Savings Example #1: Home equity loan to consolidate debt - The debts being consolidated are credit cards and store credit accounts with payment amounts of 2% of the balances, an average rate of 15% ($11,667), and would take 6 years and 8 months to pay off, paying $400 per month.
$20,000 Home Equity Loan
5 year term
Fixed rate of 2.99% APR*
New payment: $359
Interest amount: $1,564
Amount of interest savings: $10,103
Savings Example #2: Home equity loan to pay off your existing primary 1st mortgage and/or a 2nd lien home equity loan that you have at another financial institution; 22 years remaining on your current loan, 4.625% rate, current payment $454.
$75,000 Home Equity Loan
20 year term
Fixed rate of 4.49% APR**
New payment: $474
Monthly payment increases only $20, term is reduced 2 years, and the amount of interest savings is $5,879
Unlock MORE of your home's value for home projects, tuition, debt consolidation, and more!
*Rate based on 90% loan to value (LTV) & 60-month term. **Rate based on 90% LTV & 240-month term. Rates shown are our lowest rates which are based on an evaluation of credit and maintaining an active UECU Checking Account with at least one transaction per month. Other rates and terms available. APR = Annual Percentage Rate.
Home Equity products are not available in all states. Real estate must be first or second lien, 1-4 family owner-occupied residential property. Homeowners insurance is required. Flood insurance required for properties designated in flood zones. Equal Opportunity Lender.
Home Equities are available to members who own homes in AZ, CA, CO, CT, DE, FL, GA, IL, IN, KS, MA, ME, MI, MN, NC, NH, NJ, NY, OH, OK, PA, RI, SC, VA, and VT and who qualify according to property appraisal and credit criteria established by the Credit Union. DE, FL, GA, KS, MN, NY, OK, RI, and VA must pay a state mortgage recording tax.