First Credit Union Home Equity Loan

Home Equity Loans

Equity in your home is an excellent source of funds for your financial needs. A home equity loan with First Credit Union can allow you to finance your child's college education, consolidate bills or make home improvements. The best thing is that interest payments on equity loans are usually tax deductible, but always check with your tax advisor. First Credit Union Home Equity Loans are secured by the deed of trust on your home and feature:

Competitive, fixed rate
Loans terms of 2-15 years
Lump sum disbursement
Tax deductible interest

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Home Equity Mini

A home equity mini is a home equity loan with a shorter term of only 60 to 72 months. The home equity mini offers a lower, fixed interest rate because the term is shorter. With a First Credit Union Home Equity Mini you can consolidate debt or finance a home improvement project and pay off the loan over 5 to 6 years rather than 10 to 20 years.

Minimum loan amount is $5,000
Maximum loan amount is $50,000
Maximum loan to value is 80%
First or second lien position only
Can be used to refinance a current First Credit Union loan with a $5,000 minimum increase in loan balance
Can be used to refinance an existing home equity loan with another lender
Homes with interest only or negative amortization first mortgages are not eligible
Only owner-occupied, primary residence, single family dwelling located in the State of Arizona are eligible
Land and mobile homes are not eligible
Third party fees waived for appraisal, title insurance, flood zone determination and recording provided members maintain loan in good standing and does not pay off loan for 24 months

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Home Equity Line of Credit

The First Credit Union Home Equity Line of Credit is a variable rate revolving credit line. As the balance is paid back it can be borrowed from again and again. The flexibility of a First Credit Union line of credit allows for a draw period of 10 years and a repayment period of 15-20 years depending on the loan balance. Requirements include: