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Home Equity Loans
   


Whether it be vacation, education, bill consolidation, home improvements, tax money or a new car, your home’s equity can provide you the cash you need.

You can choose how best to use your home’s equity with one of two Stark Federal Credit Union Home Equity Programs:

Home Equity Line of Credit

  • Borrow from $5,000 to $75,000

  • Borrow money when you need it

  • Variable rate

  • Pay a minimum of 1% of the balance or $100, whichever is greater

  • Term up to 15 years

Click here for Home Equity Line of Credit disclosures.

Fixed-Rate Home Equity Loan

  • Borrow from $5,000 to $100,000

  • Borrow a fixed dollar amount

  • Fixed rate

  • Lower fixed monthly payments

  • Term up to 20 years

Both options allow you to borrow up to 84.9% of the appraised value of your home, minus your outstanding mortgage balance. Your interest may also be tax deductible. (Always consult your tax advisor regarding the deductibility of interest before making any tax-related borrowing decisions.)

 


Frequently Asked Questions About Your Home's Equity

Q: What Is Equity?

A: Equity is the difference between the appraised value of your home and the balance remaining on your mortgage loan. With our Home Equity Loan Programs, you can borrow up to 84.9% of your home's appraised value.

Click Here to find out how much Equity is in your home.

Q: What are your rates for a Home Equity Loan?

A: Click Here for Stark Federal Credit Union's Home Equity rates.

Q: What can I use the money for?

A: The wonderful thing about a both of our Home Equity Loans is that you can use the cash for anything you can think of. Take a vacation, finance a college education, start a business, consolidate debt, buy a boat or car, pay taxes or remodel your home - the possibilities are endless.

Q: What about fees?

A: Our Fixed-rate Home Equity Loan has no processing fee, no application fee and no annual fee. You can even pay off your Fixed-rate Home Equity Loan after three years without a penalty. Our Home Equity Line of Credit also has no application fee. There is a low $25 annual fee if you choose to keep your line of credit open. We have no fee for the first advance, a minimal $25 fee for advances under $1,000, and a $10 fee for each access of $1,000 or more.

Q: How can a Home Equity Loan or Line of Credit save me money?

A: Our Home Equity Loans' interest rate is generally lower than other types of loans, such as personal loans and credit cards. If our Home Equity Line of Credit is lower, you save money. It's as simple as that. And, of course, you only pay interest on the money you borrow.

For more information about home equity lines of credit, read the The Federal Reserve Board brochure titled, "What you should know about Home Equity Lines of Credit."

Click here to apply.

 

For questions regarding home equity loans and mortgages, contact Steve Pflugh
(NMLS: 303702) at 330.493.7602.

 
 





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