Home Equity Loans and Lines of Credit
Enjoy cash when you need it
When you need extra money at a low rate, a home equity loan or line of credit might be the solution.
As low as As low as 6.243% Annual Percentage Rate (APR) Annual Percentage Rate (APR).
- A revolving line of credit you can draw on as needed
- Low, interest-only payments during the 10-yearA $50,000 line with a 10-year interest-only draw period followed by a 15-year repayment period. Initial APR is 8.50% variable and may increase after account opening. Minimum payment during the draw is interest only. Rates are subject to change. Payments do not include taxes or insurance. Actual obligations may vary. draw period*
- Ability to lock-in up to three, fixed-rate loans under one line of credit
- A lump sum of cash
- Terms from 5For a $30,000 loan at 6.500% APR, the monthly principal and interest payment would be $582.25 for 60 months. Payment does not include taxes or insurance. Actual payment obligation may be greater. Rates are subject to change at any time. to 20For a $30,000 loan at 6.250% APR, the monthly principal and interest payment would be $221.43 for 240 months. Payment does not include taxes or insurance. Actual payment obligation may be greater. Rates are subject to change at any time. years with a fixed interest rate
- Fixed monthly payments
First Tech Federal Credit Union home equity loans come with an expert loan officer. Your loan officer will guide you through the process and help you choose the loan or line of credit that works best for your situation.
Fixed-rate home mortgage loans or adjustable-rate mortgage.
Lower your monthly payments, consolidate debt or access cash when you need it.
Frequently Asked Questions
First Tech offers two different types of home equity loans. The Flexity Line of Credit allows you to apply for a line of credit based on the value of your home. This line of credit gives you access to money when you need it. First Tech also offers fixed-rate home equity loans with terms of 5 to 20 years with a fixed interest rate and monthly payments.
Home equity loans may not be right for people who are only looking to borrow a small amount of cash. The upfront costs for a mortgage can be higher than other types of loans. If you’re having trouble making ends meet or needing money to pay for regular daily expenses; taking on additional debt of any kind may be challenging.
A home equity line of credit is a variable interest rate product tied to the Prime Rate. This means payments will fluctuate and it can be difficult to manage if your income changes from month-to-month.
A home equity loan allows you to access money by borrowing against your home’s equity. Your equity is the difference between the amount you owe on the mortgage and the value of the home. Generally, over time people build equity as they continue making mortgage payments. This assumes the market value of their home holds steady or increases over the same time period.
A home equity loan provides a fixed amount of money that you receive at one time. Interest on this type of loan is often fixed and you pay interest on the entire loan amount. Monthly payment amounts stay the same for the life of the loan.
A home equity line of credit or HELOC is a revolving line of credit you can draw on as needed. The interest rate is variable but you only pay interest on the money you use, not the amount you can access.
Your maximum loan amount will be based on the value of your home and other variables like how much you still owe on the home, debt-to income ratio, and ability to repay the loan. We’ll have a new interactive home equity calculator coming soon. In the meantime, schedule an appointment with one of our Home Equity Loan Officers for an estimate.
