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Home Equity Loans

Communications Family Credit Union offers two great Home Equity loan options. Our Home Cash Equity Loan is a loan made for a specified amount and term of re-payment. Our Home Equity Line of Credit is a revolving line of credit based on the available equity in your home. This loan has a 10-year period during which you have the ability to draw funds on the loan up to the maximum line established at the time of application.

Home Equity loan interest may be tax deductible; check with your tax professional to find out if your situation applies.

Use the equity in your home to:

HOME CASH EQUITY LOAN

A loan for a specific amount, you may borrow up to 90% of the equity in your home. Equity position can be computed as 90% of a recent appraisal or 90% of double the State Equalized Value (SEV), less the amount owed on your 1st mortgage. (You must have a minimum of 12 months of good pay history on the 1st mortgage to apply.) For loan amounts greater than $50,000, an appraisal is required. Click here to apply online.

Minimum loan amount $5,000.
Maximum loan amount $100,000.
Maximum term 20 years with a 5-year balloon.
Closing Costs
 $125 (includes non-refundable $25 application fee)
Plus cost of appraisal if needed.
Click here for important rate and disclosure information.
HOME EQUITY LINE OF CREDIT

Get a line of credit to borrow up to 90% of the equity in your home. Equity position can be computed as 90% of a recent appraisal or double the State Equalized Value (SEV), less the amount owed on your 1st mortgage. (You must have a minimum of 12 months of good pay history on the 1st mortgage to apply.) Click here to apply online. There are no transaction, activity, membership or participation fees.

Minimum loan amount $5,000.
Maximum loan amount $50,000.
Maximum term 25 years with a 10 year draw period.
Closing Costs $100 plus cost of appraisal if needed. (Includes $25 app. fee)
Click here for important rate and disclosure information.

*The Plan Rate - which is a variable rate based on prime and is reviewed on the second to the last business day of the month. The maximum APR that may be charged under the plan is 18%. Payments are based on a fixed payment factor of $1.30 / $100 borrowed (without credit life and disability insurance) and $1.45 / $100 borrowed (with credit life and disability insurance). **Fees may be waived or refunded. Additional charges may apply if you request an appraisal. Average cost of an appraisal ranges from $250 - $400.