Home Equity Loans
Your home is a valuable asset and one that you can put to work for you to reach other financial goals. If you have established equity in your home, you can use that equity as collateral for a Credit Union Advantage home equity loan. Your equity is the difference between the appraised value of your home and what you owe on your mortgage, less any liens.
Use your equity to finance major expenses. Perhaps it’s time to renovate your kitchen or bathrooms, build an addition to your home, or you need to update your furnace and/or appliances. Maybe your landscaping needs a major overhaul, or you’d like to put a pool in the backyard. A home equity loan is also a great way to get the extra cash you need for vehicles, college and wedding expenses, or use it for debt consolidation in order to lower the amount of interest you are paying on other loans. You’ll be surprised how much money you can save when you pay off high-rate debt with your low-rate home equity loan. You can even refinance existing higher-rate home equity loans that you have at other lenders. Bring us the details of your loan and we’ll help you determine if refinancing is the best choice for you.
At Credit Union Advantage, we offer some of the best home equity loan rates in town – without many of the high fees charged by other lenders. When you need cash, simply write a check, or make transfers through PAT, online banking or mobile banking, or stop by the credit union office.
The interest rate for a home equity loan is based on the Prime Rate, is variable, and is subject to change annually. The rate change can be 2% over the Prime Rate as published in the Wall Street Journal.
Home Mortgage Loans
If you’re in the market for a new home mortgage, or if you’d like to refinance your existing mortgage, your credit union has a program to meet your needs. Members can choose from first-time homebuyer programs, purchases, refinances, construction loans, FHA/VA loans, and paying off land contracts.
Credit Union Advantage has partnered with the Mortgage Center to provide our members with a full range of mortgage products. Call the Mortgage Center at 1-888-562-6865 for additional information and current rates, or click here to visit the Mortgage Center website today.
The Mortgage Center website is also a valuable resource for information about the home buying process and to help you determine if purchasing a home is the right choice for you. There’s information for first-time home buyers, how to establish a budget, help with what you can afford, and the importance of getting pre-qualified.
Mortgage Center representations help you prepare for the type of information and documents you'll need such as the initial application, employment/income information, debts and obligations, proof of funds to close and evidence of resources, and preliminary documents like Social Security/pension award letters, photo ID, pay stubs and W2s, and financial statements for the last 60 days for all accounts listed in the application.
The experts at the Mortgage Center will also help you understand how your credit score plays a role in securing the most attractive mortgage rates and terms. As a Credit Union Advantage member, there are options available to you to help you be aware of and how to improve your credit score:
Credit Union Advantage NMLS 809620 . Jan Zuchowicz NMLS 809939 . Karen Day NMLS 1359531