You can use the money for any reason—home improvements, vacations, back-to-school expenses, college education, and bill consolidation, just to name a few.
Home Equity Options
Features at a glance
- Access up to 95% of the value of your home
- Low Closing Costs
- Quick Approval Process
- Interest may be tax-deductible (consult a tax advisor regarding the deductibility of interest)
- Loan amounts up to $250k
What account is right for your needs?
Home Equity Loan
A Home Equity Loan is paid in one lump sum and interest begins on the full amount when you receive the funds. These types of loans are great if you know the exact amount you will need and want the comfort of a fixed rate. For example, you could purchase a pool, pay for a wedding, or fix your roof. Typically these examples have a budgeted amount and require the money in a short period of time.
Home Equity Line of Credit (HELOC)
HELOC accounts work similarly to a credit card where you are approved for a certain maximum amount and can spend the money as you need it. The rate on these accounts can change monthly based on the Wall Street Journal Prime Rate. These accounts are great for people who are planning various home improvements without a set budgeted amount. This lets you have the flexibility to borrow what you need when you need it.
Scott Credit Union NMLS #415767. Consumer Access Website: http://www.nmlsconsumeraccess.org/