Home Equity Loans
A home equity loan allows homeowners to borrow against the equity they have built up in their property. It is a lump-sum loan where the borrower receives a fixed amount of money based on the difference between the home’s market value and remaining mortgage balance. Typically, these loans have fixed interest rates and set repayment terms, making them suitable for one-time expenses or projects where borrowers need a specific amount of funds upfront.
Competitive rates for short-term or one-time needs
Debt Consolidation
Easier Qualification
Terms up to 20 years
Fixed Interest Rate
Major Life Events
Predictable Payments
Options available up to 100% of the appraised value of your home, minus your outstanding mortgage balance.*
Home Equity Line of Credit (HELOC)
A Home Equity Line of Credit (HELOC) gives the borrower the opportunity to utilize a revolving line of credit secured by the equity in your home. It is similar to a credit card, allowing homeowners to borrow funds up to a predetermined credit limit during a specified time period, typically around 15 years. Borrowers can access their funds as needed, repay what was used and borrow again within the set limit. HELOCs tend to have variable interest rates, but fixed rates are also available for those who qualify. Borrowers make interest-only payments on the amount used.
Borrow from $10,000 to $75,000
Debt consolidation
Emergency funds
Flexibility in borrowing
Funds are available via our teller line, checks, online, mobile, or automated phone system
$60 annual fee
Pay off your loan with no penalty
Revolving credit - as principal is repaid, more becomes available for use.
5-year draw period; then payback for 10 years
Variable rates.
Options available up to 84.9% of the appraised value of your home, minus your outstanding mortgage balance.*
*EQUITY LOANS ALSO SUBJECT TO ACCEPTABLE PROPERTY APPRAISAL AND TITLE SEARCH. Loans are subject to credit worthiness, membership eligibility and your ability to meet certain underwriting criteria such as owner occupancy and loan to value rations. Your rate may also be different based on your credit history. Loan to value criteria is based on the appraised value of your home minus your outstanding mortgage balances. This offer is only available on owner occupied homes. Property insurance is required. Flood insurance may be required. No early repayment penalty. No application fee. No closing costs. Third party fees may apply and may range from $0-$1,000.
Please contact your tax advisor to determine any tax benefits.
Stark Federal Credit Union may discontinue or change program without notice.
A Stark Federal Credit Union Share Account must be opened and in good standing in order to disburse a loan.
All loans are subject to credit approval.
All rates are subject to change.
Stark Federal Credit Union is an Equal Housing Lender.
*EQUITY LOANS ALSO SUBJECT TO ACCEPTABLE PROPERTY APPRAISAL AND TITLE SEARCH. Loans are subject to credit worthiness, membership eligibility, and your ability to meet certain underwriting criteria such as owner occupancy and loan to value ratios. Your rate may also be different based on your credit history. Loan to value criteria is based on the appraised value of your home minus your outstanding mortgage balances. This offer is only available on owner occupied homes. Property insurance is required. Flood insurance may be required. No early repayment penalty. No application fee. No Closing costs. Third party fees may apply and may range from $0 – $1,000.
**Home Equity Line of Credit (Variable Rate)-APR = Annual Percentage Rate. Loans are subject to credit worthiness and membership eligibility. Rate may be different and are based on your personal credit history. Variable rate subject to change with prime rate for the duration of the line of credit. Rate may change monthly. The current rate is based on Prime minus .51%. Your home equity contract rate is variable based on Wall Street Journal Prime Rate, on your creditworthiness, and Stark Federal Credit Union’s lending policies. Your rate will vary but never exceed 18.00% APR and never fall below 6.50%. Minimum credit line draw of $2,500. Monthly Payments will be $100 or 1% of the HELOC balance, whichever is greater. HELOC requires low annual fee of $60. There is a Draw Period for 5 years after the account is opened during which advances and purchases may be made and during which reductions to principal are not required (unless credit limit has been exceeded), followed by a repayment period that will not exceed 10-years.
***Home Equity Loan (Fixed Rate)- APR = Annual Percentage Rate. Loans are subject to credit worthiness and membership eligibility. Rate may be different and are based on your personal credit history. Fixed rate options allow you to borrow up to 100% of the appraised value of your home, minus your outstanding mortgage balance. Rates above are available for loan amounts over $5,000 and less than 80% loan to value. Typical loan payment examples are as follows: If you borrow $25,000 secured by an owner-occupied home, for 120 months at 7.74% APR, the monthly payment would be $300 or if you borrow $50,000 secured by an owner-occupied home, for 180 months at 7.99% APR, the monthly payment would be $477.54. Non-owner-occupied financing is also available. Call us for details.
What you should know about Home Equity Lines of Credit
Click here for more disclosures.
Please contact your tax advisor to determine any tax benefits. Stark Federal Credit Union may discontinue or change program without notice. A Stark Federal Credit Union Share Account must be opened and in good standing in order to disburse a loan. All loans are subject to credit approval. All rates are subject to change. Stark Federal Credit Union is an Equal Housing Lender.
Dressler Branch
4100 Dressler Rd. NW
Canton, OH 44718
Office: 330.493.8325
Fax: 330.493.8328
Loan Dept.: 330.493.7602
Loan Dept. Fax: 330.493.1619
Cleveland Ave. Branch
3426 Cleveland Ave. NW
Canton, OH 44709
Office: 330.493.8326
Fax: 330.493.8941
Alliance Branch
1281 S. Sawburg Ave.
Alliance, OH 44601
Office: 330.821.7225
Fax: 330.821.2004
Minerva Area Federal CU Shared Branch
(Cash and deposits only)
3570 Union Ave. SE
Minerva, OH 44657
Routing Number
241274598