Home Equity Loans

*Rates, terms and conditions are subject to change and may vary based on creditworthiness, qualifications, and collateral conditions. All loans subject to approval; some closing costs may apply. NEW money only, 10 year loan, at 3.99% loan rate. For example, a fixed 10 year term loan for $10K, at 3.99% with closing costs would be 4.179% APR for a monthly payment of $101.20.

More than Memories

What’s under your roof? There are more than just great memories and all of your belongings; there’s equity! That equity can pay for much needed vacations, home improvements, debt consolidations, or college costs and for most, there’s more there than you’ll need.

Borrow against my home? Why?

Home equity loans are a great way to borrow money. Generally, other lines of credit come with higher interest rates. This type of loan, if used properly, allows you to borrow sensibly.

Another great feature of home equity loans is that the interest may be tax deductible. Be sure to consult a tax advisor about the specifics.

How does it work?

You’ll need to have more than 25% of your home’s value paid for. Below is a formula to show how North Iowa Community Credit Union will determine the amount you are eligible to borrow.

Value of your home                $100,000
Up to 75% X .75 Subtotal      $75,000
Remaining Mortgage Bal.    $40,000
Equity available                     $35,000

How can I use the money from a home equity loan?

That is completely up to you.

What do I need to apply for a home equity loan?

It’s quick and easy, the way it should be. Here’s how it works:

Stop by and fill out an application or call us and we’ll send you one. We’ll also need:

 Current income verification in the form of paystubs for everyone on the application

 W2, tax return statements for the past 2 years for everyone on the application

A loan officer will check your credit and figure your borrowing maximum and quote a rate and payment plan. Once the loan is closed, the money can be deposited into your account after three business days.

For more information or to speak to a Mortgage Loan officer call Sharon Somers or Dirk Bruns at 641-424-2281 OR Jamie Smith at 641-423-2281.