If members are looking to take out a home equity loan, Westar Federal Credit Union is here to guide you. We offer two loan options for our members who reside in the Towns of Baldwinsville, Camillus, Elbridge, Geddes, Jordan, Marcellus, Memphis, Onondaga, Solvay, Van Buren, and Warners, New York. With competitive rates, friendly customer service, and a commitment to our members, you can find what you need by visiting our branch.
What a Home Equity Loan Can Do for You
A home equity loan is ideal for financing expensive costs like renovations and additions to your home, helping someone with college expenses, consolidating debt, and more. When applying for a home equity loan, a loan officer will consult with you about the fair market value of your home and review what you owe on your mortgage to determine the equity available for loan opportunities. Westar Federal Credit Union can offer you access your home’s equity in one of two ways:
- Receive the closed-ended loan with a specified term
- Open a home equity line of credit (HELOC)
There are many advantages to taking out a home equity loan. For example, if you are looking for a quick way to access funds, you can obtain the money you need with lower interest rates than most other loans with flexible repayment terms, so you can have the funds you need without the hassle.
Home Equity Loan Options
At Westar Federal Credit Union, we have two home equity loan options for customers to choose from:
Fixed-Rate Home Equity Loans
For members looking to finance big projects like remodeling your bathroom, bedroom, kitchen, or replacing a roof, we have fixed-rate home equity loans. Westar Federal Credit Union can finance a large percentage of the equity of your home with no application fees and minimal closing costs.
Variable Home Equity Loans
If members are looking for short-term funds, open a home equity line of credit (HELOC) at Westar Federal Credit Union. Similar to the fixed-rate home equity loan, we can finance a large percentage of equity of your home. With a $10,000 minimum loan, you can start financing your next project. We offer competitive rates, no application fee, and minimal closing costs.
When members open a HELOC, you can receive your loan in increments instead of all at once. This can make it easier to keep track of repayment schedules and how much you are spending, especially if you are working with several contractors. We provide flexible repayment plans, giving you a ten-year draw period and 15 years to repay your loan.
Please Note: The annual percentage rate based on the value of an index is subject to change. This occurs whenever the Prime Rate changes (as published by the Wall Street Journal). The maximum APR is 12%. When APR increases, financial charges will also increase. This may affect your scheduled payments.
Learn More at Westar Federal Credit Union
Serving the towns of Baldwinsville, Camillus, Elbridge, Geddes, Jordan, Marcellus, Memphis, Onondaga, Solvay, Van Buren, and Warners, NY, Westar Federal Credit Union is here to help you achieve your lending needs. With a dedication to providing reliable and personalized banking services, you can trust us with your home equity lending needs. To learn more about how we can help you, contact Westar Federal Credit Union today.