Home Equity/HELOC Loans
A Home Equity Loan is the easy way to pay for major purchases, to finance an education, fix up your house, or consolidate your bills.
If you’re a homeowner and have built equity in your home, you may be able to borrow up to 90% of the appraised value of your home (less your existing mortgage) . . . even if you’ve only been in your home for a short time! Both home equity and home equity lines of credit generally carry lower interest rates than other loans, such as personal loans and credit cards. Unlike interest paid on other loans, this interest may be tax deductible. Consult your tax advisor to be sure.
We offer second mortgage loans and home equity lines of credit on your primary residence with loan-to-values (LTVs) up to 90%. If you prefer the security of a fixed rate loan with a fixed term for repayment, you may prefer a home equity loan. If you prefer the convenience of being able to access a revolving line of credit, you may prefer our variable rate home equity line of credit.
Prime Rate as of 03/16/2017 is 4.00%
Home Equity Loans & Lines of Credit RatesRates Current as of: 05/01/2017
|Description||Term Description||APR* as low as||Payment Example|
|Up to 80% LTV||15 years||4.24%||Payment Example|
|Up to 90% LTV||15 years||5.49%||Payment Example|
|Up to 80% LTV||10 years||3.74%||Payment Example|
|Up to 90% LTV||10 years||4.99%||Payment Example|
|Up to 80% LTV||5 years||3.24%||Payment Example|
|Up to 90% LTV||5 years||4.49%||Payment Example|
|< 80% LTV||Line of Credit||Prime Rate||Payment Example|
|> 80% LTV||Line of Credit||Prime Rate + 1%||Payment Example|
*Subject to credit approval. APR is Annual Percentage Rate. ALL RATES ARE SUBJECT TO CHANGE WITHOUT NOTICE.
LTV is Loan to Value. Fixed term home equity loan rates are risk based depending on borrower’s credit history. Home Equity Line of Credit is a variable rate based on Prime Rate and the stated margin based on your credit score.
To determine the equity you may have, follow this simple formula:
Appraised Market Value of your property X 90% Minus Balance on your Existing First Mortgage = Lendable Equity
Appraised Market Value: $100,000
X 90% =
Existing First Mortgage Balance: $60,000
Lendable Equity: $30,000.
How to Apply
You can stop in one of our branches to apply or you can simply apply online below:
NMLS Registry Information for Harvester Financial Credit Union Mortgage Loan Originators:
NMLS # 433915 Harvester Financial Credit Union
NMLS # 657937 Joy Cooper
NMLS # 657939 Mary Stephens
NMLS # 657940 Sheryl Wood
NMLS # 1062075 Teresa Ervin
NMLS # 657938 Michelle Mason