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
- No Annual Fees
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
|Description||Pros of Product||Cons of Product||Common Uses of Product|
|Equity Credit Line (to 80% LTV)|
|Equity Credit Line (to 80% LTV) Equity Plus Credit Line (to 100% LTV)|
|Term Equity Loan (to 80% LTV)|
|Term Equity Plus Loan (to 90% LTV)|
|Investor Equity Credit Line (to 70% LTV)|
• Repairs, upgrades
• Pay off 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)|
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