Home Equity Loan
A home equity loan allows you to borrow money against the value of your house. It is a great way to access a large amount of money and can be easier to qualify for than many other types of loans, simply because the loan is secured by your home. If your house of worth more than you owe on it, a home equity loan offers funds to use as you wish. You do not have to use this type of loan for home-related expenses such as renovations, appliance upgrades, repairs, etc. The home equity loan becomes a type of second mortgage: the “first” mortgage is the one you used to initially buy your home, but you can use additional loans to borrow against the property if you built up enough equity.
A home equity loan may be a better option than taking out an unsecured personal loan or using a credit card, because home equity loans typically have lower interest rates. Secondly, borrowers can usually quality for a relatively large loan amount, compared to personal loans or lines of credit, depending on the equity in the home. Lastly, don’t forget to ask your accountant about potential tax benefits that come with taking out a home equity loan. If you are a homeowner and are interested in hearing about the Philadelphia Letter Carriers FCU home equity loan options, give us a call today!
The Philadelphia Letter Carries FCU Home Equity Loan Process:
The Philadelphia Letter Carriers FCU makes it easy to take out a home equity loan in order to give you some financial freedom. Best of all, you did not have to take out your original mortgage through us in order to apply for our home equity loans! The Philadelphia Letter Carriers FCU offers extremely competitive interest rates, low closing costs and affordable fixed-rate monthly payments, all with a dedicated staff here to help and answer any questions!
To get started, we need a few documents including pay stubs, and we will run a simple credit check, then we’ll schedule an up-to-date appraisal so we know how much equity you have in the home. Once the appraisal goes through, we will start the actually application process which is really the fastest and easiest part of the process. Apply for a Philadelphia Letter Carriers FCU home equity loan online or by phone! Once approved, you can have the funds released in your account within 48 hours. Call our Philadelphia office location for questions or more information.