Roll multiple high-rate loans into one monthly payment. You may be able to lower your rates and get a low monthly payment.
We can set you up with a line good for 80-90% of your home’s appraised value minus your remaining mortgage balance — up to a limit of $250,000. Whatever amount you’re approved for, you’ll only pay interest on what you actually use, and your available line is replenished as you make payments. Your rate will be variable, but always competitive, and your payments will be fixed at $10/$1000 borrowed.
You may draw on your Home Equity Line of Credit for up to 10 years, but your repayment term will be up to 15 years. At the end of your term, you can either repay the loan in full or refinance.
If you know you'll need a single disbursement of funds, a home equity loan might better suit your needs.
Unlike a line of credit, the rate for the Home Equity Loan is fixed and you can choose a 5- or 10-year repayment term. Borrow up to 80-90% of your home’s appraised value minus your remaining mortgage balance — up to a limit of $100,000.
|Loan Type||Term||APR*||Financing Information||Est. Monthly Payment|
|Home Equity Line of Credit†||Open-end||4.00%||Variable Rate; Maximum Rate 18% APR*||$10.00/per $1,000 Borrowed|
|Home Equity Loan††||Up to 120 Months||6.99% Fixed||$50,001 - $100,000||$696.23 for $60,000 over 120 months|
|Home Equity Loan††||Up to 60 Months||5.99% Fixed||$10,000 - $50,000||$966.20 for $50,000 over 60 months|
EPFCU Home Equity lending products are available to members with property located within 150-mile radius of Main Office located at 13th & C Streets, SW, Washington, DC 20228. Contact us to confirm your property's eligibility.
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