Put Your Home to Work with a Home Equity Loan.
Your home may be your most valuable asset.
Put it to work – or play – with a Home Equity Loan from COPFCU. A home equity loan allows you to borrow against the equity in your home so you don’t have to dip into your savings to cover things like home improvements, education, business startups, and debt consolidation.
The many benefits of a COPFCU Home Equity Loan:
- Borrow up to $250,000
- Low Rates
- No closing costs
- Flexible terms from 5 to 15 years
- Interest paid may be tax-deductible**
- Low application fee
Fixed Home Equity Loan Features:
- Provide a one-time advance for a specific amount.
- Has a fixed rate, fixed repayment term and fixed monthly payment
- Ideal for one-time remodeling projects
By using your home as collateral, a home equity loan allows you to borrow money at a fixed rate that’s lower than almost any other type of loan.
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Home Equity Loan Rates
80% Max. LTV*
90% Max. LTV*
| Term | APR* from | APR* to |
|---|---|---|
| 5-Year Fixed | 6.99% | 8.49% |
| 10-Year Fixed | 7.49% | 8.99% |
| 15-Year Fixed | 7.99% | 9.49% |
| Term | APR* from | APR* to |
|---|---|---|
| 5-Year Fixed | 7.99% | 9.49% |
| 10-Year Fixed | 8.49% | 9.99% |
| 15-Year Fixed | 8.99% | 10.49% |
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Credit Life & Disability Insurance
Life can be wonderful. But it can also get complicated when unexpected things happen. Protecting your loan payments against the unexpected such as a disability or covered life event could help you protect more than your finances. Protect your family against the unexpected at an affordable low cost. Learn more about the different coverage options and get a free quote today.
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FAQ
What’s the difference between a Home Equity Loan and a Home Equity Line of Credit?
With a Fixed-Rate Home Equity Loan, you receive the money you’re borrowing in a single payment, and the interest rate stays the same for the life of the loan. With a HELOC, you have the ability to borrow money whenever you need it up to your maximum credit limit. Unlike Fixed-Rate Equity Loans, HELOCs have variable interest rates.
Home Equity Loan
- Apply for the amount you need
- Receive a fixed rate that doesn’t change during the life of the loan
- Make the same payment every month until your loan is paid off
- Ideal for one-time remodeling projects
Home Equity Line of Credit (HELOC)
- Allows you to draw money as you need it (similar to a credit card)
- Features a variable rate
- Only pay interest on the money you use
- Ideal for ongoing or longer-term remodeling projects
Is a home equity loan a mortgage?
Yes. Home equity loans are often referred to as second mortgages since they offer fixed rates and a steady repayment schedule like traditional mortgages. A traditional mortgage is what gets you into the home initially, whereas a home equity loan is taken out after you’ve accumulated equity in the home.
What can I use a home equity loan for?
You can use a home equity loan or line of credit for almost any purpose. Common uses include home improvements, education expenses, medical bills, weddings, unexpected expenses and consolidating debt.
Important Legal Disclaimer
**Interest is usually tax-deductible as long as the home equity loan funds are used to improve the property on which the loan is made, however you should consult a tax advisor to determine your eligibility.
Speak with a loan officer for full details.