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A Home Equity loan lets you use the equity that you have in your home to borrow money. This is a great option when you know exactly how much you need to borrow.
Use the value in your home to fund home improvement projects, education or other expenses.
With a Home Equity loan, you’ll receive your funds in one lump sum which is repaid over the term of your loan. You’ll enjoy the comfort of knowing that your monthly payments will remain the same throughout the life of your loan with our non-variable rate.
- The minimum loan amount is $7500 and the maximum loan amount is $150,000.
- Terms up to 15 years are available.
- A $150 application fee is due at the time of application.
- An appraisal may be required when you borrow more than 50% of the assessed value of the property.
- HELOC’s may be granted on a member’s one or two family, owner occupied primary residence or the member’s secondary (vacation) residence. The property must be located in Monroe, Orleans, Genesee, Livingston, Ontario or Wayne County.
Documents you will need to apply:
- Bank statements for the past two months
- Complete income tax returns for the past three years
- Mortgage statement
- Two consecutive paystubs for each borrower
- Paid tax receipts (Town, County, Village and School)
- Deed to the property
- Proof of paid homeowner’s insurance
- Year-to-date Profit and Loss Statement and Balance Sheet (only needed if self-employed)
Easy Loan Payments
- Automatically take your loan payment from your direct deposit
- Automatic transfers from your account
- Set up scheduled or one-time transfers using our Online Banking
- Make transfers from AnytimeTeller, our 24-hr telephone teller
- Mail in your payment
- In person at the credit union office or through our Night Deposit Box