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Home Equity Loans or Home Equity Line of Credit (HELOC)

Tapping into your Home Equity is a great way to access low-cost funds for a variety of needs.

•Cash payment: Unlike lines of credit, a home equity loan provides a lump sum of money. This allows you to knock out medical bills, contractor costs, or other major
expenses with one check.

•Refinance your credit card debt into a Home Equity Loan to lock in a low fixed- payment!

•Potential tax deduction**

All loans subject to approval. NMLS #658157. **100% of your home equity loan interest payments may be tax deductible. Consult your tax advisor for details and to see if you qualify.

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

Home Equity Loan or Home Equity Line of Credit (HELOC)?

While a HELOC behaves like a revolving line of credit, letting you tap your home’s value in just the amount you need as you need it, a home equity loan provides a lump-sum withdrawal that’s paid back in installments. Much like a credit card that allows you to borrow against your spending limit as often as needed, a HELOC gives you the flexibility to borrow against your home equity, repay and repeat. Most HELOCs have variable interest rates. This means that as baseline interest rates go up or down, the interest rate on your HELOC will adjust, too.

Home equity loans are usually issued with a fixed interest rate. This can save you future payment shocks if interest rates are rising. Talk with Sharon or Dirk to decide which option is best for your financing needs.

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 or Home Equity Line of Credit?

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.

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