Accomplish More with a Home Equity Loan!

Home values are up - and so is your equity! That means that homeowners have a unique opportunity to tap into even more of their home's equity. So, whether you want to makeover your house this summer, consolidate high-interest debt, or escape on a fun-filled family vacation, it's possible with a Home Equity Loan!

Plus, right now we're helping members save even more of their hard-earned money by paying up to $1,500 in closing costs for you!* It's the perfect opportunity to accomplish more and make the summer one to remember. 

 

What is a Home Equity Loan?

Home equity is the amount of your home that you own. You can calculate your home's equity with the following formula:

Home Equity = Current Value of Home - Amount Owed (Mortgage Balance)

Homeowners can borrow a portion of this equity through a Home Equity Loan or Home Equity Line of Credit. 

 

Home Equity Loan vs. HELOC:

There are two common types of home equity loans: Home Equity Loan and Home Equity Line of Credit (HELOC).

  • Home Equity Loan: A traditional home equity loan offers fixed interest rates and the full loan amount is received at once. It's an ideal choice if you know exactly how much your project will cost, such as putting in a pool or a home remodel.
  • HELOC: A home equity line of credit functions like a credit card where you're approved for a set dollar amount. Then, you can borrow from this approved line as needed. You only pay interest on what you spend - not your approved amount. Once your repay the balance, you can borrow from the credit line again. HELOCs are the perfect solution if you have several projects to complete, such as debt consolidation, home upgrades, a family vacation, or just want an emergency line of credit for unexpected expenses. 

 

Perks of Home Equity Loans:

Home equity loans are a major financial benefit of homeownership. They allow you to access funds affordably with convenient repayment terms.

  • Lower Rates: Because home equity loans are secure loans (your home is used as collateral), the interest rates are significantly lower than personal loans or credit cards.
  • Flexible Terms: Longer loan terms (up to 10 years or more) provide more affordable monthly payments as you repay over time.
  • Unlimited Uses: You can use the equity in your home for just about anything: Home makeovers, repairs, debt consolidation, medical bills, higher education costs, family vacations, or events like weddings.
  • Higher Home Values: With home values remaining high, homeowners are able to tap into additional equity to fund all their summer projects.

 

Summer Special: Get up to $1,500 Toward Closing Costs!*

Right now, we're making it even easier for members to access the equity in their homes. As interest rates continue to rise on credit cards nationwide, we want members to be able to access a lower-cost alternative that won't break the bank. That's why we're going to pay up to $1,500 toward closing costs for you!* 

Summer Closing Costs Special:

  • Home Equity Loan: Get up to $750 toward closing costs!*
  • HELOC: Get up to $1,500 toward closing costs!*

 

 

Get Started Today!

Our Summer Home Equity Special is only available until July 31, 2024 - so act now!

To learn more about home equity loans or to determine how much you could borrow this summer, please by any branch location or call 727.586.4422

 

APPLY HERE

LEARN MORE ABOUT HOME EQUITY LOANS

CLICK HERE FOR RATES

 

*Pinellas FCU will pay up to $750 in closing costs (appraisal cost, recording fees, doc stamps, and title search) for a Fixed Rate Home Equity Loan closed with the credit union between June 1, 2024 and July 31, 2024. Pinellas FCU will pay up to $1,500 in closing costs (appraisal cost, recording fees, doc stamps, and title search) for a Fixed Rate Home Equity Loan closed with the credit union between June 1, 2024 and July 31, 2024. Restrictions apply. Contact Credit Union for complete details. NMLS #794591

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