Home Equity Loans

SOCU offers various types of Home Equity Loans. By using the equity in your home, you may qualify for a sizable amount of credit at a low-interest rate. Furthermore, under the tax law – depending on your specific situation – you may be allowed to deduct the interest because the debt is secured by your home. Consult a tax advisor for further information.**

After years of falling volume, home equity lending is making a comeback, real estate research firm CoreLogic Inc. reported. During the first nine months of 2015, lenders approved nearly 1 million new home equity lines of credit with an aggregate credit limit in excess of $115 billion. New approvals during 2015 were on pace to be the largest amount since 2008, and more than double the volume three years ago.*

A picture of a gray home with white trim on a sunny day
Use the equity in your home for an awesome loan.

Apply Online for a Home Equity Loan Today

Home Equity Line of Credit

  • Up to 80% financing available
  • Line of Credit Freedom

Home Equity Fixed Rate

  • Up to 80% financing available
  • Low Fixed Rate
  • Up to 120-month financing

*2.99% fixed Annual Percentage Rate (APR) for first twelve months. Thereafter, variable APR adjusted quarterly based on Wall Street Journal Prime Rate (index) -.10% for the life of the loan. Current APR as of 7/01/2018 is 4.90% APR, includes -.10% margin and assumes loan to value < 80%. Minimum floor rate of 3.00% APR and a maximum rate of 18.00% APR. Minimum $5000 loan amount. Term will be a 120-month draw period and a 120-month payback period for a maximum term of 240 months. Interest accrues daily. A payment will be required each month and is based on the end of month balance. Minimum payment is $50 or 1.5% of the principal balance, whichever is more. Introductory offer not available for refinances of existing SOCU home equity loan/line of credit. Not available for home purchase. Property insurance is required, flood insurance may be required. Closing costs range from $500-900.  Other costs may be included due to program specific circumstances. Consult with your tax advisor on potential tax savings. Certain restrictions apply. Limited time offer. SOCU NMLS #421974. Federally Insured by the NCUA.

*Source: Business Record http://businessrecord.com/Content/Real-Estate-Development/Real-Estate-Development/Article/-Home-equity-loans-are-popular-again/173/835/72368#ixzz45Y278iwv

**SOCU does not provide tax advising services. We recommend all tax related questions be directed to a tax advisor.