Loans
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Home Equity Loans
 HOME EQUITY:
A loan that is good for you – TWICE!!!
1) Unlock the value in your home for needed repairs, debt consolidation,
education expenses, etc.
2) Finance your home equity loan with our low interest rates and
tax-deductible interest*
(*see tax advisor for deduction eligibility)
How do I calculate the available equity in my home?
The following example of a loan calculation may be helpful to determine
the equity that you may have available in your home:
| Value of Home* |
$200,000 |
| Multiply by 80% |
160,000 |
| Subtract current mortgage balance |
100,000 |
| Available Equity |
60,000 |
*assumed value
Emerald Group Credit Union offers you a choice of two types of equity
loans:
Fixed Rate:
- Terms up to 10 Years
- No Application Fee *
- No Prepayment Penalty
- No Fees (If Amount Financed is Under $50,000)
- Free Equity Saver with Bi-Weekly Payments
- Rate Discounts Available with Emerald Status
Home Equity Line of Credit:
- Term - 96 Months
- Variable Rate (Based on Prime Rate)
- No Fees (If Amount Financed is Under $50,000)
- No Application Fee *
- No Annual Fee
- No Prepayment Penalty
- Free Equity Saver with Bi-Weekly Payments
*Fee applied if loan is paid in full within 3 years
Home Equity Extender- This program allows a member to borrow beyond the normal 80% limit when necessary due to credit
needs or a drop in real estate valuation. A member that is interested in this innovative program should
contact a loan officer for details.
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