Home Equity Loans
If you have equity in your home, this can serve you well as a reliable source of funds to meet large expenses, whether those expenses were planned or unexpected. It’s a way for you to stay ahead, with a variety of uses. You can use the money to:
- Pay off existing credit card debt. Consolidate your current credit cards at a lower rate, lower payment, and in one location.
- Make home improvements or renovations. Now you can do that room addition, add outdoor living space, or catch up on needed repairs at a great low rate.
- Pay for a college education. College costs are soaring, help bring them back down to earth with a low-rate HELOC loan. You can use the equity you've built up in your home to create a better life and future for yourself.
- Cover large medical expenses. When a sudden, unplanned medical expense comes up it can be hard to find the money to cover it. With deductibles, co-pays, procedures and travel, medical bills and expenses can pile up in a hurry.
What is Home Equity?
Your home's equity is the difference between what your home could sell for and what you owe on the mortgage. You can use this amount for a variety of purposes, such as those described above as well as for other expenses you're facing. The interest on a home equity loan is generally much lower than on other types of loans. Some restrictions apply, including how much you can borrow and the term of the loan.
Home Equity Loan Rates
|Your Credit Score (Variable Rates APR*)|
Home Improvement Loan Rates
|Your Credit Score (Rates APR*)|
*Annual Percentage Rate. Credit qualification, age 18 or older, and membership required. Rates shown effective as of January 7, 2019 and are subject to change without notice.
**Age 18 or older, credit qualification and membership required. Home equity limit of 90%. 5-10 year draw with a 10-20 year repayment period. Other requirements apply.
Repayment period of 180 months.
Current Maximum HELOC Rate = 18%
The 60 month HELOC has an origination fee of 0.50% of the credit limit with a minimum of $200. The 120 month HELOC has no origination fee, but a minimum draw requirement of $10,000 and an annual fee of $99.00.
Loan Fees: All third party costs such as flood determination, filing fee, credit report, title fee, document preparation, and appraisal if applicable. (Fees range between $20 and $1,000.)
Property securing your HELOC must have full insurance coverage with Meridian Trust listed as Loss Payee at all times.