A home equity loan allows you to borrow against the equity in your home. The difference between that and a home equity line-of-credit is that it provides a one-time lump sum at a fixed rate for a fixed term and a specific purpose rather than allowing you access to your funds repeatedly.
The features of a Home Equity Loan include:
- Potential tax deductible interest payments…a huge advantage! (consult with your tax advisor for details)
- Competitive fixed rate and term
- Borrow up to 100% of your home’s value (minus your first mortgage balance)
- No annual fee
- No closing costs (except home appraisals when needed)
| How Much Can I Borrow? | ||
| The actual dollar amount you may qualify for will depend on your individual financial situation. Use this chart as a guide to calculate the approximate amount of your available equity when borrowing up to 90% of your home’s value. | ||
| Your home’s current value | $ __________ | |
| X | 90% | |
| = | $ __________ | |
| (Minus 1st mortgage balance) | - | $ __________ |
| Equals available equity | = | $ __________ |
Vantage Credit Union Home Equity Loans are valid on Missouri and Illinois property only.