Home Equity Loans & Lines of Credit

Need some extra cash? Put your home equity to work! Use the equity in your home for major financial expenses such as home improvements, medical bills, or even a college education!

A home equity loan or line of credit creates a lien, or second mortgage, against your property and reduces actual home equity until that lien is paid off. Just like your first mortgage, the interest paid on home equity lending solutions is tax deductible.*

Home Equity Loan

Need a lump sum up front for a project or large purchase? A Home Equity Loan can be granted for up to 80% of the appraisal value, less any existing liens on the home, and you'll have up to 15 years to pay it off. The minimum financing amount is $5,000 and the maximum is $300,000.

Home Equity Line of Credit (HELOC)

A HELOC works similar to a credit card. You apply now to establish your credit line so you have it when you need it. A "draw period" will be defined when the credit line and issued, and can be extended upon re-approval when it expires. Draw periods can be up to 5 years. Your credit limit will be established at the time of application, up to $200,000. Unlike a Home Equity Loan, a HELOC has no minimum loan amount, so use only what you need!

Home Equity Loan Rates

                    Term up to
                    APR* as low as
                
                    5 Year
                    6.50%
                
                    10 Year
                    6.75%
                
                    15 Year
                    7.00%
                
                    20 Year
                    7.25%

Term up to	APR* as low as
5 Year	6.50%
10 Year	6.75%
15 Year	7.00%
20 Year	7.25%

Effective October 6, 2023

Financing up to 80% equity. Non-refundable fees assessed at time of application are $250.00 for up to and including $100,000 in credit and $450.00 for over $100,000 in credit.

Start Your Application Online Today!

The same requirements apply to both a Home Equity Loan and a Home Equity Line of Credit.

LENDING REQUIREMENTS

Loans are granted up to 80% of the appraisal value less any liens on the property
Eagle One must be no lower than second lien position
Non-refundable application fees are:
- $200 for HELOC regardless of the amount borrowed
- $250 for a Home Equity Loan for up to and including $100,000 in credit and $450 for over $100,000 in credit

APPLICATION REQUIREMENTS:

Completed loan application
Application Fee
Proof of Income
Copy of the deed of the home
Declaration page of the homeowner's policy
Credit score(s) of at least 640
Maximum debt-to-income ratio of 40%

Apply For A Home Equity Loan

Apply for a Home Equity Line of Credit

EAGLE ONE FEDERAL CREDIT UNION: NMLS #791845

MLO OFFICERS:

Dawn Maloney, NMLS #1756619
William Wilson, NMLS #1756620
Kevin Allen, NMLS #1789982

If you have any questions about the equity in your home and what you are able to do with it, contact us.

*Consult your tax advisor.
*APR = Annual Percentage Rate. Rate based on creditworthiness. A Home Equity Loan can be granted for up to 80% of the appraisal value. .