Whether you are looking to make home improvements, buy a car, pay for school tuition or simply payoff your credit card debt, the equity in your home could be the key.
Home Equity Loan (Fixed Rate)
Great program for a known fixed expense such as a major home improvement project like a room addition, a kitchen remodel or a pool in the back yard. Your payment and rate will be fixed for the term of your loan. You will not have access to future advances as you pay the principal down.
- Borrow up to 100% of appraised value1
- Terms up to 180 months
- No closing costs3
- Fixed interest rate for the life of the loan
- Interest paid may be tax deductible5
- Property must be owner occupied and located in North Carolina
Home Project Loan Special
Need cash for your next home improvement project? Contact one of our home improvement loan specialists to help you design a project loan to fit your budget.
*This is a home equity product which will result in a lien on your home. Qualifying property must be owner occupied single family residence (min. 2 year ownership), not manufactured housing, located in Cumberland County or contiguous counties. Some properties may not qualify for this promotion. Rate, terms, and conditions subject to change without notice. Subject to credit approval. Payment example: 120 monthly payments of $11.49 for each $1,000.00 borrowed at 6.75% APR. Click here for a complete list of our NMLS numbers. Rate as of 09/01/2018.
Please stop by your local branch, apply online below, or contact us for complete details.
1 Available or lendable equity is typically defined by the LTV (loan-to-value). Lendable equity is determined by subtracting your first mortgage balance from the property's established market value. We use 2 ways to establish market value. 1) We employ the services of an automated valuation system (AVM) where we supply certain information about your property to a third party data system and in turn we receive a perceived value based upon numerous characteristics. 2) The second method used to determine value is obtaining a certified appraisal as described in the following note. There may be circumstances where a certified appraisal is required in addition to the AVM.
2 If the loan amount is greater than $100,000 or outside of Cumberland and its contiguous counties an appraisal performed by a NC State certified appraiser must be performed. You will be responsible for the cost associated with the appraisal which is typically $450. The appraisal fee must be paid prior to the credit union ordering the service and is non-refundable once the appraisal is completed. There are circumstances that may require a certified appraisal on loans less than $100,000. Please speak with one of our mortgage loan officers for complete details.
3 Assumes your loan is less than $100,000 and the property used as collateral is within Cumberland or its contiguous counties.
4 Prime rate as advertised in the Wall Street Journal on the last business day of a calendar quarter. This is the index. Your rate is subject to change quarterly based on the prime on the last business day of the previous quarter. For Prime Rate click here.
5 Consult your tax advisor.