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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 90% 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
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: 12/27/2024 - 12:00 A.M. EST
Loan amounts greater than or equal to 80.00% to 90.00% Loan to Value, appraisal may be required.
7.500%
7.724%
$8.06/mo per $1,000 borrowed based on maximum Amortization Period.
Loan amounts less than or equal to 80.00% loan to Value
7.000%
7.212%
$7.76/mo per $1,000 borrowed based on maximum Amortization Period.
* Balloon repayment and option to refinance example: If you borrow $50,000 at 7.212% APR for a 240 month amortization, 60 month balloon term, you will make 59 payments of approximately $387.65 and one final payment of approximately $43,515.96. 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.
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.
