Home Equity Loans & Lines of Credit
With a Home Equity Loan or Line of Credit, you can borrow against the value of your home for most any purpose. Build your dream kitchen. Consolidate debt. Pay for tuition, vacation, or a major purchase.
What’s the difference between a home equity loan and a line of credit?
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Home Equity Loan
Perfect for immediate needs and one time purchases with a fixed rate.
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Home Equity Line (HELOC)
It’s there for when you need it. Keep your interest cost low by withdrawing funds only when you need them.
Home Equity 10 Year Fixed Balloon Loan**
Borrowers looking for purchase money, refinances and standalone home equity funds will appreciate the benefits of:
- Low payments based on 30-year amortization
- Competitive Fixed Annual Percentage Rate
- CLTV up to 100%
How about these rates?
We pride ourselves for having awesome rates. Take a look for yourself!
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Loan Type |
Minimum Loan |
APR as Low As |
Approximate monthly payment* |
|---|---|---|---|
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APR=Annual Percentage Rate. 1Variable rate product. Rate is tied to the Wall Street Journal Prime rate. *Monthly payment estimates based on a $25,000.00. Rates effective as of 8/30/2023. Rates subject to change without notice. **The Home Equity 10 yr Balloon contains a balloon provision. This means that even if you make all payments in full and on time, the loan will not be paid in full by the end of the final payment date. A single balloon payment covering the remaining outstanding balance will be due and payable. Only 2nd position lien loans qualify. Loan payment example is based on a $25,000 loan amount. |
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Loan Type Home Equity Easy Payment Line (30-year term)1 |
Minimum Loan $10,000.00 |
APR as Low As 8.25% |
Approximate monthly payment* Varies |
|
Loan Type Home Equity Easy Payment Line (40-year term)1 |
Minimum Loan $10,000.00 |
APR as Low As 8.50% |
Approximate monthly payment* Varies |
|
Loan Type Home Equity Fixed 10-Year Balloon Loan** |
Minimum Loan $10,000.00 |
APR as Low As 7.25% |
Approximate monthly payment* $170.62* (119 pmts. of $170.62 & 1 Balloon pmt. of $21,747.02) |
|
Loan Type Home Equity Fixed Rate Loan - 5 Year Term |
Minimum Loan $10,000.00 |
APR as Low As 6.24% |
Approximate monthly payment* $486.13* |
|
Loan Type Home Equity Fixed Rate Loan - 10 Year Term |
Minimum Loan $10,000.00 |
APR as Low As 6.75% |
Approximate monthly payment* $287.10* |
|
Loan Type Home Equity Fixed Rate Loan - 15 Year Term |
Minimum Loan $10,000.00 |
APR as Low As 7.40% |
Approximate monthly payment* $230.39* |
|
Loan Type Home Equity Fixed Rate Loan - 20 Year Term |
Minimum Loan $10,000.00 |
APR as Low As 7.75% |
Approximate monthly payment* $205.30* |
I have always been able to count on excellent customer service from the credit union. Associates have gone above and beyond to ensure my needs are met.
— Evelyn member since 1990
FAQs
Questions? We’ve got answers.
The funds will be available after closing.
Once you settle on your loan, you can withdraw money as you need it.
You can make a loan payment to a NextMark loan by either transferring funds from an internal NextMark account or by setting up a transfer from an external account. To transfer funds, click on Transactions, Fund Transfer, and enter the “from” and “to” information from the drop down. To set up transfers from external accounts, click here for instructions.
If your mortgage loan balance is lower than the value of your home, then you have equity in your home.
Let’s get started
Disclosures
*Borrow up to 100% of your home’s value minus first mortgage balance. Certain fees, conditions and restrictions may apply. Home Equity Lines of Credit and Home Equity Loans are secured by your home. If you’re paying off an existing real estate loan, the Credit Union does not cover the costs imposed by other lenders, if any. Rates and terms subject to change without notice. Loan approval subject to credit evaluation. Closing costs typically range between $500 and $3,000 and depend on property location, property type, occupancy, and loan amount.
**The Home Equity 10 yr Balloon contains a balloon provision. This means that even if you make all payments in full and on time, the loan will not be paid in full by the end of the final payment date. A single balloon payment covering the remaining outstanding balance will be due and payable. Only 2nd position lien loans qualify.
Loans available for homes located in DC, MD, DE, FL, VA, WV, NC, SC and PA.
NMLS# 401513