Home Equity Loans
Fund your next chapter, venture, project, even getaway — looking no further than your hometown credit union and your own home. A home equity loan uses the equity you've built in your home to secure cash for any purpose.
So the pride you've put into maintenance and timely payments can count in your favor towards whatever matters most.
- Use the equity built in your home to secure a lower rate
- Loan amount based on the value of your home
- Use funds for practically any purpose
- Interest may be tax-deductible*
- Local loan decisions.
- Flexible terms to fit your future needs
- Sincere, hometown personal service
- Home equity lines of credit
- 10 and 15 year fixed rate home loans
If you are not currently a Power Credit Union member, you can still apply for a home equity loan online by selecting "Apply for a loan as a non-member" from within the online application.
*Closing costs will be waived for new home equity lines of credit. Appraisal fees may apply. The variable Annual Percentage Rate (APR) is based on The Wall Street Journal Prime rate or floor rate of 3.9% whichever is greater. Maximum term of 180 months. Interest rate may vary quarterly. Terms subject to change without notice. Offer is subject to credit approval. Other terms and conditions may apply. Consult a tax advisor regarding deductibility of interest.
Who is this good for?
Home owners needing additional money for remodels, large purchases, weddings, and vacations.
Use the equity you've built in your home to open a home equity line of credit, just as you would a home equity loan. A home equity line of credit lets you determine precisely how much you borrow — up to a pre-set amount — based on the purchases you actually make. Borrow money as you need it rather than pay interest on excess borrowed funds.
- Home Equity Loan
Power Credit Union offers 10 year and 15 year home equity loans.
Who is this good for?
People who want money for a one-time event and prefer the security of fixed-rate loans. This is a good option if you want to keep your existing mortgage and prefer to receive the cash in a lump sum.
The rate is fixed and you repay both interest and principal each month. The payment is received as a lump sum and you cannot draw additional money from the loan.