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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
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: 3/28/2023 - 12:00 A.M. EST
Loan amounts greater than or equal to 80.00% to 90.00% Loan to Value, appraisal may be required.
7.875%
7.985%
$8.29/mo per $1,000 borrowed based on maximum Amortization Period.
Loan amounts less than or equal to 80.00% loan to Value
7.250%
7.355%
$7.91/mo per $1,000 borrowed based on maximum Amortization Period.
* Balloon repayment and option to refinance example: If you borrow $50,000 at 7.355% APR for a 240 month amortization, 60 month balloon term, you will make 59 payments of approximately $395.19 and one final payment of approximately $43,818.93. 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.
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.
We want to help you in closing the door on which option is best for you when the time comes to make a choice.
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