Home Equity Loans
Your Best Source of Cash Could be Right Under your...Feet!
We all need money now and then for "big ticket" items such as financing a child's education, remodeling the house, or consolidating high interest debt. If you've owned your home for awhile and have been making regular monthly mortgage payments, there's a good chance you've built up equity that can be used as collateral for a loan.
A Home Equity Loan or Line of Credit from Oxford FCU could be the best way for you to access the cash you need.
Which Loan is Right for You? A Home Equity Loan or a Home Equity Line of Credit?
|Home Equity Loan||Home Equity
Line of Credit
|Receive your money in a lump sum||Withdraw money as you need it||Interest on both may be tax deductible**|
|Borrow a specific amount for a set period of time||Offers easy access for unexpected expenses||Interest rates are generally lower than other types of credit such as personal loans and credit cards|
|Fixed interest rate||Variable interest rate||Funds can be used for many purposes|
|Regular monthly payments||Fluctuating monthly payments||Applying is quick and easy|
*Loan must remain open for three years. Estimated closing costs $400. Membership eligibility required, included $5 minimum share account balance. Additional disclosures will be sent to you upon application submission. Property insurance required. Flood insurance required where applicable.
**Consult your tax advisor about the deductibility of home equity interest.