Need some extra cash now? Tap into your home's equity!
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.
**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.