More details about our Home Equity Loans
Borrow a lump sum of money by using the equity in your home as collateral. This loan comes with a fixed interest rate and a specified repayment period.
Here are some important details:
- No Cost Application: Submit your application online with ease and at no cost to you.
- Generous Loan Amounts: Receive a lump sum of money, with loan amounts available up to $250,000.
- Flexible Repayment Terms: Select a loan payment term that suits your needs, ranging from 60, 120, or 180 months.
- No Hidden Fees: Enjoy no monthly service fees or prepayment penalties. Pay off your loan earlier if you wish!
- Freedom in Spending: Utilize the funds for a broad range of purposes.
- Rate Based on Credit Profile: Your credit history and credit score determine your interest rate.
Home Equity Loans vs. HELOCs
A Home Equity Loan provides you with a lump sum of money at a fixed rate. Alternatively, a Home Equity Line of Credit (HELOC) allows you to draw money with a variable rate as needed. Consider a Home Equity Loan for one-time expenses and a HELOC for ongoing or variable costs.
Take advantage of our low Home Equity Loan rates
| Term | APR* | Monthly Payment Per $10,000 Borrowed |
|---|---|---|
| 1 - 60 mos. | as low as 6.25% | $194.08 |
| 61 - 120 mos. | as low as 6.25% | $112.58 |
| 121 - 180 mos. | as low as 6.25% | $85.98 |
| Disclosure |
Applying for a Home Equity Loan is free, fast, and easy.
Apply online
Submit your application for up to 110% of your home’s value.
Pick your term
Select your preferred repayment term that ranges from 5 to 15 years.
Receive your funds
Receive a lump sum and make repayments online or through our mobile app.
Make big things happen with a home equity loan
“I had been plodding through the process of settling my mother’s home and Freedom truly exemplified exceptional customer service. Working with such wonderful people made the experience so much easier!”
Freedom Credit Union Home Equity Loans FAQ
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You’ll be able to take advantage of favorable credit union home equity loan rates and outstanding personalized service. Enjoy flexible repayment terms and all the benefits that come with being a member of a local credit union.
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You can use your home equity loan for a wide range of purposes, including:
- Debt consolidation (e.g., paying off high-interest rate credit cards)
- Home improvement
- Purchase
- Refinance home equity loan/HELOC
- Refinance cashout
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If you live, work, worship, attend school, or volunteer in Bucks, Chester, Delaware, Montgomery, or Philadelphia County or have an immediate family member who belongs to Freedom Credit Union, you can join and apply for a home equity loan. Our dedicated loan specialists are available to assist you over the phone or in person at any of our branches.
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Yes, you need to join Freedom Credit Union to take advantage of our home equity loans. Becoming a member of our financial family is easy! Simply open a savings account with a minimum balance of $5.
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LTV, or Loan-to-Value ratio, is crucial in determining your eligibility for a home equity loan. Divide the mortgage loan balance by the property’s appraised value to calculate it. Individual creditworthiness and other factors can cause the specific LTV to vary. Consider using a home equity loan calculator for a better understanding of your LTV.
Feel free to contact us if you’d like us to help you better understand your LTV.
You May Find These Home Equity Articles Useful
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Should You Use a Home Equity Loan for Debt Consolidation?
A home equity loan can be a great option to consolidate debt. However, there are some important things to consider since your home will serve as collateral. Here we explain the risks and how to use a home equity loan for debt consolidation.
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HELOC vs. Home Equity Loan – Which One Is Better?
Home equity loans and home equity lines of credit (HELOCs) are loans secured by a borrower’s home. However, they differ from each other in some important ways. See what are their differences, and the pros and cons of each option.
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Refinancing a Home Equity Loan – Everything You Need to Know
You may be considering refinancing your current home equity loan or line of credit. See when it makes sense to refinance a home equity loan and what your options are.
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