After years of mortgage payments, you may have accumulated considerable equity in your home.
Whitefish Credit Union lets you borrow against that equity through a Home Equity Loan or Home Equity Line of Credit (HELOC) with competitively low interest rates. From major home improvements to large expenses to debt consolidation, we have options to help you meet your goal. These products are often low-cost alternatives to high-interest consumer loans and credit cards.
Choose between a fixed rate home equity loan or a variable rate home equity line of credit.
You save more with no application fees, no annual fees, and no origination fees.
Borrow what you need, when you need it.
A revolving source of funds, much like a credit card, that you can access as you choose.
An upfront lump sum of cash, with a fixed payments over the life of the loan.
Loan to value is a ratio used by lenders to determine available equity based on the appraised market value minus current or proposed outstanding debt on the subject property.
To determine your LTV ratio, divide all current and prosed loan amounts by the value of the home, and then multiply by 100 to get a percentage.
LTV = (amount owed on loan(s) / by appraisal value of home) x 100
You may be able to borrow up to 90% of your home's appraised value. However, the amount of money that you're eligible to borrow will depend on a number of factors including the value of your home, your first mortgage balance, where your property is located, type of property and use, credit score, qualifying income, and other monthly debts.
Your HELOC is a 10 year interest only loan, with a 10 year draw period and a Balloon payment. The principal and any accrued interest is due in full on your maturity date. (Borrowers may apply to refinance their loan balance with a new loan request based on borrower eligibility and financing options available at that time)
DISCLOSURE: *APR: Annual percentage rate. Loans subject to credit and collateral requirements. Rate reflects the lowest rate available on approved credit as determined by the creditworthiness of
each applicant. Not all will qualify. Effective 4/15/2022, the current variable APR will range from 3.15% to 18.00%. It will not exceed 18.00% APR. Rates are subject to change without notice.
Fees, including appraisal and title, range from $350 to $5,000. Minimum loan amount $10,000. Some restrictions may apply. Property insurance is required.
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