Home Equity Loans
A Mission Fed Home Equity Loan with low loan rates can really come in handy for large purchases, solar and other energy-efficient home improvements, remodeling, tuition, consolidating debt or a variety of other needs. A Home Equity Loan is an additional loan you take out on your home based on the equity you’ve built over the time you’ve owned your home. When you know the amount you need to borrow, and prefer a reliable fixed rate to a variable rate, a Credit Union Home Equity Loan might be a good alternative to a Home Equity Line of Credit (HELOC).
Credit Union Home Equity Loan features
- Secure, fixed rate for the life of the loan
- Borrow up to 125% of your home’s value
- Fast online application, or apply by phone or in the branch and get prequalified
Speak with a Home Loan Representative
Get all your questions answered and see how easy it is to get started.
Why apply for a home equity loan at a credit union like Mission Fed
Most of the time, credit unions offer significantly better rates than other lenders. Generally, a credit union home equity loan will save you money on fees and on your interest rate. When you get a San Diego Home Equity Loan with us, you’ll notice better rates that will help you save money. Come by and find out how we can help you get the money you need. Your success is our bottom line!
Home Equity Loans - Mission Fed in a Minute Video
Credit Union Home Equity Loan rates
Home Equity Loan rates are fixed and are fully amortized. That means you receive your money in one lump sum, use it as needed and start repaying the loan right away in predictable monthly payments. Fixed interest rates help you calculate how much interest you’ll end up paying over the life of the loan. Because a Home Equity Loan provides all the money up front with reliable interest and a clear repayment schedule, you’ll know exactly where you stand with a Credit Union Home Equity Loan.
A Home Equity Line of Credit (HELOC) offers some flexibility, but also comes with variable interest rates and other terms that may cost you more interest in the long run. In addition, a HELOC can mean variable payments, which may not suit your financial plans if you require a consistent, reliable payment schedule. We can help you decide which works better for you.
Applying for a Home Equity Loan in San Diego
To get a Home Equity Loan, you need to own your home and have a mortgage loan already. You then apply for another loan to use the equity in your home for large expenses, home projects and more. At Mission Fed, our Home Equity Loans allow you to borrow up to 125% of the value of your home, giving you the money you need to meet your goals, while providing you a reliable repayment schedule with our fixed Home Equity Loan rate. You can apply online, or over the phone by calling our Contact Center at 800.500.6328. If you prefer to apply in person, where a knowledgeable employee can help walk you through the process, simply make an appointment by clicking the button below.
Handle large purchases or big projects the smart way
A fixed-rate Home Equity Loan may be a good option to pay for major purchases, like RVs and boats, or to fund projects like kitchen remodels, room additions or college tuition. Lower rates and longer terms mean lower payments.
Recycle expensive plastic
Home Equity Loans can also be a great tool for consolidating debt, allowing you, for example, to combine balances on high-rate credit cards from other financial institutions. By turning revolving debt into one loan with a low, fixed payment and a better rate, you can make a plan to have it paid off.
Enjoy local service
We can help you decide if a Home Equity Loan or a HELOC is a better choice for you. With the guidance of our friendly, knowledgeable employees, you’ll get a loan decision and personalized, ongoing service from Mission Fed right here in San Diego. We look forward to helping you apply!
Rates, terms, programs, conditions and services subject to change. Loans subject to credit approval. There is a $750 origination fee for a Home Equity Loan. Second Trust Deed loans available only for your owner occupied, primary residence in San Diego County, California. Minimum payment is determined by the rate, term and loan amount. Certain loan types may have a balloon payment. Consult a tax advisor regarding deductibility. 6/18
More Products & Services
When you’re first researching home equity lines of credit (HELOCs) and home equity loans, you may find yourself a little confused about how they work, what the difference is between them and why you would select one over the other.
Attend Mission Fed’s free real estate Move Up Workshop for members to learn about the costs that can occur when selling your home, potential tax implications and the benefits of upgrading or staging your home prior to listing it for sale. Plus, you’ll...
30-Year Fixed Jumbo Home Loan Purchase. A new home a big deal—let us help.
Choose Mission Fed to assist you with your business lending needs for Multi-family or Commercial real estate loans for properties located in San Diego County.