Home Equity Credit Line
When you need flexibility plus access to the equity in your home, a CEFCU Home Equity Credit Line may be right for you. The Home Equity Credit Line is a revolving line of credit you use as you need it.
- Apply just once for a credit line accessible up to eight years.
- Pay interest only on funds as you use them.
- Have monthly payments as low as $100.
- Deduct interest you pay on taxes.*
- Enjoy no annual fee.
|Estimating Your Available Equity|
|Appraised value of your home||$80,000|
|Multiply by .90||x 0.90|
|Equals 90% of appraised value||$72,000|
|Subtract balance due on your first mortgage||- $30,000|
|Equals approximate amount available from Home Equity Loan/Credit Line||$42,000|
*Consult a tax advisor regarding the deductibility of interest.