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At SCU Credit Union we know that your home is more than a place to hang your hat. It's an investment in the future. That's why we offer our members home equity lines of credit and home equity loans with competitive rates and flexible terms. By using the equity in your home to finance a new car, make home improvements, or consolidate bills, you are putting the investment into your home to work for you.
Home Equity Line of Credit Special
Low intro rate of 5.99% APR* for the first 12 months then Prime Rate minus 0.50% APR after the intro period
For Home Equity Lines of Credit
We lend up to 80% of the assessed value or up to 80% of the appraised value less the remaining balance on your first mortgage on 1-4 family owner occupied residences.
For Home Equity Loans
We lend up to 80% of the assessed value or up to 80% of the appraised value less the remaining balance on your first mortgage on 1-4 family owner occupied residences. Home Equity loan amounts start at $10,000 and go as high as $500,000.
We also offer low fixed-rate home improvement loans.
We lend up to 90% of tax assessed value or up to 95% of the appraised value less applicable Mortgage Balance Liens. Home improvement loan amounts start at $3,000 and go as high as $100,000.
Our "On the House" refinance mortgage offers members the option to take cash out, has no points, no closing costs and no prepayment penalties. Click here to learn more about our 'On the House" option.
If you're not sure which product is right for you, speak with one of our Mortgage Consultants to help you determine which option fits your needs (and wants) best! To learn more about the different features and benefits of each of our home equity products, read about them below.
Standard Home Equity Line of Credit
Features & Benefits:
- Payments of principal and interest during draw and repayment periods
- Variable interest rate at Prime minus .50% with a floor rate of 3.50%*
- 10 year draw period
- 10 year repayment period
- Monthly billing based on the outstanding loan balance only
- Property valuations or appraisal may be required. Applicable fees to be paid by applicant.
- Calculate a payment >>
- Apply >>
*Borrowers who maintain their first mortgage with SCU Credit Union may be eligible for a floor rate of 3.00%.
Premium Home Equity Line of Credit
Features & Benefits:
- Payments of interest only during the draw period
- Variable interest rate at Prime minus .50% with a floor rate of 3.50%*
- 10 year draw period
- 10 year repayment period
- Monthly billing based on the outstanding loan balance only
- Payments of interest plus principal during repayment period
- Property valuations or appraisal may be required. Applicable fees to be paid by applicant.
- Calculate a payment >>
- Apply >>
*Borrowers who maintain their first mortgage with SCU Credit Union may be eligible for a floor rate of 3.00%.
Disclosure “Important Terms of Our Home Equity Lines of Credit” >>
Disclosure "What You Should Know About Home Equity Lines of Credit" >>
Home Equity Loan
Features & Benefits:
- Repayment terms up to 25 years
- Fixed rate monthly payment
- No closing costs
- No pre-payment penalty
- Property valuations or appraisal may be required. Applicable fees to be paid by applicant.
- Refer to Home Equity Loan rates for Annual Percentage Rates
- Calculate a payment >>
- Apply >>
Your Annual Percentage Rate, Term and Approved Loan Amount may vary based on your credit worthiness. Please ask a loan representative for details regarding how your rate is determined.
Home Improvement Loan
Features & Benefits:
- Repayment terms up to 20 years
- Borrow up to 90% of tax assessed value or up to 95% of the appraised value less applicable Mortgage Balance Liens.
- No closing costs
- No penalty for early repayment
- Estimates required
- Property valuations or appraisal may be required. Property valuation or appraisal fees to be paid by the Credit Union.
- Calculate a payment >>
- Apply >>