Home Cash Equity Loan

Newly finished upscale modern kitchen and living room

Sometimes Called a Second Mortgage

A great option if you need money for a one-time expense, such as a renovation.


A Quick Summary

Home cash equity loans provide you a lump sum of cash against the equity in your home and offer you a fixed rate over a certain period of time. Proceeds from these loans are commonly used for funding more expensive home repair projects, such as a new roof or kitchen remodel.

It is a fixed amount, fixed rate, and one-time deal.

Wildfire Home Cash Equity Loan Features & Specs:

  • Borrow up to 90% of your home's equity, or 80% of the estimated value as determined by the Credit Union.

  • Term: Maximum of 20 years with a 5-year balloon.

  • Loan Amounts: You can receive a home cash equity loan loan for as low as $5,000 or as high as $250,000*.

  • Application fees/Closing costs: $125 (other fees may apply).

  • Rates: Rates for home cash equity loans are fixed, five-year balloon rates.

* Appraisal and title work required on loan amounts greater than $50,000.

Home Cash Equity Loan Rates

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Mortgage applicants please read our Mortgage Applicant Disclosure

  • 20 year amortization; 5-year balloon*.
  • All payment examples are for principal and interest only. Property taxes and insurance are not included.
  • A balloon payment will result if only principal and interest payments are made during the term of the loan.

Effective Date: 5/29/2024 - 12:00 A.M. EST

Loan Information
Interest Rate
APR
Payment Amount

Loan amounts greater than or equal to 80.00% to 90.00% Loan to Value, appraisal may be required.

8.750%

9.253%

$8.84/mo per $1,000 borrowed based on maximum Amortization Period.

Loan amounts less than or equal to 80.00% loan to Value

8.500%

8.999%

$8.68/mo per $1,000 borrowed based on maximum Amortization Period.

* Balloon repayment and option to refinance example: If you borrow $50,000 at 8.999% APR for a 240 month amortization, 60 month balloon term, you will make 59 payments of approximately $433.91 and one final payment of approximately $44,497.60. All or a portion of the final payment may be refinanced with qualifying credit worthiness.

All payment examples are for principal and interest only. Property taxes and insurance are not included.

A balloon payment will result if only principal and interest payments are made during the term of the loan.

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If you are interested in starting a home cash equity loan or would like some more info, don’t hesitate to get in touch with us or swing by one of our branches, we are here for you.