One of the most overlooked resources people have is the equity in their home. Put your equity to work for you with an American Partners FCU home equity loan! It can be a valuable resource for making major purchases such as a vehicle, paying for college tuition or remodeling your home. An additional bonus to using the equity in your home may be a tax deduction for the interest paid. Be sure to consult your tax advisor regarding your particular situation.
As a member in good standing, you may qualify to borrow up to 90% of the market or tax value of your home for up to 15 years. In many cases, your most recent property appraisal on your home and income verification is all we need to start your equity application. Upon approval, your equity line becomes a revolving account with easy access! The money you pay back is available for use over and over again during the life of the loan. The borrowing convenience and flexibility are invaluable! An additional convenience is automatic payments. Have your payments automatically deducted each month and never write a check!
The interest rate on all Home Equity products offered by APFCU is generally tied to the prime rate. American Partners FCU offers Fixed Rate Home Equity Loans, 10 and 15 year Home Equity Lines of Credit and Interest Only Lines of Credit.
American Partners FCU has developed the Fixed Rate Home Equity Loan product to provide an amicable and prudent option aside from a Home Equity Line of Credit. Although this is not a line of credit, the member can use this for major purchases. The entire approved amount of the loan is issued at one time and there are no subsequent advances given on this loan. The loan is repaid at a fixed rate over a 5 or 10 year term.
Our 10 and 15 year Home Equity Lines of Credit are variable rates that may be adjusted once per calendar quarter. This is a convenient way for our members who own their own homes to borrow money at favorable rates and possibly take advantage of tax deductions. The usage is almost limitless, and the methods of advance are both simple and convenient.
The Interest Only Home Equity Lines of Credit offered by American Partners Federal Credit Union will offer its members a variable-rate that may adjust monthly. This provides members with the advantage of paying only the interest due each month on the line of credit during the 5 or 10 year draw period.
Contact one of our Account Specialists to see which of our Home Equity products is right for you. Start making your home equity work for you today!