Leveraging the equity in your home can be a great way to pay for renovations, tuition, vacations, and more. But, what exactly are your options when it comes to using equity? And what’s involved in the process? What are the pros and cons of using home equity? On this page, we answer all these questions and more so you can take advantage of your home’s equity like a pro.
Home Equity Financing Options
HOME EQUITY LINE-OF-CREDIT
You’ve made a significant investment in your home. Leverage the equity you’ve built to get recurring access to funds you need for improvements or other major purchases. Rates as low as 4.50% APR*.
HOME EQUITY LOAN
Get access to the funds you need for home improvements, debt consolidation, or any other need by leveraging the equity in your home. Rates as low as 4.75% APR*.
Getting Started With Home Equity
Home equity is the difference between your home’s current market value and your mortgage balance. So if you’ve paid down your home loan and your home has increased in value, you’re probably sitting on a nice chunk of change.
Click below for home equity basics:
How To Use Home Equity Financing
You can use your home equity loan or line of credit to finance just about anything you want, from major projects to daily expenses. Keep in mind that if you use the funds to pay for significant home improvements, the interest may be tax deductible.
Click below to learn more about using your funds:
Additional Home Equity Information
Find out more about our home equity rates and products. Choose the best option for your needs and use the funds to achieve your life goals, create a financial safety net, and add value to your home through improvements.
Home Equity Rates
Enjoy competitive rates on your home equity financing and choose to pay your closing costs or have AFFCU cover them for you.
Home Equity Loans
Get a lump sum payment of cash and repay the funds in equal monthly amounts over a term of up to 15 years. Fixed rates mean budgeting is easy!
Get a line of credit to use over a 5-year draw period and only pay interest on the funds you use. Choose a repayment period of 5, 10, or 15 years.
Want To Learn More About Your Home Equity Options?
Tapping into your home equity involves doing a little math. You need to make sure your home has gained enough value to give you access to the funds you want. Luckily, our experts are here to offer advice about the best home equity option for you and your family – and we can run the numbers for you, too!