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Home Equity Loans

Fixed Rate Home Equity Loan

Our Fixed Rate Home Equity Loan is the perfect solution for one-time expenses in a rising-rate environment. It offers a fixed rate and monthly payments that do not change during the entire life of the loan. Loan terms are more accommodating, so you can choose the option that best fits your needs. We will lend up to 85% of the appraised value in your home, minus the balance of your first mortgage (if applicable). Our Fixed Rate Home Equity Loan may be used for many reasons, including:

  • Refinance a variable-rate home equity line of credit
  • Consolidate variable-rate credit cards
  • Home renovations, repairs, or improvements
  • Appliances or furniture
  • Medical or veterinary expenses

Home Equity Line of Credit

Our Home Equity Line of Credit (HELOC) is perfect for expenses in which you may not need the money all at once. You can access the available funds as needed throughout a 10-year draw period. Once the draw period ends, there is a 10-year repayment period, and no annual fee during the entire loan term. We will lend up to 85% of the appraised value in your home, minus the balance of your first mortgage (if applicable). Our HELOC may be used for many reasons, including:

  • Home renovations, repairs, or improvements
  • Debt consolidation
  • Education expenses: tuition, books, room and board
  • Having money on standby when you need it

Calculate the Available Equity in Your Home 

 

Appraised Value of Home
Appraised Value of Home x 85%  
Subtract Current Mortgage Balance
______________________________
Available Equity in Home

$100,000
$85,000
$50,000
________
$35,000


Contact a Loan Officer at 216-581-5581 to learn more about our Home Equity Loan options and get your application started today!


Loans FAQs



Light Bulb Financial Wellness Tip: Weekly, bi-weekly, or semi-monthly payroll deduction payments will reduce the total amount of interest paid over the life of the loan. Contact a Loan Officer to learn more.

Emerald Payment Protection

Lessen the worry of repaying your loan during a time when your income may be reduced or lost due to death, disability from an injury or illness, family leave or involuntary unemployment.  Give yourself peace of mind knowing that your loved ones won’t be left with the burden of your debt.  Emerald Payment Protection may be added to any new or existing loan.


Your purchase of Debt Protection is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions and exclusions may apply. Please contact your loan representative or refer to the Member Agreement for a full explanation of the terms of Debt Protection. You may cancel the protection at any time. If you cancel protection within 30 days, you will receive a full refund of any fee paid.