This is your one-stop-shop to learn everything concerning our Mortgage/Home Equity Accounts. Take a moment to read about the features and benefits of the product. Then, review the documents listed in the “Behind the Scenes” screen to gather details on policies and procedures pertinent to managing the product. Lastly, take a moment to complete the assessment on this product and give to your supervisor.
Home Equity Loan: fixed-loan that uses the equity in one’s home for multiple purposes such as a wedding, bill consolidation, vacation, tuition, etc. This is also called a second mortgage.
Home Equity Line of Credit: low-rate open-ended revolving loan that is generated from the equity in one’s home. This means that that a certain loan limit is established upon approval of the loan. Members can use funds up to the limit without ever reapplying for the loan. This is a financing option for a number of items where the budget may be unknown. (Ex: home improvement projects, bill consolidation, etc. This is also called a second mortgage.
First Mortgages: funding to purchase owner occupied, vacation or rental traditional properties, single- or multiple family homes, condos, and townhomes. There are various financing options including adjustable- and fixed- rate mortgages. Please refer all detailed questions concerning products and rates to our mortgage department, CUMA or Credit Union Mortgage Association.
| FEATURES | BENEFITS | |
| Home Equity Loan | up to 125% of the loan Based on review of credit | Great solution for one-time projects |
| Home Equity Line of Credit | up to 100% of the loan Based on review of credit | Great solution for ongoing projects |
| Mortgages | Limits $500-$3,500 No credit review Low rates | Homeownership |
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