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Freedom First
Freedom First Credit Union

About Home Equity

Freedom First
Branded Star Mark
Branded Star Mark

Secure a Loan With Your Home's Equity


  • Home Equity Loan, a lump sum, fixed-rate loan against the equity in a home
  • Home Equity Line of Credit (HELOC), an adjustable rate, revolving line of credit against the equity in a home
  • Equity Flex, a lump sum loan against the equity in a home that adjusts every 60 months

To get the most of your home equity product, be sure to review our list of Frequently Asked Questions below.

Frequently Asked Questions


What is the difference between Home Equity Loan and Home Equity Line of Credit?
A Home Equity Line of Credit works very much like a credit card. You are allowed to borrow up to a certain amount for the life of the loan in a time limit set by Freedom First. A Home Equity Loan is an amount set when you apply and the funds are distributed all at once and you must pay the amount back. The loan is very much like a vehicle loan.

How do I order checks for my Home Equity Line of Credit?
You are provided with convenience checks after the loan has been funded. To request additional checks, please call our Contact Center at 540-389-0244 (toll free 866-389-0244) or visit a branch.

Can I request an increase in my Home Equity Line of Credit?
In order to increase your Home Equity Line of Credit limit, you would need to apply for a new loan by calling our Contact Center at 540-389-0244 (toll free 866-389-0244) or visiting a branch.

How many months will I have access to my available credit with my Home Equity Line of Credit?
You will be able to make advances from your Home Equity Line of Credit for 120 months (10 years).

What does end of draw mean with a Home Equity Line of Credit, and what happens?
The draw period (or advance period) for the Home Equity Line of Credit is 120 months (10 years). Once that period ends, the loan will enter repayment. In the repayment period, payments will consist of principal and interest payments amortized over the remaining 120 months (10 years).

How far in advance should I prepare for end of draw for my Home Equity Line of Credit?
If you are at the end of the draw period but like the convenience of having access to the Home Equity Line of Credit, you would need to apply for a new loan by calling our Contact Center at 540-389-0244 (toll free 866-389-0244) or visiting a branch.

Do I need to get a home appraisal?
As part of the application process, an appraisal may be required to detrmine the value of your home.

How fast will I get my money?
The application process varies with many different factors. We have closed within seven days, but it could also take weeks. Please have all your paperwork ready when applying for a faster process.

What is difference between interest and APR?
Interest refers to the annual cost of a loan to a borrower and is expressed as a percentage. The APR is the annual cost of a loan to a borrower, including fees.

Will I need to pay private mortgage insurance?
Many factors go into making this decision; creditworthiness, down payment, and year of home, among many others.

How do I figure out how much equity I have?
You can access your equity line by going to Freedom First Online Banking or by calling our Contact Center at (540) 389-0244 (toll free 866-389-0244).

What is LTV and why is it important?
The acronym LTV means "Loan to Value." This will determine if you qualify for a home equity loan or line of credit and it also will determine the amount of the loan possible.

What are benefits of using home equity?
You may potentially get a lower rate because the loan or line of credit is secured by your home's equity. You may also be eligible for a tax deduction; consult a tax advisor to see if you qualify.

How do I find out my home’s value?
An appraisal is the best option to determine your home's value.

Is the interest I pay tax deductible?
There may also be tax deductions - talk to a tax advisor to see if you qualify.

Do I need perfect credit?
No. We give Home Equity secured loans to a wide variety of credit applicants.

How do you decide if I qualify?
Our underwriting professionals make the determination on many factors.

What will my rate be?
Your rate will depend on your creditworthiness.
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