Home equity loans, also known as second mortgages or second deeds of trust loans, are used to describe loans in addition to a first mortgage. They are based on the current value of your home versus your existing mortgage balance. You may borrow up to 80% of your equity.
Home is valued at $1,000,000
Mortgage balance is $550,000
Equity is $250,000
You could apply to borrow up to $250,000, which is 80% of the combined loan-to-value in the example above. What’s more, your interest may be tax deductible (please check with your tax advisor).
At Stanford FCU, you can cash in on your equity to pay for any number of expenses — remodel your kitchen or bathroom, pay for college, consolidate other debt, or even start your own business! And since we’re not-for-profit, you’ll have no points, no annual fees and no prepayment penalty. Stanford FCU’s home equity loans get you the money you need to live your life without the extra fees or high-interest rates you’ll find at banks.
Rates effective 5/20/2019. The examples shown here are based on an owner-occupied single-family detached house located in the state of California. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income. All loans and terms are subject to credit approval. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about mortgage products with terms other than those shown.Fixed Rate Home Equity Loan payment example: The Fixed loan payment is based on a loan amount of $250,000, 60% Combined Loan-to-Value (CLTV), and a FICO® score of 750 or greater. Monthly payments do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher.
Home Equity Line of Credit payment example: The HELOC rate is variable and subject to increase during the loan term. Rate is based on the Prime Rate as published in The Wall Street Journal Money Rates Table (“Index”) plus .250% (“Margin”). The floor rate is equal to the Index published at the time of loan application. The lifetime maximum variable APR is 16.00%. The HELOC payment is based on a loan amount of $250,000, 80% Combined Loan to Value (CLTV), and a FICO® score of 750 or greater. Monthly payments do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Equity lines have a 10-year draw period and a 10-year repayment period for a total term of 20 years. Payments during the 10-year draw period are interest only. There is no annual fee or early termination fee.
All members are required to have a $5 membership share balance in any of the following accounts: Checking Account, Savings Account, Money Market Account, Share Certificate or Individual Retirement Account.