We offer a wide range of loan options with competitive interest rates, flexible terms, and fast, convenient service.
What is a Home Equity Loan?
A Home Equity loan uses the equity in your home to get funds for home renovations, home improvements, college tuition, or whatever life throws at you.
Benefits of Home Equity Loans
- Borrow up to 90 percent of the equity in your home (Equity is determined by FECU guidelines)
- There are no closing costs or fees in most circumstances
- Competitive interest rates
- Flexible terms
- Automatic payment options are available
- Tax deduction maybe available, FECU recommends consulting a tax advisor for more information
What is the Difference Between a Closed End Home Equity and Home Equity Line of Credit?
A Closed End Home Equity loan is a fixed-rate loan with a set payback term. The entire loan is disbursed at the time of closing. A Home Equity Line of Credit is a variable rate loan and is a revolving form of credit with a limit that you can borrow up to as you need it.
What is the Process to Get Started on a Home Equity Loan with FECU?
- Complete an FECU Online Loan Application 24/7
- Attach your current property tax statement
- Attach your most recent paystub for each borrower or tax return
- Attach current photos of the front and rear of the exterior, and the kitchen, bathrooms and living room of the interior of your home
- A loan officer will contact you within 24 hours
- Closing process can take up to 2-3 weeks
* Some restrictions may apply. Home Equity loans are available to members who own a home in Minnesota, Arizona, Georgia, Kansas, Missouri, and Indiana.
This information is intended to provide general information regarding available loans only. It should not be considered legal or expert tax advice regarding your specific circumstances. Consult a qualified professional with questions regarding the topics herein. © 2020 Federated Employees Credit Union