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Home Equity Loan

Being a homeowner is equal parts stressful and rewarding. There’s always a project to complete or something to replace. Owning a home is a never-ending cycle of spending, and sometimes you just need some help. 

At Ohio University Credit Union, we understand that, and our home equity loans could be the best way for you to borrow, enabling you to use your home’s equity for what you need and deserve. 

Life’s biggest expenses are attainable with Ohio University Credit Union.

Equity Calculator

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*APR=Annual Percentage Rate. Subject to credit approval. New loans/lines only. 
Home Equity Loans. The payment on a $10,000 60-month fixed rate loan at 4.74% APR is $186.97. Rate shown is based on 80% LTV. Rates vary based on term, equity and loan-to-value (LTV). Maximum LTV on equity lines and loans is 95%. Property must be primary residence in the state of Ohio. Other rates and terms available.
Home Equity Lines. Variable APR may change quarterly based on the Wall Street Journal Prime Rate plus or minus the margin stated in your original home equity line agreement. Maximum APR on home equity lines is 18%. Late payment charge after 10 days is 5% of payment amount. Closing costs, excluding appraisal fee, will be about $369.
NMLS #433809. No appraisal fee special ends 6/30/2021.

What Is A Home Equity Loan?

A home equity loan is, essentially, a second mortgage. These are similar to a traditional loan because they feature a fixed rate for a set period of time. The loan amount is based on the value of your home and how much of your mortgage you still have to pay off. 

home equity chart

 

 

 

 

 

 

 

 

A home equity loan is often used for a large purchase, home renovations, or debt consolidation. Ohio University Credit Union offers competitive fixed rates and terms on our home equity loans. We also allow you to borrow up to 95% of the home's loan to value. Your interest rate is determined by the amount of equity and the term. Property must be primary residence in the state of Ohio.


Home Equity Loan Rates

At Ohio University Credit Union, we offer competitive home equity loan rates that you’ll feel comfortable about.

Home Equity Loan (Up to 80% LTV) 60 Months 3.74%
  84 Months 3.99%
  120 Months 4.24%
  180 Months 4.74%
Home Equity Loan (81-90% LTV) 60 Months 4.99%
  84 Months 5.24%
  120 Months 5.74%
Home Equity Loan (91-95% LTV) 60 Months 6.24%
  84 Months 6.49%
  120 Months 7.24%

 

 

Apply Online today or Schedule an Appointment with our OUCU Mortgage Department.

 

Using Your Home’s Equity To Your Advantage 

If you’re a homeowner, home equity loans & lines of credit can be one of the best ways to borrow. Our home equity loans open so many doors to support you and your dreams. These loans allow you to:

  • Pay for major remodeling projects, like a new roof or finished basement
  • Save money by consolidating higher-interest rate loans and credit cards
  • Cover expenses for education or emergencies

"OUCU is great to have an equity loan through. Thank you for your many years of service to your members!"

"We just started a home loan. We have tried other places for almost a year. You guys did it in less than 6 weeks. We are so grateful and you have done a wonderful job. Thank You!"

 

If you can’t find what you’re looking for, let our expert mortgage team lead the way. Click below to get started today.

Apply Online     Schedule Appointment

 

 

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