With our Home Equity Loans/Lines, you can get what you want, when you want it.

It's convenient!
Once the line of credit is paid down, those funds are again available. It's up to you how the money is used. The interest on this type of loan is usually tax deductible*.

Does my home need to be financed through the Credit Union?
Your first mortgage does not have to be financed at Fox Communities Credit Union for a Home Equity Line of Credit to be established here.

How much money can I borrow?

1. First, we need your latest property tax bill or an appraisal, which was completed within the year, to arrive at the value of your home.
2. Once the value is established, we multiply that figure by 80% to come up with the maximum lendable amount for a line of credit.
3. If there are any outstanding liens on the home, we would subtract them (including a first mortgage, second mortgage, etc.).
4. This would leave us with a potential line of credit amount.

Example:
$100,000 (a)
x 80% (b)

$80,000
-$50,000 (c)

$30,000 (d) Potential Credit Line

Example based on a $100,000 home value with $50,000 in outstanding lien balance.

Items needed when applying.

1. Latest property tax bill or appraisal if done within the year.
2. 1st Mortgage balance & balances of any other liens on home.
3. Copy of home owners insurance.

Closing Requirements
There is a minimal fee to cover the charges of the following:

• Title Search
• Flood Certification
• Recording Fee

Minimum disbursement = $500, Minimum Line = $5,000. Minimum Payment = 1-1/2% of your outstanding balance or $50 (whichever is greater). For Non-Homestead (non-owner occupied) add .50% to the quoted rate. 90% loan-to-value ratio also available (rates may vary). Other introductory rates available. Rates subject to change.

*Consult your tax advisor for tax deductible opportunities.