Home Equity loan tips from the ICCU loan experts

A home equity loan is one way you can meet your financial goals since you turn your house’s equity into cash. You can apply for a home equity loan with ICCU, but before you decide to tap into your home’s equity, here’s 5 tips from our loan experts recommend you consider.

1)      Know your credit score go to https://www.annualcreditreport.com to get your score

2)      Home equity amount –by looking at your property tax bill to see what your SEV (State Equalized Value)

3)      How much do you owe? Know the balance of your first mortgage on the statement that you receive in the mail/email monthly.  We can help them with the formula to know what the value is (SEV x 2).

4)      Compare closing costs with three institutions and not just the interest rate ICCU often has lower fees and currently have no fees!

5)      Think about how you want to use the funds; do they want a fixed rate and term, or do they need to use it and pay it back periodically and only make payments on what they borrow as they work on a project?

With a Home Equity Loan from ICCU, you can get your home projects completed with a simple monthly payment that fits into your budget. If you're considering a home equity loan, the staff at ICCU is ready to help.