A second mortgage, commonly referred to as a home equity loan, allows you to use the “equity” in your home to secure a loan. Equity refers to the difference between what your home is worth and what you still owe on your first mortgage. Freedom Credit Union offers two varieties of Home Equity Loans: Variable Rate Lines of Credit and Fixed-Rate, Closed-End loans.
For maximum flexibility and the lowest payment, a credit line tied to the equity in your home is a great option. You can borrow money as you need it, and monthly payments are based on 15 year repayment terms. As you pay the balance down, that equity is available for you to borrow again quickly and easily.
If you don’t need the flexibility of a line of credit or prefer a fixed rate on your home equity loan, a fixed rate loan a great option to consider. We offer terms up to fifteen years at low, fixed rates. With low closing costs and fast turnaround time, we make the process easy!
A home equity loan offers many potential benefits, including:
If you would like to explore your options and see which home equity loan is right for you, speak with any of our loan officers; we love to help!
Use this simple loan calculator to calculate a loan payment amount.
Enter the Loan Amount, Interest Rate and Number of Payments below, then select Calculate. Select Reset to clear your entries and begin again.
The Loan Calculator is offered as a convenience to members and is intended to give an approximate payment amount based on the information furnished. Your actual payment amount may be different. Contact the credit union for more information.