Home Equity Loans - Stark Federal Credit UnionStark Federal Credit Union

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 $10,000 to $75,000
  • Borrow money when you need it
  • Variable rate
  • Pay a minimum of 1% of the balance or $100, whichever is greater during the draw period.
  • Term up to 15 years
  • Options available up to 84.9% of the appraised value of your home, minus your outstanding mortgage balance.*

Click here for Home Equity Line of Credit disclosures.

For more information about home equity lines of credit read,
" What you should know about Home Equity Lines of Credit. "

Home Equity Loan

  • Borrow from $10,000 to $100,000
  • Borrow a fixed dollar amount
  • Fixed rate
  • Lower fixed monthly payments
  • Term up to 20 years
  • Options available up to 100% of the appraised value of your home, minus your outstanding mortgage balance.*
PRODUCTTERMRates as low as
Mortgage
Low Loan to Value Program
Call 330.493.7602 for current rates
Home Equity Line of Credit **Less than 80% loan to value ratio3.25% APR variable**
Home Equity Loan (Fixed Rate) ***0 - 60 months4.00% APR fixed***
60 - 120 months4.50% APR fixed***
120 - 180 months5.00% APR fixed***
181 - 240 months6.00% APR fixed***

The estimated monthly payment can be calculated by using our calculator and entering the amount you wish to borrow, the loan term you request and the appropriate interest rate for the loan purpose that you wish to borrow.

Apply for a Home Equity Loan
*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 – $550.
**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. 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 your contract rate.   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.  Typical loan payment examples are as follows: If you borrow $25,000 secured by an owner-occupied home, for 120 months at 4.50% APR, the monthly payment would be $259.15 or if you borrow $50,000 secured by an owner-occupied home, for 240 months at 6.00% APR, the monthly payment would be $211.04. Non-owner-occupied financing is also available. Ask us for details.
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.

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