Home Equity Loans
Home Equity Loans at DCCU
Need more cabinet space or a tub that doesn’t leak? How about a tropical vacation? One of your biggest assets - your home - could qualify you for a loan or credit line that gives you a possible tax advantage.* Ask us about borrowing up to 100% of the equity in your home.
*Consult your tax advisor for allowable limits.
Prior to applying for a home equity loan, please review the Home Equity Early Disclosure and the Federal Reserve Board publication: When Your Home Is On The Line.
Other attractive features of a home equity loan from DCCU:
- Tax Advantage - Interest may be fully deductible. Check with your tax advisor for allowable limits.
- Flexible Repayment Terms - Up to 15 year amortization schedule to fit your budget.
- No Annual Fees
- No Points
- No Prepayment Penalty
- Fast Turnaround and approval
- Low closing costs
Home Equity Line of Credit
An Equity Express line of credit is an open-end home equity loan. As you pay down the balance owed, the remainder of the credit line becomes available to use again. You can have cash available whenever you need it without completing a loan application each time. The interest rate is subject to change quarterly and is based on the prime rate plus or minus a margin.
Second Mortgage Loan
A second mortgage is a closed end home equity loan. You will receive a check for the lump sum you borrow. The interest rate is fixed for three or more years.
Home Equity Checklist:
- To apply for a home equity loan click Apply for a Loan at the left.
- To further process your loan request, we will need the following documentation:
- A recent property tax bill showing your property's fair market value.
- A statement showing the balance on your first and/or other mortgages.
- A copy of your homeowner's insurance policy.
- The legal description of your property (typically found on your present mortgage or deed copy).
- Copies of your most recent pay stub or, for self employment income, two years of tax returns.
- Please note that home equity loan regulations require a 3 day right of rescission period (right to cancel) before funds can be disbursed.
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