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How Much Equity Do You Have in Your Home?

How Much Equity Do You Have in Your Home?

As your home maintains or increases in value, and you pay down your CEFCU Home Loan, you'll build equity in it. Equity is the difference between the current market value of your home and what you owe. You may be able to use the equity in your home to:

  • Consolidate higher interest debt or credit cards.
  • Complete a home improvement project.
  • Help finance a college education or wedding.
  • And more!

How do you know how much equity you have in your home?

Example of how to determine your available Home Equity Credit Loan/Line. Take the Appraised home value and multiply by .90. That gives you your available equity. Subtract the balance due on your first mortgage. The result is the approximate amount available as a Home Equity Credit Loan/Line.
Available Equity Example
Appraised home value $100,000
Multiply by 0.90 (or 90%) 0.90
Available equity $90,000
Balance due on first mortgage -$70,000
Approximate amount available as a Home Equity Credit Loan/Line $20,000

What’s the best option for you?

At CEFCU, you have the option to apply for a Home Equity Loan or a Line of Credit… depending on your needs. A Home Equity Loan lets you borrow a specific amount of money at a fixed rate over a designated period of time — from five to 15 years.

If you need flexibility, a Home Equity Line of Credit (HELOC) may be a good option. Rather than borrowing a specific amount of money, a HELOC allows you to borrow money as you need it at a variable rate and repay it over time.

Benefits of a CEFCU Home Equity Loan and Line of Credit

Both Home Equity options can help you stick to your budget. Instead of walking out with a huge amount of cash when you open the loan, you’ll have access to the amount you applied for or a line to use as needed. With a HELOC, you only pay interest on the funds you use. This makes it especially convenient if you don’t know exactly how much a project or financial need will cost.

Improve your home’s value

Using your home’s equity for home improvement projects can add to its value. If you plan on selling your home within the next 10 years, a Home Equity Loan or Line of Credit could pay for itself.

Other savings

Whether you choose a CEFCU Home Equity Loan or a Line of Credit, you’ll enjoy:

  • No annual fee
  • No early payment penalty
  • No termination fee

Convenient ways to apply!

Apply for a CEFCU Home Equity Loan or Line of Credit: