Lending Products
Home loans
Home equity line of credit (HELOC)
Need Extra Cash?
Tap into your greatest financial resource -- YOUR HOME!
Need a new kitchen? A big tuition bill around the corner? Home improvements? When you need money to pay for major expenses, the equity that is built up in your home can be a source of real borrowing power.
Equity is the difference between the market or appraised value of your home, and the balance of all mortgages on it. At Community 1 Federal Credit Union, we'll lend you up to 95% of the equity in your home, without affecting your original home mortgage!
One Home Equity Line of Credit:
- No application fee, no annual fee, no points
- No closing costs*
- Have your payments automatically debited from your Community 1 checking or savings account
- Interest payments may be tax-deductible, consult your tax advisor for details
- Use your available credit line again and again just by writing a check
- Money you don't use stays in reserve until you need it
- Convenient monthly statement
*The Annual Percentage Rate (APR) for the Home Equity Line of Credit is variable and will be based on an Index equal to or greater than the Prime Rate, as published in the Wall Street Journal, Eastern Edition, under the heading Money Rates, and shown as the "Prime Rate" or similar language used by the Journal. You will receive an interest rate of Prime if your loan-to-value is 50% or less. You will receive a rate of Prime + 1.00% if your loan-to-value is between 51% and 80%, and a rate of Prime + 2.00% if your loan-to-value is between 81% and 95%. Offer is available to homes located in South Carolina, and to qualified borrowers with a minimum beacon score of 650. Not all applicants will qualify. Financing is available for up to a maximum of 95% of the home's appraised value, minus any existing mortgages. Appraisal fee will be paid at the time of application. A minimum credit advance of $10,000 is required for Community 1 Federal Credit Union to pay applicant's closing fees. For a credit line of $25,000 or more, Community 1 will pay appraisal costs. If credit line is closed within 12 months of the closing date, the borrower will be charged the closing fees.
