Home Equity Loans

There's so much you can do with the equity in your home!

Consolidate high-rate bills, make home improvements, buy a car, and pay tuition, with fast and easy financing Apply Online, 24/7. The interest paid on the portion of your loan or line exceeding your property's value is not tax deductible for Federal income tax purposes. Please consult your tax advisor regarding the deductibility of interest.

Home Equity Line of Credit (5) (10) (11)

As of today, the current PRIME rate is 3.25% as listed in the Money Rates section of the Wall Street Journal.

Click here for information from the Federal Reserve about what you should know about Home Equity Credit Lines.

Fixed Rate Home Equity (3) (4) (5) (10) (11)

*3.440% for the first 5 years; then the APR adjusts one time to the then current Prime Rate as listed in the Money Rates Section of the Wall Street Journal, plus a margin based on individual credit circumstances and services with the Credit Union with an adjustment cap of 5%, but never lower than 3.99% APR for an additional 5 years.

 

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Express Equity Mortgage (1)

  • Excellent short-term mortgage alternative offering a quick closing.
  • $498 origination fee. No title, commitment, processing, recording, survey, settlement, underwriting, credit report, flood certification or tax service fees. Loans amount of $250,000 or more require an appraisal fee. No escrow accounts and no attorney or settlement agent required. Property insurance required. Flood insurance may be required. Subordination fee and other state specific taxes and/or fees are the responsibility of the borrower(s). (4)
  • One-time advance loan.
  • Fixed rate and monthly payments.
  • Maximum loan-to-value of 75% from $50,000 to $500,000.
  • 10 year term.

Super 5/5 Equity (1)

  • Click here for the current Annual Percentage Rate (APR). After 5 years, the APR adjusts once to the current Prime rate as listed in the Money Rates section of the Wall Street Journal, plus a margin based on individual credit circumstances and adjustment cap of 5%, but never lower than 3.99% APR, for an additional 5 years. (3)
  • No application fees, no closing costs, no annual fees. State specific taxes and/or fees are the responsibility of the borrower(s). (4)
  • Borrow up to 85% of your home's value minus your first mortgage balance up to $249,999.

Home Equity Fixed Rate Loan (1)

  • No application fees, no closing costs, no annual fees. State specific taxes and/or fees are the responsibility of the borrower(s). (4)
  • One-time advance loan.
  • Fixed rate and monthly payments.
  • Borrow up to 85% of your home's value minus your first mortgage balance up to $249,999..
  • Terms available from 10 to 20 years.

"Extreme" Equity Credit Line (1)

  • Lines subject to credit approval.
  • Click here for the current low introductory Annual Percentage Rate (APR) for new lines. After twelve months, the APR adjusts to the current Prime rate as listed in the Money Rates section of the Wall Street Journal, plus a margin based on individual credit circumstances, but never lower than 3.00% APR. (2)
  • No application fees and no closing costs. Certain states impose a Mortgage Recording tax at the time a mortgage is recorded and can vary from state, county and locality, and can range from $1 to $21.75 for each $1,000 of the approved credit line amount. An early termination fee of $195 will apply for lines paid-off or cancelled within one year from being established. An annual fee of $49 is charged annually on the anniversary of a home equity credit line. (4)
  • Borrow up to 85% of your home's value minus your first mortgage balance up to $249,999.
  • 25 year term helps lower monthly payments.
  • Line can be accessed anytime.
  • Click here for information from the Federal Reserve about what you should know about Home Equity Credit Lines.

 

Loans subject to credit approval.
(1) Home Equity Loans and Credit Lines are not available in Puerto Rico and the states of Alaska, Hawaii and Texas.
(2) The Annual Percentage Rate (APR) is based on individual credit circumstances, amount of equity in the subject property, and includes a .30% reduction in rate based on your account services with the credit union. Discounted rate example includes  a discount of .10% for an active checking account (active checking account requires either 1- existing checking acct with minimum monthly Direct Deposit of $500.00 , 2-FRFCU debit card with minimum 5 transactions in previous month, 3- Active Bill Pay Account);  0.10% for an existing consumer loan (excludes Credit Builder and Personal Lines of Credit); 0.10% for a FRFCU Mortgage or Investment Account. If no qualifying relationship add .30% to the stated rate, and may increase after the twelve month introductory period based on the then current PRIME rate plus a margin based on individual credit circumstances, but will never be lower than 3.00% or higher than the maximum allowed by the Federal Credit Union Act, which is currently 18%. Twelve month introductory APR applies to new lines only and requires a $10,000 minimum draw.  Any existing Financial Resources Home Equity Credit Line previously receiving an introductory APR, that’s being financed in order to receive the new introductory twelve month APR, requires a $50,000 increase in the Credit Line amount, subject to approval, and requires that a fee of $195 be paid if the Home Equity Credit Line being refinanced has been open one year or less. An annual fee of $49 is charged annually on the anniversary of a home equity credit line. Rates are subject to change without notice.
(3) The Annual Percentage Rate (APR) quoted for the first 5 years is the lowest based on individual credit circumstances for each qualified applicant, amount of equity in the subject property, and automatic payment deduction selection from a Financial Resources FCU Checking Account. After the 60th month, the Annual Percentage rate (APR) is subject to a one time change for the next 5 years based on the then current PRIME rate plus a margin based on individual credit circumstances and adjustment cap of 5%, but will never be lower than 3.99% or higher than the maximum allowed by the Federal Credit Union Act, which is currently 18%.
(4) The states of AL, FL, GA, KS, the Orleans Parish of LA, MD, MN, NY, OK, TN, and VA impose a Mortgage Recording tax at the time the mortgage is recorded and can vary from state, county and locality, and can range from .10% to 2.175% of the approved loan or credit line amount, or $1 to $21.75 for each $1,000 of the approved loan or credit line amount. If the subject property lies in any of these areas, you will be notified of this fee amount and your home equity loan or credit line will be advanced to satisfy the fee. An early termination fee of $195 will be imposed on Home Equity Credit Lines paid-off or cancelled within one year from the date the Home Equity Credit Line is established. An annual fee of $49 is charged annually on the anniversary of a home equity credit line.
(5) Home Equity Loans and Lines are not available in Puerto Rico and the states of Alaska, Hawaii and Texas.
(10) Loan amounts up to $249,999.
(11) The states of AL, FL, GA, KS, the Orleans Parish of LA, MD, MN, NY, OK, TN, and VA impose a Mortgage Recording tax at the time the mortgage is recorded and can vary from state, county and locality, and can range from .10% to 2.175% of the approved loan or credit line amount, or $1 to $21.75 for each $1,000 of the approved loan or credit line amount. If the subject property lies in any of these areas, you will be notified of this fee amount and your home equity loan or credit line will be advanced to satisfy the fee. An early termination fee of $195 will be imposed on Home Equity Credit Lines paid-off or cancelled within one year from the date the Home Equity Credit Line is established. An annual fee of $49 is charged annually on the anniversary of a Home Equity Credit Line.