Contact a Real Estate
  Consultant with questions
  about a Home Equity Loan.

 

   Jennifer Price
   860.568.2020,
   ext. 5353
   jennifer.p@aefcu.com
   NMLS# 1170521

 

Patrick Shiel
860.568.2020,
ext. 5485
patrick.s@aefcu.com
NMLS# 870555
 

 

Sandra Smutnick
860.568.2020,
ext. 5360
sandra.s@aefcu.com
NMLS# 758383

 

Home Equity Loans

American Eagle FCU offers a variety of Home Equity products that are secured by the equity in your home. Home Equity Loans are most often used to pay for home improvements, furnishings, college tuition, vacations, or debt consolidation. To best suit your financial needs, there is the flexibility to choose between a first lien, subordinate lien, or line of credit. The products are available for a single family owner-occupied home or condominium located in Connecticut or Massachusetts.

Home equity Fixed

A fixed Home Equity Loan is typically used for one-time financing needs. You may be able to borrow up to $500,000 or 100% of the equity value of your home, for terms up to 20 years (240 months). Your interest rate and monthly payment is fixed for the life of the loan. With regular monthly payments, the loan will be completely repaid on the specified maturity date. There are no application fees and no or low closing costs.

Home Equity Line of Credit

A Home Equity Line of Credit is a variable-rate loan typically used as a form of revolving credit. Upon application, we establish your limit up to $250,000 or up to 100% of the combined equity value of your home for terms up to 25 years. Use the money when you need it by writing your own loan (minimum $500) from a book of checks that we provide. You make payments only on the funds you use. You can obtain credit advances for the first 10 years, known as the Draw Period. During the draw period, the monthly minimum payment will consist of interest only payments. A Repayment Period begins immediately after the Draw Period, and continues for the next 15 years. During the Repayment Period, you will no longer be able to access the credit line. Your monthly minimum payment will be based on a 15-year amortization of the outstanding balance on the last day of the Draw Period. There are no application fees or closing costs.  An inactivity fee applies if the account is inactive for a period of 12 consecutive months.

 

Home Equity Rates
Product Term Rate as low as* APR**
5-Year Fixed 1 - 60 months 3.25% 3.00%
10-Year Fixed 61 - 120 months 3.75% 3.75%
15-Year Fixed 121 - 180 months 4.00% 4.00%
20-Year Fixed 181 - 240 months 4.25% 4.25%

Property types: 1-4 unit dwellings, condominiums (attached or detached), and PUD's (attached or detached), located in Connecticut or Massachusetts. Minimum loan amount = $10,000. Maximum loan amount = $500,000. Rate assumes that loan is a first lien and a combined loan to value (CLTV) of up to 85%. Loans for second liens with CLTVs up to or over 85% available. Call 860.568.2020, ext. 5110 for rates and details.

 

Home Equity Line of Credit Rates
Product Term Rate as low as* APR**
Home Equity
Line of Credit
300 Months  Prime + 0.25% 3.50%

Prime Rate + 0.25% variable. Property types: 1-4 unit dwellings, condominiums (attached or detached), and PUD's (attached or detached), located in Connecticut or Massachusetts. Minimum loan amount = $10,000. Maximum loan amount = $250,000. Rate assumes a combined loan to value (CLTV) of up to 85%. Lines of credit for CLTVs over 85% available. Call 860.568.2020, ext. 5110 for rates and details.

* Rate determined by your credit history.  ** Annual Percentage Rate.