Your home is your greatest asset...so would it not stand to reason that you would use it to its full advantage? A home equity loan or line of credit helps you make the most of this asses by borrowin.
Flexible
Home Equity Loan. Also known as a second mortgage, a home equity loan pays you a lump sum at one time, then a fixed payment for the term of the loan—5, 7, 10, 15, 20 years. This is a great option anytime you have a need for a fixed sum of cash for home improvements or repairs, a wedding...even the purchase of a vehicle. Borrow up to 100% of the equity in your home, and since you're using your home as collateral, the interest may be tax deductible.*
Home Equity Line of Credit . A line of credit is perfect when you want the flexibility to borrow when you need it, but only pay interest on your outstanding balance. Here's how it works: you're approved for a credit line, up to 100% of the equity in your home. You draw on the funds as you need...it's usually as simple as writing a check...and pay interest on that portion of your line that you've actually borrowed. Write a check for a new roof today, one for a new car tomorrow, and college tuition next week! It's that easy, that versatile. Again, the interest may be tax deductible.*
Affordable
Low rates . At Eastern, we always have affordable rates. Our Home Equity Loan offers you a fixed rate for the life of the loan, so you can rely on a consistent payment month after month. A Home Equity Line of Credit offers a variable rate tied to the Prime Interest Rate.
No closing costs. Whichever home equity option you choose, you pay no closing costs...
Fast and convenient
Fast closings . Home equity loans and lines of credit usually close in just 10 days.
Convenient closings . Wwe will courier the closing documents to you. Just have them notarized when it fits within your schedule at any Eastern branch, or other notary public .
Apply online or in person. Coming soon, you'll be able to apply for your mortgage or home equity loan in the comfort of your home from any Internet-connected computer...just visit our website and click on the Mortgages at Eastern link. Or, if you prefer face-to-face, we can do that too. Just call us or visit any ENY FCU office.
Loans in more places. Do you have a vacation house out of state? Or commute in from Pennsylvania? We can handle your mortgage, too! (Call us for informaiton about home equity loans in Texas)
