Home Equity Loan Solutions from UCU Mortgage
Accessing the equity in your home is a great way to pay for major expenses, like tackling home improvement projects, a kitchen remodel or other remodeling, debt consolidation, college expenses, and more! UCU makes it a great value with low home equity interest rates. And we also make it easy with personal help and an easy application process.
What Makes UCU’s Home Equity Loan Great:
- Using your home as collateral provides a competitive pricing strategy with low-interest rates
- Low monthly payment to fit your budget and spending habits
- Fixed-rate payment means your payment stays the same through the repayment period
- The interest you pay may be tax-deductible (consult your tax advisor)
- Use for debt consolidation for paying off high-rate loans and credit card balances
- Use to pay for major expenses like home improvement projects, a kitchen remodel or other remodeling, travel, and college expenses
Like all our loan products and services, we can customize your home equity loan options to suit your needs and budget.
Questions about our home equity loans? We are happy to help. Email our Mortgage Loan Originators or give us a call at 800 696 8628.
Differences between a Home Equity Loan and Home Equity Line of Credit
Home Equity Loan
A Home Equity Loan is a lump sum loan with a fixed amount borrowed upfront. Home Equity Loans typically have a fixed interest rate and fixed monthly payments over the life of the loan, which can be from 5-15 years at UCU. Home Equity Loans are best for large, one-time expenses such as home renovations, medical bills, or debt consolidation.
Home Equity Line of Credit (HELOC)
A HELOC is a revolving line of credit that you can draw from as needed, they work in a similar way to a credit card. HELOCs typically have a variable interest rate, and the monthly payment can vary based on the amount borrowed. HELOCs are best for ongoing or variable expenses, such as ongoing home improvements, education costs, or as an emergency fund that can be drawn upon when needed.
Examples of home improvements you can use a Home Equity Loan or HELOC for:
- Enhance your curb appeal. Update your siding, install stone veneer, and your entryway to give your home a curb appeal makeover.
- Build, upgrade, or repair your porch, deck or dock. Spending more time outdoors all summer is something you look forward to every year. You can spruce up or construct a porch, deck or dock to help you enjoy your outdoor time even more.
- Update and refresh your landscaping. Beautify your front and back yards to make them your favorite spaces at home. You can create your own oasis with fresh shrubs, trees, flowers, and hardscape materials.
- Update HVAC systems for energy efficiency. Update your home’s heating and cooling systems to more energy-efficient technology, such as heat pumps or solar energy.
- Replace windows and doors. Replacing old, drafty windows and doors can make your home more energy efficient.
Why choose UCU for a home equity loan
At UCU, we know you have goals and that sometimes you need a little help reaching them. That’s where we come in. We offer great home equity loan financing to help you reach almost any goal. Here’s why we think UCU is your best lender for a home equity loan.
We’re not-for-profit.
As a credit union, we’re a not-for-profit financial cooperative. That means we get to take any money that we make and return it to our members in the form of better rates on products and services. The result is competitive rates for a better value. Our low home equity rates and low closing costs will help you pay less over the repayment term so you can use more of your money for reaching your goals.
We’re local.
We are based right here in the communities we serve, so we make all our lending decisions locally. That gives us more flexibility in deciding who to lend to and how to structure our loans to suit your needs. We don’t have to wait for loans to be approved at a corporate headquarters. Instead, your local lending team makes the loan decisions and works with you directly on making sure your home equity loan gives you what you need.
We are owned by our members.
UCU is not owned by shareholders, but instead by our members. That means that pleasing our members is our biggest job and our most important priority. We’re here to work with you on your home equity loan and to help you succeed.
We are experts.
At UCU, we offer the assistance of experts who specialize in loans. Our lenders have a wealth of experience in lending and know how to guide you through application and closing. This makes the entire process easy for you from start to finish. And if you ever have any questions about a home equity loan, we can give you the answers you need.
We are focused on service.
At UCU, we think personal service is still important in banking. So we are dedicated to providing our members with the friendliest, most helpful service around. We try to learn all our members by name and treat you like a person, not an account number. So whatever you need, we try our best to deliver because we care.
Using your home equity loan
Accessing the equity in your home can be a great option for those who want to accomplish any number of goals. Here’s why.
It’s affordable.
A home equity loan from UCU can be an affordable way to finance your goals. It all starts with using your home as collateral. Doing this gives you access to some of the lowest financing rates available. Plus, as a not-for-profit credit union, UCU is dedicated to providing our members with great value, so we offer some of the best home equity interest rates you can find. We also make sure to keep our closing costs low so you can use more of your funds to reach your goals while staying in your budget.
It gives you the cash you need.
Unlike personal loans, which may give you access to just a few thousand dollars, a home equity loan can give you access to a larger lump sum of cash, depending on how much equity you have in your home. UCU can work with you to decide how much equity to tap into based on your qualifications.
It’s flexible.
Unlike some loans, a home equity loan can be used for just about anything. Want to go for a kitchen remodel? Tackle home improvement projects? Pay for major expenses? Travel? Cover college expenses? Pay off high rate credit card balances and consolidate debt? You can do this all – and more – with your home equity loan from UCU.
It may be tax-deductible.
The interest you pay on your home equity loan may be tax-deductible. Consult your tax advisor for further information and requirements.
It’s free from surprises.
Because it has fixed rates, your home equity loan monthly payment will stay the same through the entire repayment period. Without the unknown of variable interest rates, you can rest easy that your payment won’t increase when interest rates rise.
UCU is here for you with affordable home equity loans.
We make it easy.
Our online application is simple and guides you through the home equity loan application process step by step.
Questions about our home equity loans? We are happy to help. Email our Mortgage Loan Originators or give us a call at 800 696 8628.
NMLS ID: 407658
