Home Equity Loans
What can a Home Equity Loan do for me?
Use the equity you’ve built up in your house as a low-cost credit alternative. A home equity loan is not just for home improvements. You can use the funds for anything you desire, pay off bills, higher education, new vehicle, wedding and so on. Borrow up to 80% of the market value of your home, minus any outstanding mortgage balance.
What are the advantages of a Home Equity Loan?
Lower loan rates than other types of loans enabling you to consolidate your high-interest bills into one low-cost payment. The interest paid on a Home Equity Loan can be tax deductible. Consult your tax advisor for your particular situation.
Why should I get a Home Equity Loan from STAR Credit Union?
- NO CLOSING COSTS
- Closing costs alone at other institutions could run you up to $1,500.00. At STAR Credit Union, we will pay the closing costs for you.
- CREDIT LIFE/CREDIT DISABILITY INSURANCE
- Have the security of knowing that your loved ones will not be burdened by debt by purchasing credit life/credit disability. Payments can be made automatically from your checking account.
- AUTOMATIC TRANSFER FROM CHECKING
- STAR CU offers you the convenience of debiting your account once a month so you don’t even need to think about your payments.
How Much Can I Borrow?
A Home Equity Loan allows you to borrow against the built-up equity in your home. To calculate the amount of equity in your home, take the current market value of your home and subtract any outstanding mortgage or other liens. To get an estimate of the equity available for you to borrow, follow the simple formula below.
Appraised value of your home:
Multiply by 80%:
Equals your equity:
Subtract your balance on the mortgage:
Estimated amount for you to borrow*:
*All loans subject to credit approval. See a loan officer for additional restrictions.