Home Cash Equity Loan

Sometimes Called a Second Mortgage

A great option if you need money for a one-time expense, such as a renovation.


A Quick Summary

Home cash equity loans provide you a lump sum of cash against the equity in your home and offer you a fixed rate over a certain period of time. Proceeds from these loans are commonly used for funding more expensive home repair projects, such as a new roof or kitchen remodel.

It is a fixed amount, fixed rate, and one-time deal.

Wildfire Home Cash Equity Loan Features & Specs:

  • Borrow up to 100% of your home's equity, or 80% of the estimated value as determined by the Credit Union.

  • Term: Maximum of 20 years with a 5-year balloon.

  • Loan Amounts: You can receive a home cash equity loan loan for as low as $5,000 or as high as $250,000*.

  • Application fees/Closing costs: $125 (other fees may apply).

  • Rates: Rates for home cash equity loans are fixed, five-year balloon rates.

* Appraisal and title work required on loan amounts greater than $50,000.

Home Cash Equity Loan Rates

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Mortgage applicants please read our Mortgage Applicant Disclosure

  • 20 year amortization; 5-year balloon*.
  • All payment examples are for principal and interest only. Property taxes and insurance are not included.
  • A balloon payment will result if only principal and interest payments are made during the term of the loan.

Effective Date: 7/25/2021 - 12:00 A.M. EST

Loan Information
Interest Rate
APR
Payment Amount

Loan amounts greater than or equal to 80.00% to 100.00% Loan to Value, appraisal may be required.

5.500%

5.833%

$7.03/mo per $1,000 borrowed based on maximum Amortization Period.

Loan amounts less than or equal to 80.00% loan to Value

4.750%

4.992%

$6.60/mo per $1,000 borrowed based on maximum Amortization Period.

* Balloon repayment and option to refinance example: If you borrow $50,000 at 5.899% APR for a 240 month amortization, 60 month balloon term, you will make 59 payments of approximately $355.31 and one final payment of approximately $42,734.01. All or a portion of the final payment may be refinanced with qualifying credit worthiness.

All payment examples are for principal and interest only. Property taxes and insurance are not included.

A balloon payment will result if only principal and interest payments are made during the term of the loan.

Hand holding money icon

If you are interested in starting a home cash equity loan or would like some more info, don’t hesitate to get in touch with us or swing by one of our branches, we are here for you.

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