Whether it be
vacation, education, bill consolidation, home
improvements, tax money or a new car, your homes
equity can provide you the cash you need.
choose how best to use your homes equity with one
of two Stark Federal Credit Union Home Equity Programs:
Home Equity Line of Credit
from $5,000 to $75,000
money when you need it
minimum of 1 1/2% of the balance or $100,
whichever is greater
up to 15 years
here for Home Equity Line of Credit disclosures.
Fixed-Rate Home Equity Loan
from $5,000 to $100,000
a fixed dollar amount
fixed monthly payments
up to 20 years
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.)
Asked Questions About Your Home's Equity
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.
What are your rates for a Home Equity Loan?
A: Click Here
for Stark Federal Credit Union's Home Equity rates.
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
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
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
"What you should know about Home Equity Lines of Credit."
here to apply.