Mortgage & Home Equity
Choose from a variety of first and second mortgage options.
Home Equity Products
If you own your home, chances are you have some equity built up. It may be time to put that equity to work. By borrowing against it, you can get some of the lowest rates available, plus possibly a tax deduction!* Make home improvements, consolidate bills, pay college tuition, or take a family vacation. How you use the money is up to you!
All4You FCU offers two types of home equity lending products: lines of credit and closed-end second mortgages. With either option, you can borrow 80% of your home’s value minus your outstanding mortgage, up to $75,000.
Home Equity Line of Credit
A Home Equity Line of Credit (HELOC) has a variable rate with a 5 year draw period, giving you up to 10 years to repay what you borrow. It will allow you to borrow only the money you need, when you need it, and repay as you go. It's great for recurring expenses or for several high ticket items you don’t plan to buy at the same time.
Fixed-Rate Second Mortgages
Also known more simply as a Home Equity Loan, a Fixed-Rate Second Mortgage is a closed-end product. You'll borrow a lump sum when you open the loan and then make equal monthly payments until the loan is paid off, up to the term of the loan — either five, seven or 10 years. This loan is great for single large purposes. You'll know exactly what the loan will cost you over the life of the loan, assuming you make your payments on time. Choose to pay your loan off early and save on interest!
Retire Your First Mortgage
Lower the Rate on Your Home Loan with our Fixed-Rate First Lien Second Mortgage.
If you’re retiring soon but still have a first mortgage, don't miss your chance to reduce your rate and your monthly payments. All4You FCU will help you reduce the amount you pay over the life of the loan with a new lower rate on your balance of up to $100,000 and terms of up to fifteen years.
Home Equity Rates
| Loan Type | Term | APR* as low as |
|---|---|---|
| Variable Rate Line of Credit (HELOC) 80% LTV | 5 Year Draw, 10 Year Payoff | Prime +0% |
| Fixed Rate Second Mortgage 80% LTV | 5 Years | 5.50% |
| Fixed Rate Second Mortgage 80% LTV | 7 Years | 5.75% |
| Fixed Rate Second Mortgage 80% LTV | 10 Years | 6.00% |
| Retire Your First Mortgage (First Lien Fixed Rate) | 15 Years | 7.00% |
*APR = Annual Percentage Rate. Actual APR based on credit worthiness.
First Mortgages Through Our Partner State Financial Network
Choose a fixed-rate or adjustable-rate loan for your first mortgage. For special circumstances, we offer Balloon Loans, Interest-Only Loans and Jumbo Loans.
Contact our mortgage partner State Financial Network today at 800-426-7140, option 1 for more information. Or apply 24/7 online!
