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Telephone: 410.368.3125

  

Home Equity Loans

If you own your home, chances are you have built a lot of equity. Using the equity in your home can be one of the smartest ways to borrow because the interest on the loan may be tax deductible.* Rates are very competitive and there are options for no closing costs.

Home Equity Line of Credit

Loan Amount 90% of appraised value less first mortgage/Maximum - $100,000
80% of appraised value less first mortgage/Maximum - $150,000
Miniumum - $10,000
Rate Prime rate MINUS 1/4%**
Minimum - 2.5% Maximum - 18%
Draw Period 15 years (access with home equity checks)
First Advance - $2,500 minimum / $500 increments thereafter
Closing Costs Credit union will pay closing costs. Minimum loan term is two years or reimbursement of closing cost are due to credit union.
Appraisal Fee $150
Processing Time 3 - 4 weeks


Closed-End Home Equity Loan

Loan Amount 90% of appraised value less first mortgage/Maximum - $100,000
80% of appraised value less first mortgage/Maximum - $150,000
Miniumum - $10,000
Rate 5 year - as low as ***6.75% APR
10 year - as low as ***7.00% APR
15 year - as low as ***7.50% APR
Closing Costs Credit union will pay closing costs. Minimum loan term is two years or reimbursement of closing cost are due to credit union.
Appraisal Fee $150
Processing Time 3 - 4 weeks

*Please consult your tax advisor for the deductibility of interest in your particular situation.
**Prime rate as published in the Wall Street Journal. The equity loan rate is subject to change on the first day of the quarter (January, April, July & October) following a change in the prime rate.
*** Rates quoted are the lowest available ("as low as"). Actual rate may differ and is dependent on the applicant's and/or credit applicant's credit history.

How to Apply

Members may apply for a loan as soon as membership is established. Loans are available to members who are in good standing with the credit union, and approval is based on credit history and debt-to-income ratio. An application must be submitted, along with two of your most recent paystubs. Applying couldn't be easier! Stop by and speak to our Loan Officer, call (410) 368-3227, call our "Whenever" loan application service, 24-hours a day, seven days a week at 1-888-273-SACU (7228), or apply online.

 
 
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