Home Equity Options
Make Your Home Work Hard For You
Make your home's value work to your advantage with a home equity loan or line of credit with Ideal Credit Union.
Compare Home Equity Options
|Features||Visa Platinum LOC||Installment Loan|
|Description||Line of credit that you draw on with a credit card when the need arises||Installment loan with a fixed term|
|Maximum Loan to Value1||Up to 90%||Up to 90%|
|Maximum Loan Amount||$150,000||$150,000|
|Maximum Term||Up to 20 years - 5 year draw and up to a 15 year repayment period||Up to 15 years|
|Annual Percentage Rate||Variable Rate2||Fixed Rate|
|Minimum Monthly Payment||Interest only3||Fixed amount, based on initial disbursement|
|Access/Cash Advance Options||Visa Platinum Card and cash advances at ATM machines||Funds are disbursed in one lump sum|
|1. Some housing exceptions apply. 2. Minimum Annual Percentage Rate (APR) Floor of 4%. APR calculation is subject to change monthly and is based on the Prime Rate as published in the Wall Street Journal. 3. Interest only payments can be made for the first five years during draw period. After the draw period ends, required payments are calculated at $1.25 per $100 of the outstanding balance or $150, whichever is greater.|
*APR= Annual Percentage Rate.
Home Equity Rates
|Home Equity Type||Term||APR***|
|Home Equity Installmentº* |
(up to 90% property value)1
|Up to 15 years||4.620% - 6.795%|
|Home Equity Installmentº*|
(up to 80% property value)1
|Up to 15 years||3.620% - 4.919%|
|Visa Platinum Home Equity Line of Credit+||Up to 20 years||4.50% - 15.00%|
|No Equity Home Improvement Loanoo||Up to 60 months||6.99%|
1. Some housing exceptions may apply.
oPayment example: On a $35,000.00 loan with a 5 year term up to 90% property value at 4.620%APR, monthly payments would be $654.42. Closing costs range from $275.00 to $590.00.
ooMaximum loan amount is $25,000. A minimum credit score of 680 is required to obtain this loan. Offer is subject to normal credit qualifications. Payment Example: On a No Equity Home Improvement Loan with a term of 5 years at 6.99%APR, monthly payments would be $494.91.
*Actual rate based on applicant's payment and credit history. Additional appraisal fee may apply should one be needed.
+Closing costs may range from $0 - $1000.
***APR= Annual Percentage Rate.