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Freedom First Credit Union

Home Equity Loans

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Your Home Holds Financial Potential

Use your home's equity in a variety of ways. From debt consolidation to home improvements, vacations, or education expenses, you can tap into this financial asset with a number of loan products.

Lines of Credit up to $100,000 may qualify for:

24-month fixed introductory rate as low as 2.74% Annual Percentage Rate*
$0 in closing costs!*
Use our HELOC Calculator or this FAQ page to help you decide what's right for you. See our rates page for more details.
Red house icon.Home Equity Loan
A lump sum, fixed-rate loan against the equity in a home. Use for fixed monthly payments.
Red house icon.Home Equity Line of Credit
An adjustable rate, revolving line of credit against the equity in a home. Use for a ready source of funds to access when needed.
Red house icon.EquityFlex
A lump sum loan against the equity in a home that adjusts every 60 months. Use for lower monthly expenses without the worry of rising variable rates.

Learn more about Home Equity.

Reasons to get a HELOC: consolidate debt, medical expenses, college tuition, vacation planning, home improvements, appliance/auto repair, smart financial decision & peace of mind

*The Annual Percentage Rate (APR) of a HELOC is indexed to the Prime Rate as published on the money rate table in the Wall Street Journal + a margin for the life of the loan. Prime Rate as of 3/16/2020 is 3.25%. Our current lowest APR as of 3/16/2020 for credit lines over $100,000 is 3.50%, which includes + 0.25 margin and for credit lines under $100,000 is 3.75%, which includes + 0.50 margin. HELOC APRs are variable and subject to change. For credit lines of $100,000 or less, an introductory rate as low as 2.74% fixed APR applies for the first twenty-four (24) months of the loan. After the introductory period, the APR will revert back to the original rate indexed to the Prime Rate. Your actual rates may vary, depending on credit history, loan amount and term, loan to value ratio, and other factors. The maximum APR that may be imposed is 18%. Maximum loan-to-value as high as 90% on credit lines over $100,000, depending on creditworthiness. Maximum loan-to-value as high as 80% on credit lines under $100,000. No closing costs for loan amounts of $100,000 and less except for legal fees, if required. For loan amounts over $100,000, estimated closing costs may range from $1,562 to $2,830. A review of the credit eligibility, adequate property value , and a clear title is also needed for qualification. Other restrictions may apply. The minimum loan amount is $10,000 and the maximum loan amount is $300,000. The term is up to 240 months. Pay interest only on the amount drawn or 1% of the balance. Membership with Freedom First is a requirement for this offer with a $5 share account. Property insurance, if applicable, must be in effect on the property being secured and the said property must be in the Freedom First Credit Union membership area. The property must be owner occupied . Please consult a tax adviser for further information regarding the deductibility of interest. All credit union loan programs, rates, term and conditions are subject to change at any time without notice. Contact a Freedom First Credit Union representative at (540) 389-0244 for complete details.
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Calculator icon.
Use this calculator to determine the home equity line of credit amount you may qualify to receive.

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