Home Equity Loans

Are you looking to free the equity currently locked into your home?  A home equity loan may be the answer. There are many advantages to a Home Equity Loan, such as:

• Easy source of cash
• Low Interest Rate
• Interest may be tax deductible -  consult your Tax Advisor for details

At Foothill Federal Credit Union, we offer Home Advantage Loans and Home Equity Lines of Credit (HELOC).  

Home Advantage Loan

The Home Advantage Loan is a second mortgage on your primary residence. It allows you to borrow against the equity in your home that has grown with its increased value. You may use the loan for home improvements, education, unexpected expenses or for whatever you may like.

Features:

• Easy source of cash
• No pre-payment penalty
• Financing Available (80% LTV)
• Interest may be deductible– consult your Tax Advisor for details
• View current rates

Home Equity Line of Credit (HELOC)

The Home Equity Line of Credit is similar to the Home Advantage in that the loan amount is determined by the equity you have built in your property. Instead of receiving a lump sum at closing, you are given a credit line from which you can draw funds whenever you need to, up to the credit line limit.

Features:

• 10-year draw period: repayment period 15 years
• No pre-payment penalty
• Interest may be deductible– consult your Tax Advisor for details
• View current rates

Interest-Only HELOC

Our Interest-Only HELOC allows you to make interest only payments for the first 10 years of your loan.  If you currently have a standard HELOC and convert to our Interest-Only HELOC, please contact a Mortgage Loan Representative at (626) 445-0950 ext. 6239 or 6236, or send us an email at cu@foothillcu.org .