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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, debt consolidation or a variety of other needs. A Home Equity Loan is an additional loan you take out on your primary residence 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 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 a maximum rate of up to 125% of your home’s value
- Fast online application, or apply by phone or in the branch and get prequalified
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, such as an appraisal fee 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 funds you need. Your success is our bottom line!
Home Equity Loans - Mission Fed in a Minute Video
Credit Union Home Equity Loan rates
Mission Fed offers Home Equity Loans with fixed rates and terms that fully amortize. 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 with set 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 period, you’ll know exactly where you stand with a 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 loan payment schedule. We can help you decide which works better for you.
Applying for a Home Equity Loan in San Diego
To get this type of loan, you need to own your home and have a mortgage loan already, as well as a satisfactory credit score. 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 $300,000 of the value of your home, giving you the funds you need to meet your goals, while providing you a reliable repayment schedule with our fixed Home Equity Loan rate. You can apply through our online banking platform, or over the phone by calling our Contact Center at 800.500.6328. If you prefer to apply in person, where a knowledgeable loan specialist 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 from a credit union may be a good option to pay for major purchases when you need a lot of funds, like RVs and boats, or to fund projects like kitchen remodels, room additions or college tuition. Longer terms with a lower interest rate mean lower payments.
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These loans can also be a great tool for debt consolidation, allowing you, for example, to combine balances on high-rate credit cards from other financial institutions. By turning revolving debt and expenses into one combined loan with a low, fixed payment and a better rate, you can make a plan to have your loan balance paid off.
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A loan specialist at Mission Fed can help you decide if a Home Equity Loan or a variable rate HELOC is a better choice for you and your property. With the guidance of our friendly, knowledgeable employees, you’ll get a loan decision and ongoing banking products, like our federally insured deposit accounts. We look forward to helping you apply!
Subject to credit approval; terms and conditions apply. The Home Equity Loan organization fee is $750. Second Trust Deed loans available only for your owner occupied, primary residence in San Diego County, California. Certain loan types may result in a balloon payment. Programs subject to change without notice.
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