Login1-800-451-9145
Auto Loans as low as
as low as
*annual percentage rate
Home Equity
Home Equity Lines of Credit and Home Equity Loans
Have you owned your home for a long time? If so, you may have built up equity. Convert your equity into cash by applying for a Home Equity Line of Credit (HELOC) or a Home Equity Loan. Home equity accounts allow you to borrow against this equity and funds can be used for major purchases, home improvements, college education, vacation, debt consolidation, etc.
Home Equity Lines of Credit
A Home Equity Line of Credit is a revolving line of credit that can be accessed over a stated length of time. The line of credit is convenient, giving you access to funds when you need it. As you pay your line down, the funds are available to be used again.
- Home Equity Lines of Credit may be tax deductible (consult your tax advisor).
- You can finance up to 80% of the appraised value minus existing mortgage obligations.
- Home Equity Lines of Credit can be assessed by writing a check against your home equity account or in person at the credit union office.
- Monthly payments are 1.5% of the outstanding balance as of the date of your last advance or $50.00 whichever is greater.
- The minimum advance is $500.00
- Low adjustable rates provide money-saving opportunities.
Home Equity Loans
Closed end home equity loans are perfect for those special projects or large ticket items.
- A home equity loan has a fixed rate and term. Terms are available for up to 10 years.
- Home Equity Loans may be tax deductible (consult your tax advisor).
- You can finance up to 80% of the appraised value minus existing mortgage obligations.
- Home Equity Loans have fixed rates and fixed monthly payments.
Closing Cost may apply to both the HELOC and Home Equity Loan. You will be required to carry property insurance on your home.
Katahdin Federal Credit Union NMLS #784803
