Why a home equity loan?
CAFCU's home equity loans offer you a low-rate borrowing opportunity by harnessing the value in your home. Choose one of the items in the list below to learn more.
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What is home equity?
Equity is the difference between your home's current market value and the balance owed on your mortgage. A home equity loan lets you borrow against that equity.
Why would I get a home equity loan with CAFCU?
Here are some of the benefits of a CAFCU home equity loan or line of credit (HELOC):
- Low rates
- $0 application fees
- No closing costs
- Quick, no-hassle approvals
- Personalized loan terms
What can I use a home equity loan for?
A home equity loan can help you pay for large expenses like:
- Taking a dream vacation
- Making home improvements
- Purchasing new appliances
- Building a backyard oasis
- Planning a wedding
- Paying college expenses
- Paying off high-interest debt
- Making long-term investments
What types of home equity loans do you offer?
At CAFCU, we offer two home equity loan options to suit your needs:
Fixed-Rate Home Equity LoansWith a Fixed-Rate Home Equity Loan, you can borrow a fixed amount of money that is repaid over a set period of time. Our fixed-rate home equity loan can have flexible terms to better fit your financial situation, with the option to pay by payroll allocation.
Home Equity Lines of Credit (HELOC)Our HELOC gives you access to the cash you need, when you need it. HELOCs have a variable interest rate. Once your line of credit is approved, you can draw on it for up to 10 years. You only make payments on the amount you've used. You can also opt to include overdraft protection from your CAFCU Checking Account and repay the loan directly from your paycheck with payroll allocation.
How can I open a home equity loan or HELOC?
You can open an account in one of the following ways:
- Select the Apply button on this page and indicate your preferred loan type from the drop-down menu.
- If you are an existing member registered for digital banking, you can apply within the mobile app by logging in and choosing More > Apply for Loan/Account > Home Equity Loan.
Once you have applied, a real estate loan officer will reach out to you with the next steps.
Note that you will need to provide proof of homeowners insurance prior to closing. You will also be required to have a property valuation.
How much money can I borrow with a CAFCU home equity loan?
Our home equity lines of credit have a minimum of $10,000 and a maximum of $500,000.
Fixed-rate home equity loans have a minimum of $5,000 and a maximum of $250,000 depending on your loan-to-value.
Do you have a HELOC calculator?
Do I have to be a CAFCU member to apply for a home equity loan or line of credit?
Yes, you must be eligible for membership for us to review and process your application. If you are not currently a member, join now.
What is the maximum loan-to-value on a CAFCU home equity loan?
We will offer home equity loans up to 90 percent of the home’s value.
What are your closing costs on a home equity loan?
There are no closing costs. But in some locations, you may be required to pay state, county, or local taxes associated with the loan.
How can I withdraw money from my HELOC?
You can withdraw funds from your home equity line of credit in the following ways:
- Log into digital banking and transfer funds to your CAFCU share or checking account (transferring to a checking account allows you to use your debit card for quick and easy purchases).
- Call our Member Center at 1-800-359-1939.
Can I get a home equity loan on my second home or investment property?
We offer home equity loans and lines of credit on primary residences only.
Do you offer payment insurance in case I can't pay?
We do on home equity loans (not HELOCs). Check out our
Payment Advantage page to learn your options.
Contact a home equity expert
Have questions about your home equity options?
Our real estate lending specialists can help you take advantage of your home equity today!
Contact us at 1-800-359-1939, option 2, to have your questions answered.
*If loan is closed within 3 years, a Third Party Reimbursement Fee will be charged. Contact a Real Estate Loan Officer for an estimated amount at 1-800-359-1939, option 2. Members are required to pay any state, county or local taxes associated with the loan. Requirements and restrictions may vary by state. Consult a tax advisor regarding the deductibility of interest. Contact our Real Estate department for details regarding your state at 1-800-359-1939, option 2. Payment Advantage is not available on Home Equity Lines of Credit.
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