Home Equity Loan Programs

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Your Credit Union is currently offering two of the best home equity loan programs available anywhere. Both loans require no annual fee and the Credit Union pays all closing costs.

One option is a short-term, fixed-rate home equity loan that has the same A.P.R.(annual percentage rate) as our auto loans.

The other option is the longer-term home equity line of credit loan (HELOC) that is 0.50% (1/2 point) under the current prime rate. It only adjusts two times per year (if necessary), regardless of how often the prime rate changes. (Many outside programs adjust rates monthly.)

The minimum amount to borrow is $10,000 and the maximum is $100,000. Larger amounts may be considered on an individual basis but need board approval. To determine the amount of money you may be able to borrow through this program, do the following simple calculation:

1. Calculate 80% of your home's value
2. Subtract the balance on your current mortgage

What's left is the amount you may be able to borrow.

For example, if your home is worth $100,000, and you owe $60,000 on the mortgage, you could apply for a home equity loan for up to $20,000. (($100,000 x 0.8)-$60,000) = $20,000.

These loan programs were designed and approved for one reason:to offer our members the best home equity programs available. Since May, 1995, when NTFCU introduced home equity loans, we have loaned over $5 million to our members.

If you have been thinking of a home equity loan or if you would like to pay off another and refinance through the Credit Union, call today!

Please note: You will need to request a home equity loan (real estate loan) application. The regular NTFCU loan application does not apply to this type of loan.