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 suite 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 95% 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 closing costs.

Home Equity Line of Credit

A Home Equity Line of Credit (HELC) 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 90% 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 HELC checks that we provide. You make principal and interest payments only on the funds you use. You can obtain credit advances, known as the Draw Period, for the first 10 years. 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 equal an amortized payment of the account balance on the last day of the draw period. This balance will be amortized over 15 years. There is no application fee and no closing costs.  An inactivity fee applies if the account is inactive for a period of 12 consecutive months.

 

Home Equity Loan Rates
Type Term Rate as low as* APR** Loan Amounts
Home Equity Fixed 1 - 60 Months 3.50% 3.50% $50,001 - $500,000 
Home Equity Fixed 1 - 60 Months 4.00% 4.00% $25,001 - $50,000
Home Equity Fixed 1 - 60 Months 4.25% 4.25% $10,000 - $25,000
         
Home Equity Fixed 61 - 120 Months  4.50% 4.50%   $50,001 - $500,000 
Home Equity Fixed 61 - 120 Months 5.00% 5.00%  $25,001 - $50,000
Home Equity Fixed 61 - 120 Months  5.25% 5.25%  $10,000 - $25,000
         
Home Equity Fixed 121 - 180 Months 4.75% 4.75% $50,001 - $500,000 
Home Equity Fixed 121 - 180 Months 5.25% 5.25% $25,001 - $50,000
Home Equity Fixed 121 - 180 Months 5.50% 5.50% $10,000 - $25,000
         
Home Equity Fixed 181 - 240 Months 5.00% 5.00% $50,001 - $500,000
Home Equity Fixed 181 - 240 Months 5.50% 5.50% $25,001 - $50,000
Home Equity Fixed 181 - 240 Months 5.75% 5.75% $10,000 - $25,000

Qualification of joint applications will be based on the higher credit score. Maximum combined loan-to-value 95%. Property types: Owner occupied only. 1-4 unit dwellings and detached PUD's. Condominiums and attached PUD's maximum combined loan-to-value 80%.

         
Home Equity
Line of Credit
300 Months  3.50% 3.50% $10,000 - $250,000

Prime Rate + 0.25% variable. Property types: Owner occupied only. 1-4 unit dwellings and detached PUD's. Condominiums and attached PUD's maximum combined loan-to-value 80%. 

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