2nd Mortgages

There are lots of reasons you may want to use your home's equity and ElecTel Cooperative FCU has the best way for you to access it with our Home Equity Loans.  You can use your valuable home equity to make home improvements, pay for college, consolidate bills, or for any other good reason. You'll get a low interest rate and access to more money than with an unsecured loan. Ask your tax advisor about the potential tax savings!
 
ElecTel Cooperative FCU offers two types of home equity loans ­- HELP and Equity Wise. Call us to discuss which option is right for you.

• Line of credit up to $100,000
• Current rate is 4.25% apr*
• NO closing costs
• borrow up to 90% loan to value, less existing liens
• minimum advance is $250
• once limit is established, future advances are just a phone call or convience check away
• There is no prepayment penalty for early payoff
• Interest may be tax deductible (consult with your tax advisor regarding the deductibility of interest)
• During the draw period, you may keep the credit line open even if it has a zero balance
• excellent choice for members who want ongoing access to funds

Equity Wise Loan

• one-time advance up to $50,000
• borrow 90% -­ 100% loan to value, less existing liens
• fixed interest rate
• NO closing costs
• Interest may be tax deductible (consult with your tax advisor regarding the deductibility of interest)
• great for members who need cash for a one-time purchase or bill consolidation

Interested in a home equity loan? Call our loan officers today for an application or apply online !

* - annual percentage rate