Home Equity Loans
Home Equity Loans give you flexibility!
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.
You're going to love these features of a home equity loan from DCCU:
- Borrow against the available equity in your home using it as collateral – this is the best way to get a great rate.
- 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 (HELOC)
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.
- 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.
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.