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.

• 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) is accurate as of 1/1/21, fixed for six calendar months after account opening and available for Tier 1 and 2 borrowers. Thereafter, APR adjusts in accordance with variable rate terms of credit agreement. Interest rates are based on highest Prime Rate published in the Wall Street Journal in effect on the last day of the month plus the margin. The margin is based on Loan-To-Value (LTV), line requested and member’s credit history. Floor for all HELOCs is 2.99%, ceiling is 18%. Home Equity Loans/Lines over $500,000 require title insurance. Owner Occupancy and homeowners insurance required. When draw period ends, repayment terms are up to 20 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.

   

  *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.