Home Equity Loans

The equity homeowners build in their home over the years can be a source of cash for whatever their needs. Make home improvements, pay college expenses, consolidate bills, or buy a car with FMFCU’s Home Equity Loans and Lines. Questions about which loan is right for you? Call us or stop in to a local branch.

• Home Equity Loan

  Make the equity in your home work for you with an FMFCU Home Equity Loan*.

   

  • Financing up to 90% loan-to-value
  • Terms up to 240 months
  • Potential tax advantages (consult your tax advisor)
  • Fixed rates, fixed payments
  • Can be collateralized by owner and non-owner occupied

   

  Have a Home Equity Loan somewhere else? Lower your rate by transferring it to FMFCU.

   

  APPLY FOR A HOME EQUITY LOAN

   

  *Membership eligibility applies. Owner occupancy required. Flood insurance may be required. Title insurance required for home equity loans over $500,000. Consult a tax advisor for further information regarding deductibility of interest. This offer may be withdrawn at any time and is for new home equity loans only.

• Home Equity Line of Credit

  With an FMFCU Home Equity Line of Credit (HELOC), borrow just what you need, when it’s needed. Only pay interest on what you borrow. Special introductory rate of 1.99% APR for the first six months for lines up to 80% loan-to-value.**

   

  • Lowest payments possible
  • Financing up to 90% loan-to-value available
  • 10-year draw period
  • No cash advance fees
  • $50 annual fee waived in the first year

   

  APPLY FOR A HOME EQUITY LINE OF CREDIT

   

  **1.99% Annual Percentage Rate (APR) accurate as of 8/1/18 and fixed for six calendar months after account opening. Thereafter, APR adjusts in accordance with variable rate terms of credit agreement. On credit lines of $100,000 or more up to 80% loan-to-value, APR is the Wall Street Journal Prime Rate. On credit lines of $10,000 – $99,999 up 80% loan-to-value, APR is the Wall Street Journal Prime Rate plus 0.49%. Maximum APR on all credit lines is 18%. Minimum APR on all credit lines is Wall Street Journal Prime Rate, which is 5.00% as of 8/22/18. Owner occupancy and homeowners insurance required. Title insurance required on credit lines greater than $500,000. When draw period ends, repayment terms are up to 15 years on remaining balance. Offer valid on new FMFCU credit lines only. Subject to credit approval. Membership eligibility applies.

• Paying for College?

  Exhausted all other options for financial aid and federal student loans? Your home’s equity can help cover the costs of paying for college. Using a home equity loan, borrow more money than you could through traditional student loans, and often times at a lower interest rate.

   

  For more information, visit our Home Equity FAQ page.

   

  *Membership eligibility applies. Owner occupancy required. Flood insurance may be required. Title insurance required for home equity loans over $500,000. Consult a tax advisor for further information regarding deductibility of interest. This offer may be withdrawn at any time and is for new home equity loans only.