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Home Equity

A Home Equity loan uses the equity in your home to get funds for home renovations, college tuition, debt consolidation, or whatever life throws at you. Our loans have competitive interest rates, flexible terms, and a fast approval process. Contact us to learn more and read the helpful Home Loans FAQ to get started on your next project.

Benefits of Home Equity Loans

  • Borrow up to 90 percent of the equity* in your home 
  • There are no closing costs or fees in most circumstances
  • Competitive interest rates
  • Flexible terms
  • Automatic payment options are available
  • Tax deduction maybe available, FECU recommends consulting a tax advisor for more information

Closed End Home Equity and Home Equity Line of Credit

  • A Closed End Home Equity loan is a fixed-rate loan with a set payback term.  The entire loan is disbursed at the time of closing. 
  • A Home Equity Line of Credit is a variable rate loan and is a revolving form of credit with a limit that you can borrow up to as you need it.

Home Equity Loan Process 

  • Apply for a Loan using the online application  
  • The loan officer will review the completed application and email you requesting additional documents 
  • Closing process can take up to 2-3 weeks

 

*Equity is determined by FECU guidelines. Some restrictions may apply.  Home Equity loans are available to members who own a home in Minnesota, Arizona, Georgia, Kansas, Missouri, and Indiana.

This information is intended to provide general information regarding available loans only.  It should not be considered legal or expert tax advice regarding your specific circumstances. Consult a qualified professional with questions regarding the topics herein.
 

Closed End Home Equity Rates

 Home Loans Term APR
Closed End 80% LTV and lower 60 months or less 6.00%
Closed End 81% - 90% LTV 60 months or less 6.50%
Closed End 80% LTV and lower 61 - 120 months 7.00%
Closed End 81% - 90% LTV 61 - 120 months 7.50%
Closed End Balloon Note 80% LTV and lower 10-20 yr. ammort. with 5 yr balloon 6.00%
Closed End Balloon Note 81% - 90% LTV 10-20 yr. ammort. with 5 yr balloon 6.50%

Available to Minnesota, Arizona, Indiana, Georgia, Kansas, and Missouri Residents

Home Equity Line of Credit Rates

Home Equity APR
Home Equity Line of Credit 80% LTV and lower 7.00% variable
Home Equity Line of Credit 81% - 90% LTV 7.50% variable

Available to Minnesota, Arizona, Indiana, Georgia, Kansas, and Missouri Residents
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