Have you ever wanted to do a home renovation? Maybe you just got engaged, but don’t know if you’re financially capable of having your dream wedding. Unfortunately, some of the better things in life can be very expensive. However, these things can be achieved with something called a home equity loan and a home equity line of credit!
What Is a Home Equity Loan?
While owning a home is expensive, it allows you to build equity over time. Did you know you can get even more out of your home with a home equity loan? A home equity loan allows you, the borrower, to use the value of your home as collateral. When you take out a home equity loan, almost everything is fixed: fixed terms, fixed interest rates, and fixed monthly payments. This is similar to how you pay your mortgage, which is why home equity loans are often called second mortgages. One of the best things about a home equity loan is that you can borrow a specific amount of money. This means you only have to take out the amount that you need for your renovation or something else. Now, you may be wondering, which credit union should I choose for a home equity loan?
Home Equity Loans with BHCU
If you live in Ridley Park or the surrounding area, BHCU is your go-to home equity loans credit union! At BHCU, we’re committed to helping our members save money while gaining a sense of belonging. Through our expert advice and excellent rates, we will guide you to a successful home equity loan and much more if you are interested. When you apply for a home equity loan with BHCU, you will enjoy our low fixed monthly payments, competitive rates, and flexible terms. You can borrow up to 90 percent of your home’s appraised value minus existing mortgages.
Home Equity Line of Credit with BHCU
Sometimes, a home equity loan may not be the best option for you. If this is the case, then a home equity line of credit could be a perfect fit! A home equity line of credit (HELOC) is different from a home equity loan in the way that the borrower can borrow money in multiple sums instead of one large lump sum. At BHCU, we offer variable interest rates based on the Wall Street Journal Prime Rate and adjust them quarterly to ensure you are getting the best price. Once you’re approved, you can access your Line of Credit and make withdrawals whenever you would like.
Are you ready to apply for a home equity loan or line of credit today? If you live in Ridley Park or the surrounding area, BHCU is your go-to home equity loans credit union! Apply for your home equity loan or visit our website to learn more about our home equity rates. We can’t wait to work with you and make your financial dreams a reality!