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Your Vision is 'Mint' to Be

March 1 - May 31
Get up to $250 toward closing costs and be entered
to win a
$250 Home Depot gift card1

Home Equity Lines of Credit

A Home Equity Line of Credit from CPM Federal Credit Union allows you to take advantage of the equity you’ve built in your home. A Home Equity Line of Credit is a flexible and affordable way to use your home’s equity for some of life’s largest expenses. Read about home equity basics here.

For example, we find that a lot of borrowers want to:

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

How does a Home Equity Line of Credit work?

The equity is calculated by using the appraised value as stated by an approved appraisal valuation model or appraisal. The difference of the appraised value minus any outstanding mortgages equals your total equity. Once your HELOC is established you can easily transfer available funds  to your CPM checking or other designated account using our mobile and online banking and the transferred funds are available immediately.  There is no need for separate checks or a separate debit card to access your HELOC funds.  You can also transfer just as easily in the other direction when you want to pay down your HELOC.  If you do not have online banking, you can request checks or request a withdrawal at any CPM location.

Advantages of Home Equity Lines

Home equity lines are attractive to borrowers for a few main reasons:

  • Borrow up to 100% of your homes value**
  • Extended repayment schedules help to keep your payment low and affordable
  • Payments on a home equity line may be tax deductible (consult your tax advisor)
  • Have a lower interest rate (or APR)
  • Easy access to your Line of Credit using CPM Anytime Online Banking
  • Fixed Rate Option offers a fixed rate throughout the life of the loan and a set payment.
    Rates as low as 7.74% APR*!
  • Variable Rate Options offers a variable rate tied to the Prime rate. 1.99% APR* 6-month introductory rate/as low as Prime - .25% (Prime rate = 8.50%. Introductory rate is not available if you borrow more than 90% of your homes value)

* APR - Annual Percentage Rate. APR is variable based on the U.S. Prime Rate as published in the Wall Street Journal, plus a margin (if applicable).  Discount rate is for the initial 6 months, rate will be adjusted to the qualifying tier rate however not available for loan to values exceeding 90%. Current projected rate after initial discount as low as 8.25% up to 90% LTV.  After initial 6 month discount period, APR will be between 8.25% and 13.25% based on applicant’s qualifying credit score, combined loan to value and lien position.  Membership rules and restrictions apply. Terms and conditions subject to change without notice. Offer subject to credit approval, not all borrowers will qualify and higher loan to values may have additional credit qualifications. Rates depend on LTV, lien position, and credit score. The offer is limited to currently occupied, single-family dwellings and is not valid for rental properties, mobile homes or residential lots. Property insurance is required as a condition of the loan. Closing costs are associated with this loan. To open and maintain a Home Equity Line of Credit, you may have to pay certain fees to third parties.  These fees generally total $750.00- $2000.00. At your request, an itemization of these fees can be provided and are estimated.  Prime rate = WSJ rate currently 8.50%

**Subject to additional underwriting guidelines, minimum 660 credit score based on the Equifax Beacon 5.0 model.  Not all properties are eligible, only eligible on primary residence with a maximum loan amount of $250,000.  Only eligible with our Prime HELOC product. Mobile Home properties are ineligible.

1CPM will pay up to $250.00 in closing costs, any additional is the responsibility of the borrower. Excludes member initiated appraisal. Typical closing costs range from $0.00 to $3,000.00. Offer applies to completed applications during the promotional period. One (1) Home Depot gift card winner will be selected at random on or about June 5, 2023. Winner will be notified by phone, email, or mail. Offer expires May 31, 2024. 

Rates accurate as of February 28, 2024.

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CPM ROUTING NUMBER: 253279536