Home Equity Loans
Educational Community Alliance Credit Union is ready to give your home a makeover with our home equity loans and lines of credit! The home equity loans and lines of credit can be used for many purposes such as putting on a new roof, finally updating the kitchen or making a big purchase. Whatever it is, we can help!
Already have a Home Equity Loan (maybe even with another lender?!) and are concerned about rates increasing? Talk to us! We’re happy to help you find the best solution for your situation and budget.
Fixed Home Equity Loan
A lower rate first mortgage or a traditional second mortgage allows homeowners to borrow a lump sum against the equity in the home and repay simple fixed terms.
- Fixed interest rate for the loan period.
- Payments will be on the same day on a monthly basis.
Flexible Home Equity Line-of-Credit Loan
- Our Flexible Plan is a convenient line-of-credit loan.
- Access is possible by simply writing a check.
- The rate of interest is variable, and payments are based on the outstanding loan balance.
Which One is Right for Me?
Review our Frequently Asked Questions (FAQ) to help answer that question.
How do I apply?
You decide which loan type fits your needs. To apply, simply start by making an appointment with a loan officer. Give us a call at 866-381-2323. We will order a credit check, title work & appraisal. Within 7 to 14 days all of the appropriate steps should be completed and within 7 to 14 days all of the appropriate steps should be completed and we will be ready to close! To get an idea of loan payments, use the Loan Cost calculator above.
Home Equity Loan InquiryWant to learn more? Just give us a bit of information and someone will reach out to discuss the best solution for you and your circumstances.
*APR = Annual Percentage Rate. 1.99% APR as low as rate based on a term of 5 years. Qualifying rate based on creditworthiness. Minimum credit score to qualify for promotional rate and terms is 740 TransUnion. You may not qualify for the lowest rate. Other rates and terms available for those that do not meet the minimum score. See credit union for your qualifying rate and term. Offer may not be combined with any other offer. Rates subject to change at any time. $10,000 loan minimum to receive promotional rate. All loans subject to credit approval. Loan must be in first lien position and cannot be more than 50% of home’s value (LTV). Standard underwriting guidelines apply. Membership eligibility is required. This credit union is federally insured by the National Credit Union Administration.