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| HELOC |
4.75% |
| HELOC - 5yr Fixed |
5.75% |
| HELOC - Fixed Term |
4.75% |
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Home
Equity Basics
Let Consolidated Federal Credit Union take the
confusion out of applying for a home equity loan.
1. Must I own a home to get a home equity line of credit loan?
Yes
2. Must I occupy the residence I'm using as collateral?
You do not have to occupy the residence you are using as collateral unless
you are requesting a home equity loan or line of credit to access more than
80% of your available equity. Calculate
how much you can borrow.
3. What is the difference between a home equity loan and a home
equity line of credit
A home equity loan has a fixed interest rate and term, therefore your payments
stay the same each month. A home equity line of credit features a variable
interest rate with a draw period of 15 years and a repayment period 15 years.
During the draw period, your monthly payments may be as low as the interest
on your outstanding balance.
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Calculate Payments
