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Home Equity Loans

Leverage the value of your home to tap into cash for any purpose.

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Benefits of a Home Equity Loan

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    All the Cash You Need

    Borrow up to 95% of your home’s value, minus first mortgage balance.*

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    Terms to Fit Your Budget

    We offer 5, 10, 15, and 20-year terms, plus a 10-year balloon loan.**

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    Primary or Second Homes

    Access equity on your own residence, holiday home  or rental house.

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    No Prepayment Penalties

    Pay the loan off sooner at no extra cost to you — plus no annual fees.

See Our Competitive Interest Rates

Home Equity Loan

Savings Type

Minimum Loan

APR as Low As

Approximate monthly payment*

APR=Annual Percentage Rate.

*Monthly payment estimates based on a $25,000.00.  Rates effective as of 07/28/2021. 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 $10,000 loan amount.

Savings Type

Home Equity Fixed 10-Year Balloon Loan**

Minimum Loan

$10,000.00

APR as Low As

4.50%

Approximate monthly payment*

$50.69

(119 pmts. of $50.69 & 1 Balloon pmt. of $8,058.05)

Savings Type

Home Equity Fixed Rate Loan - 5 Year Term

Minimum Loan

$10,000.00

APR as Low As

3.99%

Approximate monthly payment*

$184.12

Savings Type

Home Equity Fixed Rate Loan - 10 Year Term

Minimum Loan

$10,000.00

APR as Low As

4.25%

Approximate monthly payment*

$102.44

Savings Type

Home Equity Fixed Rate Loan - 15 Year Term

Minimum Loan

$10,000.00

APR as Low As

4.90%

Approximate monthly payment*

$78.56

Savings Type

Home Equity Fixed Rate Loan - 20 Year Term

Minimum Loan

$10,000.00

APR as Low As

5.25%

Approximate monthly payment*

$67.38

Find Out How Much You Would Pay Each Month

Follow These Simple Steps to Get Your Loan

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    Apply Online

    Step 1

    Use our streamlined application platform

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    Check the Details

    Step 2

    Agree on your loan amount, rates, and terms.

    Let’s Get Started

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    Access Your Equity

    Step 3

    Use your cash however you need and want.

Online banking services and the variety of products is amazing with competitive rates. Easiest process ever to open an account and complete applications all online!

D. Martin, March 2021

FAQs About Home Equity Loans

Your home equity is equal to the value of your home minus the balance on your mortgage. If your home is worth $450,000 and you owe $300,000 on your mortgage, then you have home equity of $150,000.

If you’ve established a good payment record with your mortgage lender and are confident that your home’s value will hold, then a home equity loan could be a good way to pay for renovations or to consolidate debt at a lower interest rate. But if you have only a small amount of home equity and your home could potentially drop in value, you may like to wait until you’re in a stronger financial position. Remember that a home equity loan uses your house as collateral, so you want to be sure you can pay the loan back comfortably.

Once your loan is approved, you can access your funds in the same way you would use the funds in your checking account. You can transfer between accounts, withdraw at an ATM, or write a check.

You can repay a NextMark loan by transferring funds from another account you hold with us, or by transferring funds from an external account. To transfer funds, click on Transactions, Fund Transfer, and enter the “from” and “to” details from the drop down menu. If you want to transfer funds from external accounts, find instructions here.

A home equity loan will provide you with a lump sum of money you can spend at once or whenever you need. You will need to repay the full amount in regular installments and pay interest according to what was agreed when you got the loan. A home equity line of credit means your lender will allow you to access funds, borrowed against the value of your home, as you need them. You will repay only what you use and pay interest on only what you use. There will be an agreed-upon limit and interest rate. A HELOC is sometimes called an open-ended loan, or described as revolving credit, because you may borrow and pay back money in a constant cycle.

Other Ways We Can Help You Get Financing

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    Home Equity Line of Credit

    A home equity line of credit (HELOC) gives you the added flexibility to use only the funds you want when you need them. Pay interest only on what you borrow.

    Learn More

  •  

    Personal Line of Credit

    A personal line of credit (PLOC) means you’re not using your home as collateral for the loan. Enjoy the peace of mind that comes with having a financial safety net.

    Learn More

  •  

    Personal Loan

    Borrow up to $30,000 for up to 60 months to use for any purpose. Fund your renovation or vacation without putting your home on the line. A personal loan may be borrowed against your assets, or be unsecured.

    Learn More

DISCLOSURES

*Borrow up to 95% of your home equity 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.

Loans available for homes located in DC, MD, DE, VA, WV, NC and SC.

**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.

***Rates effective as of 07/21/2021. Rates subject to change without notice.

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