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Home Equity Lines of Credit and Loans

If you own your home, chances are you've built up a lot of equity. Using the equity in your home can be a smart way to borrow because the interest on the loan may be tax deductible.* Rates are very competitive and there are options for no closing costs. Apply now!

Home Equity Line of Credit

Loan Amount a) 80% of appraised value less first mortgage (Prime PLUS .25% APR**), OR
b) 90% of appraised value less first mortgage (Prime PLUS 1% APR**)
For either: maximum = $150,000; minimum = $10,000
Rate a) Prime rate PLUS .25% APR** (80% LTV), OR
b) Prime rate PLUS 1% APR** (90% LTV)
For either: minimum = 3%; maximum = 18%
Draw Period 15 years (access with home equity checks)
First Advance - $2,500 minimum / $500 increments thereafter
Closing Costs Credit union will pay closing costs. Minimum loan term is two years or reimbursement of closing cost are due to credit union.
Appraisal Fee $125
Processing Time 3 - 4 weeks


Home Equity Loan (Closed End)

Loan Amount 80% of appraised value less first mortgage
Maximum = $150,000; minimum = $10,000
Rate 5 year -- as low as ***3.99% APR
10 year -- as low as ***4.49% APR
15 year -- as low as ***4.99% APR
Closing Costs Credit union will pay closing costs. Minimum loan term is two years or reimbursement of closing cost are due to credit union.
Appraisal Fee $125
Processing Time 3 - 4 weeks

*Please consult your tax advisor for the deductibility of interest in your particular situation.
**Prime rate as published on www.moneycafe.com. The equity loan rate is subject to change on the first day of the quarter (January, April, July & October) following a change in the prime rate.
*** Rates quoted are the lowest available ("as low as"). Actual rate may differ and depends on the applicant's and/or credit applicant's credit history.

How to Apply

Members may apply for a loan as soon as your membership is established. Loans are available to members who are in good standing with the credit union; approval is based on credit history and debt-to-income ratio. Submit an application with your two most recent paystubs...applying couldn't be easier! Stop by our Saint Agnes Hospital branch and speak to our Loan Officer. Or call 443-844-3616 during banking hours or apply online.