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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?
| 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 Hybrid Home Equity Line of Credit | $20,000 |
Benefits of a CEFCU Hybrid Home Equity Line of Credit (HELOC)
With the Hybrid HELOC from CEFCU, you enjoy the flexibility of a variable-rate HELOC, using funds only when you need them, and the peace of mind of a Home Equity Loan, offering fixed rate(s) and payment(s). Plus, 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 Hybrid HELOC could pay for itself.
Other savings
When you choose a CEFCU Hybrid HELOC, you’ll enjoy:
- No annual fee
- No early payment penalty
- No termination fee
Convenient ways to apply!
Apply for a CEFCU Hybrid HELOC: