EQUITY LINES OF CREDIT
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:
- Must be the primary residence of the member
- The subject property must NOT fall into the following subcategories:
Co-op's Time Shares, Condominium, Investment Property and/or Land Purchases.
- 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:
- Current Copy of Earning Statement or Paystub (if applicable).
- Two years tax returns if self-employed, retired or using non W-2 income
to qualify (if applicable).
- Current Statement from existing 1st and/or 2nd Trust (Mortgage).
- Tax Assessment
- Copy of the Deed or Deed of Trust.
- Current Hazard Insurance policy
- 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.
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