Take advantage of the equity in your home today to free up some cash for the holidays
Why a Home Equity Loan?
CAFCU's Home Equity Loans offer you a low-rate borrowing opportunity by harnessing the value in your home. 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. Here's a breakdown of the benefits of working with CAFCU on your home equity loan:
- 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 such as:
Planning a wedding
Taking a dream vacation
Making home improvements
Building new appliances
Building a backyard oasis
Paying college expenses
Paying off high-interest debt
Making long-term investments
At CAFCU, we offer two home equity loan options to suit your needs:Fixed-Rate Home Equity Loans
With 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 automatic 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 using free line of credit checks for convenient access to your funds. 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.
Home Equity FAQ
Are there closing costs associated with a fixed home equity loan or line of credit?
What is the maximum loan amount and loan-to-value on a fixed home equity loan or line of credit?
Can I get a home equity loan on my second home or investment property?
Do I have to be a CAFCU member to apply for a home equity loan or line of credit?
How do I apply for a home equity line of credit?
Have questions about your home equity options? Our 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.