USDA CREDIT UNION
HOME EQUITY LOANS
Current Rates
Rates are subject to change without notice.
All loans are subject to credit approval.
Home Equity loans are closed-end, fixed rate, second mortgage loans
Call the USDA Credit Union office at 515-243-0480/800-584-7010 or E-mail us for details
| APR (Annual Percentage Rate) |
Loan Terms |
| 5.25% 5.75% |
5 year payoff/LTV 80% or less 15 year amortization with a 5 year balloon/ LTV 80% or less |
Payment example: 180 monthly payments of $207.61 for $25,000 borrowed at 5.75% APR assuming 59 monthly payments with a balloon balance on the 60th payment.
Home Equity Loans are also made available to members who qualify. These loans can be used for a multitude of purposes such as;
Vehicle purchase
College/School Expenses
Home Improvements
Debt Consolidation
Medical Expenses
Vacation
Taxes
There are several benefits to a USDA Credit Union Home Equity Loan. The biggest benefit is that you can use the equity in your home to borrow for almost anything. In most cases we can look up the assessed value of your home free of charge and then base your borrowing power on the difference that you own on your first mortgage.
Another big benefit is the tax advantage for those who quality. We do place a second mortgage on your home and file a lien with your county recorder so in most cases the interest that you pay qualifies as a tax deduction. For more information on tax benefit talk to a tax professional.
Another benefit is the flexible terms. All USDA Credit Union Home Equity Loans are five year loans. But you have the option to pay this loan in full within five years or amortize payments on a fifteen year payback with a five year balloon.
To apply for a Home Equity Loan, or for further information, contact our loan officer at the Credit Union 515-243-0480 / 1-800-584-7010 or E-mail.