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Home Equity Lines & Loans

Home Equity Lines of Credit (HELOC) can be used to

  • Borrow for Home Improvements
  • College Tuition
  • A New Vehicle
  • A Vacation
  • Medical Bills
  • A Family Wedding
  • Starting a Home-Based Business
  • Any Number of Other Major Expenditures
  • Enjoy interest rates are much lower than what you'd pay on a credit card or personal loan
  • Draw only the funds you need, interest accrues only on the amount outstanding
  • Interest you pay on a home equity loan can be tax deductible, which further reduces the cost of borrowing*
  • Draw on your approved limit for 10 years, with a 15- year re-payment thereafter
  • Home Equity Convenience Checks allow easy access to your funds

Three Credit Line Choices

Equity Credit Line Loan limits up to 80% of the appraised value (Loan to Value or LTV) of your primary or secondary residence, with a maximum of $200,000 and a competitive variable rate tied to Prime.

Equity Plus Credit Line With our Equity Plus you can borrow up to 100% of the appraised value (Loan to Value or LTV) of your primary residence, with a maximum of $100,000.

Investor Equity Credit Line If you have Investment Property, this is the credit line for you. Loan limits up to 75% of the appraised value (Loan to Value or LTV) on your Investment (rental) Property, with a maximum of $50,000.

Pros and Cons of Lines vs. Loans

DescriptionPros of ProductCons of ProductCommon Uses of Product
Equity Credit Line (to 80% LTV)
  • Access to short term cash.
  • 10 years to draw
  • Can use it up to 10yrs. Doesn’t have to reapply for 10yrs.
  • Check access, revolving.
  • No protection in rising rate environment.
  • If the home value goes down and needs to sell house they have to pay the difference.
  • Rate index is too high.
  • Home Improvements.
  • Repairs, additions, remodels, weddings.
  • Payoff bills, car loans, home improvements, college for kids.
  • Home improvement, vacations, etc.
Equity Credit Line (to 80% LTV) Equity Plus Credit Line (to 100% LTV)
  • Full equity cash out.
  • Can use it up to 10yrs. Doesn’t have to reapply for 10 yrs. More money out of equity.
  • Maximizes the borrowing power for our members.
  • Loss of value over time.
  • If the home value goes down and needs to sell house, they have to pay the difference. Higher rate.
  • Places most important asset at risk in case of default.
  • Cash out to remodel.
  • Payoff bills, car loans, home improvements, college for kids.
  • Other debt consolidation, student loans.
Term Equity Loan (to 80% LTV)
  • Fixed rate, same payment
  • Good to know when it will be paid off. Fixed rate.
  • Fixed rate allows for budgeting exact debt servicing.
  • Have to reapply to add to loan
  • Will need to reapply to get more money and if the home value goes down in value and needs to sell house, they have to pay the difference. Risk of being upside down in the future.
  • Higher rate, 1 time advance.
  • Payoff debits
  • Payoff bills, car loans, home improvements, college for kids.
  • Fund long-term expenditures.
Term Equity Plus Loan (to 90% LTV)
  • Fixed rate, same payment
  • Good to know when it will be paid off. More money out of equity. Fixed rate.
  • Fixed rate allows for budgeting exact debt servicing.
  • Have to reapply to add to loan.
  • Will need to reapply to get more money and if the home value goes down in value and needs to sell house, they have to p[ay the difference. Risk of being upside down in the future.
  • Higher rate, 1 time advance, places home in higher risk of default.
  • Payoff debits
  • Payoff bills, car loans, home improvements, college for kids.
Investor Equity Credit Line (to 70% LTV)
  • Cash draw when needed.
  • Members would like to access their rental equity rather than their own home. Can use it up to 10 yrs.
  • Loss of equity over time (possible)
  • If the home value goes down in value and needs to sell house they have to pay the difference.
  • Liquidity for a business.
  • • Repairs, upgrades. • Payoff bills associated to the rental to keep it separate from their home bills and rental improvements. Or whatever they want.
Investor Term Loan (to 70% LTV)
  • Same as fixed 2nd’s
  • Members would like to access their rental equity rather than their own home. Fixed rate.
  • Same as fixed 2nd’s
  • If the home value goes down in value and needs to sell house, they have to pay the difference.
  • Same as fixed 2nd's
  • Payoff bills associated to the rental to keep it separate from their home bills and rental improvements. Or whatever they want.

Automobile / Truck Equity Loans

You can purchase your next vehicle and lower your income tax rate! If you own your home (even if you have no equity) this might be the loan for you! Our Auto Equity loan allows for a Courtesy Lien to be recorded on your home, giving you extra buying power and potential tax deductibility of finance charges*

Our Auto Equity loans have the same great rates, terms and conditions of our regular Automobile Loans. Check them out, and apply today.

Signature Equity Loans

Using your home may also be your best option when you need to borrow $10,000 or less and you have little or no equity in your home. Our Signature Equity Loan has the same great rates and terms as our regular Signature Loans but also allow for a Courtesy Lien to be recorded on your home, providing you potential tax deductibility of finance charges*.

East County Schools Federal Credit Union Auto Equity and Signature Equity do not require a property appraisal or title insurance required and we can have your loan approved and funded within 5 business days!

*Consult your tax adviser to find out what deductions you are qualified for

Loan Rates

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Members LoveECSFCU!

  • ECSFCU is big enough to approve loans with great rates and small enough to provide personal service and products that are important to the educational community.
    Randy Montesanto Grossmont Union High School District
  • We bank with East County Schools Federal Credit Union and learned they also have a great car buying service! We decided to look into it and ended up with the best customer service, an amazing price, no hassle of going to the dealership, and a brand new 2017 Honda Accord Sport! A year later, we were in need of another car for our growing family. It was an easy decision to go with the credit union and New Cars Inc again. The process and customer service didn’t disappoint once again, and we love our new 2018 Honda CRV! A big thank you to New Cars Inc and ECSFCU!
    Carly and Luke Esquerra