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Home Equity Loans

Facing one of life's significant expenditures?

The easy solution may be an FRB Home Equity Loan. Choose between a traditional fixed-rate single advance Home Equity Loan or a Home Equity Line of Credit with its conservative features and variable rate.

And since we're a credit union and not a bank, the money you use to pay your loan returns to you in the form of dividends, lower interest rates, and free or low-cost services. It's like putting the money back in your own pocket!

Home equity loan

This loan provides you with a one-time advance of funds. You can repay it over 15 years selecting a biweekly or monthly payment schedule. The interest rate is fixed for the life of the loan. For qualified borrowers, the loan to value can be as high as 90% (including a 1st mortgage).

Home equity line of credit (HELOC)

This is a variable rate loan. You can make multiple advances during the first five years (draw period). After the draw period you will have 15 years to repay the loan. The features of our HELOC include:
  • Interest rate is indexed to the Prime Rate + 0.
  • Interest rate is capped at 18 percent with a floor of 3.50 percent.
  • Rate changes can be made every six months. (The maximum change will be no greater than 1 percent for each six month period.)

 

HELOC Advance Request Application:

Steps along the way

There are additional steps in the processing of a home equity loan. These include appraisals, insurance coverage, and administrative tasks.

Find out what your steps along the way should be.

 

Pamphlets you should read

Consumer's Guide to Mortgage Refinancing Leaving FRB FCU Credit Union
A Consumer's Guide to Mortgage Settlement Costs Leaving FRB FCU Credit Union
Putting Your Home on the Loan Line is Risky Business Leaving FRB FCU Credit Union

How do I apply?

Come to our main office in the Martin Building and speak with one of our expert loan officers.

Home equity closed end

(1st or 2nd mortgage, fixed rate. Effective: March 1, 2017)

Term Number of Payments biweekly/ monthly 1st Lien Terms: 2nd Lien Terms: 1st Lien Terms: 2nd Lien Terms: 1st Lien Terms: 2nd Lien Terms:
Up to 70% loan to value Up to 80% loan to value Up to 90% loan to value
5 years 60/130 3.75% 5.25% 4.75% 6.25% 5.75% 7.25%
10  years 120/260 4.25% 5.75% 5.25% 6.75% 6.25% 7.75%
15 years 180/390 4.75% 6.25% 5.75% 7.25% 6.75% 8.25%

Home Equity loans are available for primary residences, second homes, and investment properties. The second home loans are subject to a 1.00% increase in the interest rate from the rates above and may be subject to other restrictions.

Home equity line of credit

Maximum Loan to Value 90%
Prime rate to floor rate 3.75%
Rate ceiling 18.00%

Member Loans