Home Equity Line of Credit
If you’ve been a homeowner for a few years now, chances are you have some equity built up in your home. You may be able to use that equity to consolidate bills, finance education, start a new business or take a dream vacation. Borrow up to 80% of the value of your home less any outstanding mortgage balance. Interest may be tax deductible.
Home Equity Loan
Our home equity loans are fixed rate loans with terms up to 20 years. Loan amounts are limited to 80% of appraised value minus any outstanding mortgage balance. Home equity loans may be used for home improvements or other expenditures. Interest on this loan type may be tax deductible under certain conditions depending on current law. Please check with your tax advisor for these details.
No Early Pay-Off Penalities! When you borrow from Lakes Area Credit Union, you pay interest on the unpaid loan balance. There are no penalties for paying off your loan early. Several options are available to set up automatic repayment including, ACH, payroll deduction, or automatic transfer from your checking or savings.
Lakes Area Credit Union offers additional products and services, including:
Credit Life and Credit Disability Insurance: Insurance is available to insurable members on collateral loans up to $30,000. Pricing is very competitive.
Refinance Today! Are you paying a higher interest rate elsewhere? As a member of Lakes Area Credit Union, you don’t have to pay outlandish rates. With credit approval, we can refinance your loan to reduce your interest rate and monthly payments.
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