A home equity loan is a revolving line of credit secured by the equity you have in your home. You can borrow on this line of credit as you need to. Use it for major purchases including a new car, home remodeling, college expenses, a much-needed vacation or bill consolidation.
If you are a homeowner, the most economical way for you to borrow may be with a home equity loan or line of credit. Not only are the rates lower than that of most other loans, but your interest may be tax deductible as well (check with your tax advisor for details).
Arizona State Credit Union Home Equity Lines of Credit have:
- Up to 90% combined loan to value, with a minimum $25,000 line of credit
- No minimum advance is required
- No Annual Fee
- Closing fee is approximately $200, other charges may apply
Use your Home Equity Line of Credit to pay for:
- Home improvements
- Car purchase
- Any reason!
Real estate loans tend to have lower interest rates than other types of loans. With this in mind, plus the potential tax savings, using a home equity loan or line of credit may offer the greatest value.