American Eagle Federal Credit Union

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Mortgage and Home Equity Loans

Residential Mortgage and Home Equity loans are offered to qualified members living in Connecticut and Massachusetts.

Residential Mortgage Loans

First-Time Homebuyers Program

Security Enhancement for Accessing Online Mortgage History
Existing residential mortgage members will notice an important one-time registration process the next time you access your online mortgage history.

After selecting the Mortgage History button, please select the "Register User ID/Password." Follow the instructions to complete this one-time registration process.

In the future, you simply enter your User ID and Password to access your mortgage information. If you have any questions, call the Mortgage Servicing Department at 860.568.2020, extension 5107. Thank you for your cooperation as we continue to improve our online services.
Click here to re-register for online mortgage history.

Home Equity Loans

What is a Home Equity Loan?

Types of Home Equity Loans

Payment Options

Application Process

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What is a Home Equity Loan?
A Home Equity loan is a loan secured by the equity in your home. Equity is the difference between the current market value of your home and the amount you owe on the home. Qualified applicants may borrow up to $250,000 (Home Equity Line of Credit) or up to $500,000 (Home Equity Fixed) based upon their financial condition and the value of their home.

Popular Uses for Home Equity Loans

Home Improvement
Debt Consolidation
Automobile
Boat
Recreational Vehicle
Education

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Types of Home Equity Loans

Home Equity Fixed
A fixed Home Equity loan is similar to a secured installment loan. It is best used for one-time financing needs. With a fixed Home Equity loan, you can choose fixed repayment terms from 1-180 months. You may be able to borrow up to 100% of the equity value of your home. Interest rates vary according to the length of time you choose to repay the loan. Budgeting your money is easier since the fixed monthly payment will not change. With regular monthly payments, the loan will be completely repaid on the specified maturity date.

Home Equity Line of Credit
For a flexible system of periodic borrowing, consider a Home Equity Line of Credit. Think of it as a form of revolving credit. We establish your limit by taking up to 90% of the appraised value of your home and subtracting any existing mortgage balance (Some restrictions apply).

Your annual percentage rate (APR) may be adjusted monthly based upon the "Prime Lending Rate" as published in The Wall Street Journal and appears in the Money Rate section on the 25th of each month (or the first publication following the 25th). The APR will take effect as of the first day of each billing period. Use the money when you need it by writing your own loan (minimum $500) from a book of special checks that we provide. You make principal and interest payments only on the funds you use. Your payment is recalculated each month based on your outstanding principal balance, amortized over 180 months.(The maximum ANNUAL PERCENTAGE RATE will not exceed the lesser of 18% or the maximum ANNUAL PERCENTAGE RATE permitted by the National Credit Union Administration).

Home Equity Line of Credit Example:
Appraisal of Home		$	150,000
Percentage Allowed			x90%
Percentage of Appraised Value		$	135,000
Less Mortgage Debt	-	$	80,500
Potential Credit Line		$	54,500

(Certain restrictions apply)

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Payment Options
With our Home Equity loan you'll have the flexibility to repay the loan in several ways.

With a Home Equity Fixed Loan, we offer:

Convenient payment options - by mail, in person, automatic deduction from your Credit Union Savings or Checking account, Command Call, or Credit Union ATM.
Choose a payment to fit your budget.

With a Home Equity Line of Credit, we offer:

Convenient payment options - by mail, in person, automatic deduction from your Credit Union Savings or Checking account, Command Call, or Credit Union ATM.
Pay a minimum amount established by the amount of credit outstanding. If you choose the minimum payment option, this may result in an outstanding principal balance that is greater than the minimum payment less than the credit limit, becoming due and payable at contract maturity.
Choose the payment that will satisfy the loan at contract maturity.
As you repay the loan, your available credit is restored by the amount of principal reduction. You may take up to 15 years to repay the loan. There is no prepayment penalty on any Home Equity product.

No Closing Costs
The Credit Union does not charge closing costs or annual service fees with a Home Equity loan.

Ease Your Tax Burden
Home mortgage interest for home equity indebtedness, up to $100,000 beyond acquisition mortgage debt, may be tax deductible. You should consult a tax advisor regarding the deductibility of interest on your home equity indebtedness. This makes a Home Equity loan an ideal way to borrow if you are a homeowner.

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Application Process
Home Equity loans are offered to qualified members living in Connecticut and Massachusetts.

To apply for a Home Equity loan, complete an application. You may also start the process with a telephone call.

We do business in accordance with the Federal Fair Housing Law and Equal Credit Opportunity Act.

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About HomeValueBot
HomeValueBot is a secure, private way to get a professional, automated home valuation, and a useful tool for you to:

Get a professional home value estimate at no charge
Receive automatic updates based on actual market conditions
Be aware of how a professional automated home valuation system would value your home in an actual lending situation.

HomeValueBot by itself is not designed to be used for lending purposes.

email: info@americaneagle.org
860.568.2020 800.842.0145

Federally insured by NCUA. Equal Opportunity/Equal Housing Lender.