HOME EQUITY LOANS

A home equity loan is a type of loan in which the borrower uses the equity of his or her home as collateral. The loan amount is determined by the value of the property, and the value of the property is determined by an appraiser from the lending institution.

• Home equity loans have a fixed rate
• Potential to borrow up to 95% CLTV (loan to value)
• Can be used for:
  • Home Improvements
  • Emergency Funds
  • Travel Expenses
  • Consolidate Debt
  • Potentially Deduct the Interest on Your Taxes (Consult Your Tax Adviser)

A home equity line of credit, or HELOC, is a loan in which the lender agrees to lend a maximum amount within an agreed period, where the collateral is the borrower's equity in their house. Experience low rates, low payments, and a quick and easy loan process.

• Potential to borrow up to 100% CLTV (loan to value)
• 5-Year Draw Period
• Minimum Payment During Draw Period is Interest Only
• No Prepayment Penalty
• No Annual Fee
• No Minimum Number of Draw of Dollar Amount
• Only $395 Closing Costs Without An Appraisal
• Can Be in place as a Reserve to Use if Need Be
• Loans are Retained and Serviced at Levo Federal Credit Union
• Can be used for:
  • Home improvements where you choose to draw funds as needed
  • Emergency Funds
  • Travel Expenses
  • Consolidate Debt
  • Pay Off High-Interest Debt
  • Vehicle Purchase or Repair
  • Educational Expenses
  • Annual Tax Payments
  • Cash Reserve
  • Funds for Down Payment on Second Home or Investment Property
  • Potentially Deduct the Interest on Your Taxes (Consult Your Tax Adviser)