Looking for ways to make your money stretch further? Use the equity in your home to consolidate your high-interest debt into one affordable payment! With Home Equity Loan rates as low as 5.50% APR ² and Home Equity Line of Credit rates as low as 3.25% APR^{1 2}, Agriculture FCU has the product that fits your budget!

¹APR will vary based on the Wall Street Journal prime rate plus or minus a margin. The current prime rate is 3.25% as of 12/17/2008.
²APR = Annual Percentage Rate. Rate is effective 01/14/09 and may change at any time without advance notice. Flood and/or hazard insurance may be required. All loans are subject to credit approvals. Closing costs must be paid if loan remains open less than 24 months. Minimum amount is $10,000. Certain restrictions and conditions apply.

Home equity loans are a sensible way to use the equity you've accumulated in your home for home improvement, education expenses, bill consolidation or whatever you'd like. As a homeowner and member of AFCU, you have the advantage of borrowing up to 90% of the equity in your home at a competitive rate with a repayment term of up to 15 years. You have the option of choosing a fixed rate home equity loan or a variable rate home equity line of credit. Plus, you may be able to deduct all interest payments from your taxable income. This advantage is not available with non-mortgage related consumer loans. Before deducting interest for tax purposes we recommend you talk to your tax advisor.

Additional Home Equity Loan Information

A home equity loan can be placed on a property where there is existing equity in the property. If you have a first mortgage, also known as a trust, on the property, this loan is secured by the property and is also referred to as a second mortgage. If you don't have a first trust (mortgage) or would like to refinance your first mortgage, visit our First Mortgage web page to learn current rates.

To calculate the amount of equity you have available for an AFCU equity loan, subtract the total amount of liens on the property from the market value. The difference between market value and the total of liens is your available equity. AFCU, depending on several factors, can lend you up to 90% of the value of your home. The total amount of the liens may not exceed 90% of the current market value, as determined by a recent appraisal or tax assessment.

Market Value - Total of Existing Liens = Maximum AFCU Loan

Home Equity Application Information

Applying for an AFCU home equity loan is convenient, fast and simple. You can apply online, over the telephone at 888.451.5626 (LOAN) or by visiting any AFCU branch.

All properties eligible for AFCU loan programs must meet the following requirements:

1. Must be the primary residence of the member
2. The subject property must NOT fall into the following subcategories:
   Co-op's Time Shares, Condominium, Investment Property and/or Land Purchases.
3. Property must be located in any U.S. state or the District of Columbia, excluding Alaska, Hawaii or Texas.

Agriculture Federal Credit Union offers a variety of fixed rate mortgage programs. Member should contact the Credit Union for a current quote of Home Equity Loan rates and programs. Loan applications will be accepted at the prevailing rate of interest the day the completed application is received by AFCU.
When applying for a home equity loan, please have the following information available as we'll need the information to process your application. Please furnish copies of the following documents along with your completed application:

1. Current Copy of Earning Statement or Paystub (if applicable).
2. Two years tax returns if self-employed, retired or using non W-2 income to qualify (if applicable).
3. Current Statement from existing 1st and/or 2nd Trust (Mortgage).
4. Tax Assessment
5. Copy of the Deed or Deed of Trust.
6. Current Hazard Insurance policy
7. Closing costs must be paid if loan remains open for less than 24 months. Certain restrictions may apply.

The member may be required to pay the closing costs for attorney's fees, appraisal, state and county taxes, and other fees directly related to the processing and settlement of the loan request.

To apply for the loan you want today, simply phone toll-free 888-451-5626 (LOAN), stop by any branch location, or use our Online Home Equity Loan Application and our Online Loan Calculator.

Return to top of page