Home Equity/HELOC

Home Equity /HELOC

For most members, the equity in their home is their greatest source of borrowing power. Tap into your home’s value to remodel your dream kitchen, plan a family vacation, fund your children’s college tuition, or simply pay for large expenses with ease.

FCCU has convenient options to meet your varying needs: a home equity loan or a home equity line of credit (adjustable rate or fixed rate).

Subruran house

Home Equity Loan

Home

Our Home Equity Loan is a great fixed-rate borrowing option with a specific payout term. Choose between a 5-15 year term that meets your needs. We also offer special benefits for those who refinance with this option!

Home Equity Line Of Credit

Home

FCCU's Home Equity Line Of Credit is perfect for getting quick cash out of your home for any immediate need. It can be fixed-rate or adjustable and you only pay back what you use at the end of the five year draw period!

No Insurance? No Problem!

Most lenders are unable to help borrowers who are not able to keep up the costs of Homeowners’ Insurance and Windstorm Insurance since they require these insurances to allow for home equity borrowing. In these cases, FCCU has your back! Check out our No Insurance Home Equity Loan!

Product Comparison

Find the right home equity account for your financial needs: a loan or line of credit.

Home Equity Loan Home Equity Line of Credit
Interest rates are locked in over the life of the loan for most Second Mortgages. Homeowners don’t have to worry about unexpected rises in their mortgage monthly payments. If you don’t know for sure how much money you will need over a period of time, a HELOC allows the borrower to take advances as they need. As you pay it back, it frees up more credit.
A borrower will typically enjoy lower monthly payments since the period of the Second Mortgage is usually longer, such as 15 years. Borrowers typically have lower monthly payments versus a Second Mortgage.
Since a Second Mortgage loan is a one-time, lump sum, some homeowners may find it easier to avoid additional debt versus a HELOC where you can continuously draw down money from the loan. Borrowers have the flexibility of choosing adjustable or fixed-rate HELOC options.
Home Equity Loan Home Equity Line of Credit
You prefer fixed monthly payments that won’t change. A lower interest rate is more important than the possibility of an increase in your monthly mortgage payment.
A longer loan term is necessary. It is uncertain how much money you will need to borrow and when.
Home Equity Loan Home Equity Line of Credit
Since Second Mortgage loans are fixed rate loans, if interest rates fall, the borrower will end up paying more in interest versus a HELOC which usually uses a variable rate that adjusts downward. When choosing a variable rate option, a borrower will not have the security of locked in payments. As interest rates change, so will the monthly payment.
Since the life of the loan is longer, for example 15 years, you end up paying more in interest. A HELOC has a shorter loan length which will require faster payment.
You only receive money one time, so if additional costs arise, the borrower would need to apply for a new loan or consider refinancing. Borrowers will have the freedom of only borrowing however much they need and only paying back that amount.

Meeting with an FCCU expert is as easy as selecting the location, convenient time slot, and preferred day and adding your contact details.