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    Home Equity Loans

    Consolidate credit card debt, remodel the kitchen, or even buy a car with a home equity loan.

     

    Home Equity Loans

    If you’ve built equity in your home and want to start making improvements, like a remodeled kitchen, a new pool or a great back patio, taking out a home equity loan can help make your vision into a reality. Our home equity loans let you borrow money against the equity you’ve built in your house, so the more money you’ve put in, the larger loan you can afford.
     
    • Flexible term lengths from 3-15 years allow you to spread out your monthly payments to make them more affordable
    • Fixed rates and monthly payments help you budget by knowing exactly how much you’ll pay every month
    • Can provide lower interest rates than most other consumer loan products to help lower overall out-of-pocket costs
    • Interest paid on a home equity loan may be tax deductible1
    A home equity loan also makes it easy to transfer or refinance debts that have non-deductible interest and higher interest rates, such as a car loan or credit cards. You can even use that loan to send your teen to college or take your dream vacation.

    1. Consult your tax advisor for deductibility of interest.
     
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    Home Equity Line of Credit (HELOC)

    A home equity line of credit (HELOC) gives you the flexibility you need for almost any purpose or project. A HELOC is a revolving line of credit that allows you to borrow over a period of time instead of in one lump sum. Rest assured, we offer some of the best HELOC rates in the industry, ideal for paying college tuition or planning a big remodeling project.

    HELOCs are available in Alaska, Colorado, Louisiana, Oklahoma and Texas.
     
    • Only pay interest on the money you borrow
    • Accessible for a five year draw period
    • Rates are usually lower than most other consumer loan products
    • Flexible access to money as needed and in varying amounts
    • Interest accrues only when the line of credit is accessed
    • Interest paid on the loan may be tax deductible1


    1. Consult your tax advisor for deductibility of interest.
     
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    Which is Right for You?

     

    Home Equity Loan

    Home Equity Line of Credit (HELOC)

    Product

    Fixed-rate, closed-end loan with equal payments over the term of the loan

    Open-end variable rate loan, interest-only payments in 5 year draw period followed by a 10 year repayment period to repay the outstanding balance

    Recommended for

    Members who need a fixed amount, do not anticipate needing additional funds and prefer a fixed rate and payment

    Members who are not sure what amount they want to borrow, anticipate needing various advances over an extended period of time, want the flexibility of accessing the funds when they need them and prefer a variable rate

    Payments

    Equal monthly installments over a fixed period of time

    First 5 years during the draw period, payments are equal to the greater of interest only or $25. After the draw period payments are substantially equal monthly installments over 10 years

    Terms

    3 - 15 years, varies based on loan amount

    5 year draw period followed by 10 year repayment period

    Loan to Value

    80% of Fair Market Value, less any outstanding home liens

    80% of Fair Market Value, less any outstanding home liens

    Funds Distribution

    Funds are disbursed in one lump sum at closing

    Available funds can be accessed any time during the draw period

    Minimum Advance

    One-time lump sum request based on loan amount

    Advances must be at least $4,000, there is no minimum or maximum number of advances

    Tax Deductible Interest

    Interest may be tax deductible – contact your tax advisor

    Interest may be tax deductible – contact your tax advisor

    Cash-Out Refinance

    Cash-out refinancing allows you to utilize your home’s equity to pull cash out and use those funds for any number of things, including home improvements, school tuition, investment purposes, large purchases and more.

    Rates

    Loan Type 3 year 4 year 5 year 6 year 7 year 10 year 12 year 15 year
    Home Equity and Improvement 7.84% 8.08% 8.20% 8.30% 8.34% 8.41% - 8.47%
    Home Equity Line of Credit Rate as low as 7.50% until 12/31/23. After 12/31/23, the rate will be based on WSJ Prime + 2.5% or + 3.5%. Your rate will depend on your credit history. No application fee. Interest only during the draw period. Maximum APR 18%. Minimum loan advance $4,000.

    Should I consolidate my personal debt into a new loan?

    Debt consolidation can be a great option for saving money and simplifying your monthly payments into a single loan. Use this calculator to estimate if a debt consolidation loan is a good choice for you.
    Crunch the Numbers
    1 NMLS #469500 All lending products are subject to credit and property approval.  Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply.

    To reach us, please call 800.322.2709 or email msc@advancial.org.
     
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