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Home Equity

Choose What Suits Your Needs - A Home Equity Loan or Line-of-Credit

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Get A Return On Your Home Investment

Need recurring access to funds for home improvements or other projects and needs? Let the investment in your home purchase pay you back with a Home Equity Line-of-Credit.

Recurring Access To Funds

With a revolving line of credit, you can use the funds as you need them and pay for only what you draw on.

Affordable Low Rates

Get access to affordable financing solutions with our everyday low rates on a Line-of-Credit or Loan, plus no loan origination or annual fees.

Flexible Terms

Borrow up to 85% LTV with terms up to 10 years

Easy Access To Funds

Funds can be easily accessed from your account – use your debit card, write a check, withdraw at ATM.

Potential Tax Savings*

Interest paid on your home equity may be tax deductible.*

Convenient Closing Process

Can’t make it to a branch? No worries. We can complete the entire process digitally and securely.

Affordable Home Equity Financing Solutions

Make your dreams a reality using the equity in your home. Get access to the cash you need with our low-rate home equity financing.

Home Equity Line-of-Credit

A revolving line of credit allowing you to take out money at various times when you need it. You only pay interest on the amount you use.

  • As low as 3.00% APR1,2
  • Minimum Line-of-Credit of $25,000
  • Minimum initial disbursement of at least $10,000.
  • Maximum 85% CLTV
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Home Equity Loan

A fixed-rate loan where you receive the entire amount as a lump sum. Best for one-time planned expenses or to consolidate debt.

  • As low as 3.25% APR1,3
  • 10-year fixed term
  • Minimum loan amount of at least $15,000
  • Maximum 85% CLTV
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Calculate Your Potential Home Equity Value

Home Equity Calculator

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Who can apply

If your answer to any of these questions is yes, then it’s likely you qualify. See our eligibility FAQs for more information.

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Frequently Asked Questions

You can borrow as little as $15,000 or up to $750,000 depending on your credit history, available equity in the property and your current monthly debt. Your credit limit will depend on the amount of equity in your home, your credit history and property location. Another factor is your loan-to-value (LTV) ratio, which is the relationship between your current mortgage loan balance and the value of your home. Find out how much you may be able to borrow with our home equity line of credit calculator above.

Available credit is based on your loan-to-value ratio, with a maximum of to 80% loan-to-value. After borrowing you will still be required to have at least 20% equity left in your home.

The variable interest rate is based on the Wall Street Journal Prime Rate as published in the Money Rates section.

A Home Equity Line of Credit has two different periods, a draw period and repayment period. The draw period is 10 years, where you have ongoing access to available funds and can use the funds how you’d like. During the draw period, you have to make predetermined minimum monthly payments of the outstanding balance. Once the draw period ends, the account enters the repayment period.

During the repayment period, you can no longer advance on the home equity line of credit, and must make principal and interest payments. The new minimum payment will ensure the balance is paid in full by the maturity date. The interest rate on the balance continues to be variable.

You can borrow up to $750,000 depending on the amount of equity in your home. Terms are flexible up to 180 months (15 years). The interest rate is fixed for the term of your loan, and repayments are made in monthly installments of principal and interest.

Yes, an appraisal is required to determine the value of your home and how much equity you have available.

Disclosures

*Consult your tax advisor. Borrower will be responsible for third party fees, such as: appraisal, tax and flood tracking, title insurance, and settlement service. Consult your tax advisor about potential tax deductions and your tax liability. Adequate homeowner’s insurance coverage is a requirement for this loan.

1APR=Annual Percentage Rate. Rate, terms and conditions are subject to change without prior notification. Actual rate may vary based on the term, loan amount, your credit history and other factors. Home Equity rates are based on prime plus a margin. Advertised as low as rate is based on prime as of September 1, 2020 and excellent credit review. Rate is subject to change without notice which could result in a difference between actual as low as rate and advertised as low as rate. Adequate property and flood insurance required, if applicable.

25-year draw, 15-year payback. Advertised variable rate is based on Prime plus a margin and based on your credit line amount, Loan to Value (LTV) and other factors. Advertised as low as rate is based on prime as of September 1, 2020 and excellent credit review. Prime rate is obtained from the Wall Street Journal. The maximum APR that can apply is 18%. The rate is variable and can adjust on a monthly basis. We may not extend credit to you if you do not meet Atlantic Financial Federal Credit Union criteria. Consult with your financial advisor about potential tax savings. For every $10,000 borrowed at 3.00% APR your payment will be $70.29 monthly. Please consult with an Atlantic Financial Federal Credit Union representative for more information.

3Available only on new AFFCU Home Equity Loans. Cannot be used to refinance an existing AFFCU loan. The promotional APR is based on the value of an index of Prime minus 0.50%. The index is the Prime Rate at the time of the loan origination and is published in the Wall Street Journal. The home equity loan has a 10-year payback period. Rate ceiling is 18.00% APR. Minimum loan amount is $15,000 with a maximum 10-year fixed-rate term. Maximum loan amount is 85% loan-to-value. We may not extend credit to you if you do not meet Atlantic Financial Federal Credit Union criteria. For every $10,000 borrowed at 3.25% APR your payment will be $88.04 monthly. Consult with your financial advisor about potential tax savings. Please consult with an Atlantic Financial Federal Credit Union representative for more information.