USE Credit Union

Home Equity Loans

Affordable Financing Has A New Home: Yours!
Using your hard-earned savings for major expenses doesn’t always make sense – especially with interest rates at all-time lows. A better solution for most homeowners is a Home Equity Line of Credit or a fixed-rate Home Equity Loan – two smart ways to use the equity in your home to get the cash you need. Use the money for remodeling projects, home repairs, a major purchase, emergencies, or to pay off higher-rate debt. 

Home Equity Line of Credit
If you think you’re borrowing needs will vary over time, a Home Equity Line of Credit is a good choice.  It’s flexible and can be customized to fit your budget and lifestyle. Simply establish your account today and use the funds as you need them.

  • Get up to $250,000 for any personal reason
  • Low variable rate based on the Wall Street Journal Prime Rate 
  • Low interest-only payment options available 
  • No points or origination fees 
  • Tax-deductible interest for most homeowners
  • Easy checkbook access to your funds
  • Low minimum monthly payments

Fixed-Rate Home Equity Loan
If you need money for a one-time expense, a fixed-rate Home Equity Loan may be your best option. It’s perfect for home remodeling or repairs, or anytime you need a lump-sum of cash.

  • Get up to $250,000 for any personal reason
  • Low fixed rate and low monthly payments
  • Flexible repayment terms -- up to 25 years
  • No pre-payment penalty
  • Tax-deductible interest for most homeowners
  • Low minimum monthly payments
  • Minimal Fees

It’s easy to get started. There’s no application fee and you can apply online or at your USE branch. Still have questions? Call our Member Service Center at 866.873.4968 during regular business hours.

All loans subject to credit approval. Rates, terms, and conditions subject to change without notice. Must be owner-occupied, single-family residence or 1-4 story condominium in California only.

Home Equity Line of Credit – Special Terms
If you close your line within three years of origination, an Early Account Closure Fee of $500 may be assessed. A Reconveyance Fee is charged when your line is closed and your balance is paid in full. The $50 Annual Fee is waived the first year and assessed on your anniversary date any year thereafter your balance falls below $10,000. USE will cover the following closing costs (fees): flood certification, title insurance, escrow, credit report, condo processing, mortgage recording, notary, trust documentation, release of third-party mortgage and an Automated Value Method (AVM). An optional appraisal may be requested at any time, the borrower will be required to pay the cost. Consult your tax advisor for potential tax deductibility.

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