Cash from home equity can go a long way toward a major purchase or dealing with one of life’s little surprises. Using your available home equity through either a home equity loan or a line of credit (HELOC), you can pay for tuition, home improvements, a vacation, unexpected auto repairs, pay off high-interest credit cards and personal loans, consolidate your bills, take advantage of a real estate investment, and more!
Home Equity Line of Credit (HELOC)
As a California homeowner, you can tap your equity easily and affordably for any purpose. Upon approval of your credit union home equity line of credit, we’ll establish a credit limit, so you will only need to apply once for this revolving line of credit. And, since you only pay interest on the actual amount you use, it’s perfect for an emergency fund! Home equity line of credit limits range from $10,000 to $250,000 depending on your combined loan-to-value and credit scores.
Because the balance of a HELOC may change from day to day, you pay interest on what you borrow. You have the option to choose the lowest payments with an interest-only HELOC, which allows you to pay only the interest on the loan for up to 10 years. After 10 years this loan will amortize out over the next 15 years. Or, choose a traditional HELOC where your payment is higher, but you’ll pay your loan off sooner because you’re making both principal and interest payments.
Second Trust Deeds (Home Equity Loan)
A Second Trust Deed (Home Equity Loan) is a closed-end, fixed-rate equity loan perfect for when you’re borrowing for a specific purpose. Borrow only as much as you need!