Home Equity Lines of Credit  

Borrowers use home equity lines for some of life’s larger expenses, because homes tend to have a lot of value to borrow against. For example, you find that a lot of borrowers want to:

• Remodel or renovate the house
• Pay for a family member’s college education
• Finance the purchase of a second home
• Consolidate high-interest debts
• Take that much-deserved dream vacation

How does a Home Equity Line of Credit work?

The equity in your home is calculated by using the appraised value as stated by an approved appraisal company. The difference of the appraised value minus any outstanding mortgages equals your total equity. A credit union representative will then help you determine the amount available for a line of credit. Simply write a check to access your HELOC account.

Advantages of Home Equity Lines

Home equity lines are attractive to borrowers for a few main reasons:
• Extended repayment schedules help to keep your payment low and affordable
• Have a lower interest rate (or APR)
• Easy access Line of Credit
• Payments on a home equity line may be tax deductible

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*APR - Annual Percentage Rate. Membership rules and restrictions apply. Terms and conditions subject to change without notice. Offer subject to credit approval, not all borrowers will qualify. Rates depend on LTV, lien position, and credit score. Minimum advance amount of $10,000.00 required at closing. The offer is limited to current occupied, single-family dwellings and is not valid for rental properties, mobile homes or residential lots.Variable rate based on Prime (currently 4.00% as stated in the Wall Street Journal). Discount rate is for the initial 6 months, rate will be adjusted to the qualifying tier rate plus prime with a maximum rate of 18%. Current projected rate after initial discount as low as 4.00% up to 90% LTV. **CPM will pay a portion of the closing costs up to $500.00. Additional closing costs are the responsibility of the borrower.