Home Equity Loan
Home Equity Loan
For those members seeking a fixed rate option with a specific payout term, the FCCU Home Equity Loan is the perfect solution.
Terms:
Qualified members can choose from 5-, 10- and 15-year terms. The shorter the term, the lower the interest rate. The minimum amount you can apply for is $10,000. The maximum amount is $400,000.*
Special Features:
- No points
- Fixed rates
- Possible tax deduction (speak with your personal tax advisor)
- Convenient automatic payment deduction
Special Option
FCCU also offers a special home equity loan product that pays off your current first mortgage and provides unique benefits.
You may be able to refinance your first mortgage loan with a First Choice Home Equity loan and save a lot of money in closing costs while getting a great rate. We call this the We’re # 1 Loan. We designed this loan for the many members who were discouraged by the high closing costs to refinance a First Mortgage loan. There is still time while interest rates are low to lock in a great rate.
Special Features of the We’re #1 Loan:
- Low interest rates
- Lower closing costs than a standard first mortgage
- No escrow requirement
- Quick closing process
- Terms up to 20 years
Membership required. Subject to loan approval. Loan to value and credit history will determine your available rate.
Home Equity - First Position2, 5, 6, 7 | ||||
---|---|---|---|---|
CREDIT SCORE | APR1 | |||
5 Years | 10 Years | 15 Years | 20 Years | |
720+ | 5.375% | 5.75% | 6.00% | 6.50% |
680-719 | 5.625% | 6.00% | 6.25% | 6.75% |
640-679 | 5.875% | 6.25% | 6.50% | 7.00% |
600-639 | 6.375% | 6.75% | 7.00% | 7.50% |
Less than 600 | 7.375% | 7.75% | 8.00% | 8.50% |
Home Equity - First Position2, 5, 6, 7 | ||||
---|---|---|---|---|
CREDIT SCORE | APR1 | |||
5 Years | 10 Years | 15 Years | 20 Years | |
720+ | 5.375% | 5.75% | 6.00% | 6.50% |
680-719 | 5.625% | 6.00% | 6.25% | 6.75% |
640-679 | 5.875% | 6.25% | 6.50% | 7.00% |
600-639 | 6.375% | 6.75% | 7.00% | 7.50% |
Less than 600 | 7.375% | 7.75% | 8.00% | 8.50% |
Home Equity - Second Position2, 4, 5, 6, 7 | |||
---|---|---|---|
CREDIT SCORE | APR1 | ||
5 Years | 10 Years | 15 Years | |
720+ | 5.75% | 6.125% | 6.375% |
680-719 | 6.00% | 6.375% | 6.625% |
640-679 | 6.25% | 6.625% | 6.875% |
600-639 | 6.75% | 7.125% | 7.375% |
Less than 600 | 7.75% | 8.125% | 8.375% |
Home Equity - Second Position2, 5, 6, 7 | |||
---|---|---|---|
CREDIT SCORE | APR1 | ||
5 Years | 10 Years | 15 Years | |
720+ | 5.75% | 6.125% | 6.375% |
680-719 | 6.00% | 6.375% | 6.625% |
640-679 | 6.25% | 6.625% | 6.875% |
600-639 | 6.75% | 7.125% | 7.375% |
Less than 600 | 7.75% | 8.125% | 8.375% |