Need some extra cash now? You have until May 31, 2025 to tap into your home's equity with no closing costs!*
If you already own a home, now is a great time to use the equity that you might have built up. Equity is the difference between how much the home is worth and how much you owe on the mortgage. FedChoice offers both Home Equity Loans** and Home Equity Lines of Credit^ - not sure which one is right for you?^ Take a look below for a quick recap!
One Time Cash
A home equity loan might be best if you plan to use the money for a one-time occasion such as a home repair, purchasing a car, paying for your daughter’s wedding, or consolidating debt.
Line-of-Credit You Can Draw On
If you plan to use the money periodically and not all at once, you may want to look at a home equity line-of-credit. It's a great option if you’re doing a remodeling project and the contractor will be paid in several installments or you’ll be making tuition payments at the beginning of each semester. A home equity line-of-credit is a credit line much like a credit card, giving you the flexibility to borrow what you need when you need it.
With interest rates on the rise, our Home Equity Loans and Lines of Credit are one of the smartest ways to spend. And better yet, you pay no closing costs through May 31, 2025.
*Home Equity Line of Credit or Home Equity Loan applications must be submitted by May 31, 2025, 11:59 PM ET. FedChoice FCU will cover all closing costs if the loan stays open for at least three years. If the loan is paid off before three years, you’ll need to repay FedChoice for the covered costs. You are still responsible for property insurance costs. For Home Equity Lines of Credit^, the offer is valid with a minimum initial draw of $10,000. If the minimum is not met, the promotion will be removed. No exceptions will be made or considered. For Home Equity Loans**, the offer is valid with a minimum loan amount of $10,000. All loans subject to credit approval. Closing costs typically don’t exceed $2,500, but can vary based on the loan amount, terms, and property value. Visit fedchoice.org for current rates and further information. FedChoice Federal Credit Union expressly reserves the right to terminate this offer at any time without further notice provided to you.
^$10,000 for Home Equity Lines-of-Credit (HELOCs). Maximum $500,000 for home equity loans/HELOC Classic; $250,000 maximum HELOC Gold. Homeowner’s insurance required. Home Equity Lines of Credit current rates range from 7.00%% APR to 18.00% APR. Variable rates are subject to increase throughout the 10-year draw as well as during the 15-year repayment periods (the full term of the loan). The maximum rate will not exceed 18.00% APR.
**For Home Equity Loans current rates range from 7.00%% APR to 9.75%% APR.
FedChoice NMLS #399841. Equal Housing Lender. All offers subject to change at anytime. Membership required to take advantage of offers.
The Consumer Financial Protection Bureau has published an informative brochure to help you understand the differences between home equity loans and home equity lines-of-credit so that you may determine which product will best suit your needs. Click here.
HOME MORTGAGE DISCLOSURE ACT NOTICE
The Home Mortgage Disclosure Act (HMDA) requires that we make data available for review that we are required to collect about our residential mortgage lending. The data includes geographic distribution of loans and applications; pricing, ethnicity, race, sex, and income of applicants and borrowers; and information about loan approvals and denials. Inquire at this office regarding the locations where HMDA data may be reviewed. To receive a copy of this data, please send a written request to FedChoice Federal Credit Union, 10001 Willowdale Road, Lanham, MD 20706, Attention: Lending Services.