Home Equity Loans
Home Equity Special Offer
- As low as 1.49% APR* - 6 month introductory rate
- up to $200 credit on closing costs
Spring is right around the corner. It's time to pick a pin from one of your Pinterest boards and start a project! Get it done AND save when you finance with a home equity line of credit from Dane County Credit Union. Hurry, it's only available for a limited time!
A Home Equity Line of Credit (HELOC) gives you flexibility!
- Borrow against the available equity in your home using it as collateral – this is the best way to get a great rate.
- Use as much or as little of your credit line as you need, whenever you need it. You’ll only pay interest on the outstanding balance.
- Use HELOC funds now for planned expenses, or later for unexpected expenses.
- Quick and flexible access to your funds via eBanking, the mobile app, or at any branch. You decide when and how much to transfer to your checking account.
- Take advantage of introductory rates as low as 1.49% APR for 6 months! After the introductory period, the rate could be as low as 4.50% APR.*
- Save even more with a credit up to $200 on closing costs.
- Interest paid on HELOCs may be tax-deductible in certain situations! See your tax advisor for details.
*Membership open to everyone living or working in Dane, Columbia, Dodge, Jefferson, Rock, Green, Iowa, and Sauk counties in Wisconsin. APR is Annual Percentage Rate. Offer only available on new money loans to Dane County Credit Union. Normal credit granting standards apply. Home Equity line of credit rates are variable and subject to change quarterly, based on the prime rate as stated in The Wall Street Journal (5.50% APR as of March 1, 2019.) Special introductory offer is 3.01% less than current rates. Your actual rate will be based on your credit score. After the 6 month introductory rate period, your rate will be adjusted to match current rates. For 80% and lower loan to value (LTV) the rate will be as low as prime minus 1.00%, currently 4.50%; up to 90% LTV, as low as prime rate, currently 5.50%; up to 100% LTV as low as prime plus 1.50%, currently 7.00%. The APR cannot be lower than 3.99% or exceed 14.99% during the life of the loan. Interest begins to accrue from date of advance. Minimum required monthly payment is accrued interest on the outstanding balance at the end of the billing cycle. Covered closing costs, up to $200, include recording fee, flood certification, and AVM/PCR (Automated Valuation Model & Property Condition Report) valuation. Appraisal fee is additional if required. Line of credit must remain open for at least 180 days or member will be responsible for reimbursing closing costs. Proof of homeowners insurance is required. No transaction or annual fees apply. Offer cannot be combined with any other offer and expires on May 31, 2019. $5 savings account is required. Credit union reserves the right to cancel offer at any time. This credit union is federally insured by the National Credit Union Administration. Equal Housing Opportunity.
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 - In certain circumstances interest may be 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.
Are you behind on your rent or mortgage? Do you plan to buy a home soon? Are you considering taking out a reverse mortgage loan or home equity loan? Relax, you’re not alone... GreenPath can help.