Rates | Applications | Calculators
Put the equity in your home to work for you with Elko Federal Credit Unions new Home Equity Line of Credit. If you are a typical homeowner and have owned your home for several years, your property has probably earned a profit for you by increasing in value because of inflation. Further, your regular monthly mortgage payments reduce the amount you owe. For both reasons inflation and amortization your equity normally increases.
To find out how much equity you have, an estimate is made of the current market value of your home. From this estimate, subtract the balance of your mortgage still to be paid. The remainder is your approximate home equity.
This equity can be used as collateral to secure a line of credit for any worthwhile purpose. A home equity line of credit does not change or alter your first mortgage in any way it is an entirely separate loan.
For more details, come in soon, and talk with one of our loan officers.