Home Equity Lines of Credit (HELOCs) are the perfect solution to need of having access to funds whenever you need them and getting the lowest rate possible. HELOCs are ideally suited for financing reoccurring payments such as education or medical expenses, home improvement or just having funds available for unexpected expenses. You'll enjoy a seven (7) year draw period with the payments amortized over fifteen (15) years. 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 and the convenience of a credit line. AFCU's home equity line of credit offers a variable interest rate that is as low as Prime. AFCU offers a fixed rate home equity loan so you'll have fixed payments throughout the loan's term. 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 Line of Credit Information

A Home Equity Line of Credit 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 can be secured by the property in addition to the first mortgage.

To calculate the amount of equity you have available for an AFCU home equity line of credit, 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, upon credit approval, 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 line of credit 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.