Home Equity
Tap into your equity without extending your budget. Home equity loans and home equity lines of credit can be used to make home repairs, consolidate debt, invest in education or finance other necessary expenses. This can be a smart way to use the equity that you have built up in your home.
Home Equity Line of Credit
Choose a Home Equity Line of Credit for greater flexibility with easy access to funds on an ongoing basis. Qualify today and enjoy:
- Introductory rate of 1.90% APR1 for the first 6 months
- Variable rates as low as 4.00% APR1 after the introductory period
- Borrow up to 95% of your home’s value
- Interest-only payments during the draw period (minimum of $100)
- Easy access to funds when you need them through online banking or convenience checks
- Credit Lines up to $500,0003
Home Equity Loan
With an equity loan, you get a one-time lump sum of cash you can use any way you like. Choose a low fixed rate and you’ll have up to 15 years to pay it back.
- Rates as low as 3.49%2
- Borrow up to 95% of your home’s value
- A one-time payout to get your money up front
- Loan amounts up to $500,0003
Debt protection
In today’s economy, anything can happen. That’s why we offer debt protection from LoanGuard. This amazing product can cancel or reduce repayment of your loan if life catches you by surprise. LoanGuard is available on all auto loans, credit cards, unsecured loans and lines of credit as well as home equity lines of credit. Ask about LoanGuard when you apply for a loan today.*
1APR=Annual Percentage Rate. Subject to credit and property approval. Rates and APRs are subject to change without notice. Introductory APR is for the first 6 billing cycles. Upon expiration of the intro rate, all balances will accrue interest at the variable APR in effect for your account. Line of credit rates are variable and based on The Wall Street Journal Prime Rate plus/minus a margin, adjusted each quarter. The minimum APR is 4.00% and the maximum APR is 18%. Property insurance is, and flood insurance may, be required. Consult your tax advisor regarding the deductibility of interest. Availability restrictions may apply.
2Rates vary depending on credit history. To qualify, there must be no other liens/mortgages secured by the property being used as collateral. Appraisal required – fee paid upfront and is non-refundable. Fees paid to third parties to open your account typically range between $750 and $1,500 for loans up to $100,000. The closing costs depend on the location of the property and the amount of the Equity Loan. A sample Fixed Equity Loan payment based on $100,000 at 3.49% APR for 15 years is $714.56 (APR 3.573%). Escrow account may be required.
3Loan amounts up to $200,000 if Loan-to-Value (LTV) is over 90%.
*LoanGuard is a debt protection product offered by Andrews Federal Credit Union and is not available on first mortgages. Enrollment in this debt protection product is voluntary and not required to obtain a loan. Please contact us for additional information on benefit maximums, eligibility, and limitations. Available online, through branches and via call center.
