|1CPM will pay up to $250 towards closing costs if $10,000.00 is drawn at closing. 2Variable rate based on Prime (currently 3.25% APR as stated in the Wall Street Journal). 3Discount rate is for initial 6 months, rate will be adjusted to qualifying tier rate plus prime. 4APR - Annual Percentage Rate. Membership rules apply. Rates depend on LTV, lien position, and credit score. Terms and conditions subject to change without notice.|
Borrowers use home equity lines for some of life’s larger expenses, because homes tend to have a lot of value to borrow against. For example, you find that a lot of borrowers want to:
• Remodel or renovate the house
• Pay for a family member’s college education
• Finance the purchase of a second home
• Consolidate high-interest debts
• Take that much-deserved dream vacation
The equity in your home is calculated by using the appraised value as stated by an approved appraisal company. The difference of the appraised value minus any outstanding mortgages equals your total equity. A credit union representative will then help you determine the amount available for a line of credit. Simply write a check to access your HELOC account.
Home equity lines are attractive to borrowers for a few main reasons:
• Extended repayment schedules help to keep your payment low and affordable
• Have a lower interest rate (or APR)
• Easy access Line of Credit
• Payments on a home equity line may be tax deductible
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