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Home Equity Options

Your home is your most valuable possession, so make the value work for you! Whatever the reason—a new swimming pool, building an addition to your home, education, or debt consolidation, we'll try to meet your needs. One of our home equity options might be the right solution for you.

Home Equity Line of Credit 1,2

Prime rate +.25% APR, currently 5.75% APR

  • NO Origination Fee
  • Borrow up to 80% of your home’s value
  • Minimum loan amount of $25,000
  • Minimum first draw is $10,000
  • 15-year payback with 8-year draw period

Home Equity Fixed
 Rate Loan 1,3

Prime rate +0% APR, currently 5.50% APR

  • NO Closing Costs
  • Borrow up to 80% of your home’s value
  • Minimum loan amount of $25,000
  • Terms up to 15 years
  • 2% Origination Fee

House Sitting on Cash

Get Started Today!

Contact Abbie Kamara, NMLS #297749, at (804) 452-0736, ext. 112

 

1) Credit qualifications apply. Not all who apply will receive a loan. Membership eligibility required. Membership is open to those who live, work, or worship with the following localities: Chesterfield, Colonial Heights, Dinwiddie, Fort Lee, Hopewell, Petersburg, Prince George, and Sussex. Fort Lee Federal Credit Union does not lend on mobile homes, co-ops or time-shares, properties that are currently listed on the market for sale, commercial property or property used for commercial purposes, even if a residence is part of the property, undeveloped property (land only), properties with more than multiple units.

2) Interest rates are based on the prime rate + .25% as published in the Money Rates column of the Wall Street Journal on the date of loan application. A home equity line of credit (HELOC) is a variable rate loan and the interest rate is subject to change after consummation of the loan. Prime Rate was 5.50% as of February 11, 2019. Rate is adjusted quarterly if necessary, on the first day of January, April, July, or October. There is a minimum rate of 5% APR, and a maximum rate of 18% APR. Closing costs range between $1,800.00 and $3,900.00 for credit lines up to $350,000.00. LOAN EXAMPLE: $50,000.00 financed for 180 months at 5.75% APR would make the monthly payment $417.00. Property insurance (homeowners) is required. Rates, terms, conditions and services are subject to change. Contact a representative for additional details.

3) Offer valid on second mortgages only. Interest rates are based on the prime rate as published in the Money Rates column of the Wall Street Journal on the date of loan application. Prime Rate was 5.50% as of February 11, 2019. Fort Lee Federal Credit Union will cover most closing costs (appraisal fees covered up to $500). Closing costs range between $1,800.00 and $3,900.00 for loans up to $350,000.00. If the loan is closed or paid off within 36 months of opening, the member will incur a reimbursement fee equal to the amount of closing costs originally paid by Fort Lee Federal Credit Union. LOAN EXAMPLE: $50,000.00 financed for 180 months at 5.50% APR would make the payment $410.00.Rates, terms, conditions and services are subject to change. Contact a representative for additional details.