Home Equity Loans at
Sentinel Federal Credit Union
Unlock the value of your home with a Home Equity Loan from Sentinel Federal Credit Union. Whether you’re looking to fund home improvements, consolidate debt, or finance a major purchase, our flexible options and competitive rates make it easy to leverage the equity you’ve built in your home.
Here are some key points about our home equity loans:
- Lower Interest Rates
- Large Loan Amounts
- Fixed Interest Rates
- Tax Deductibility
- No Hidden Fees
- Easy To Apply
- Emergency Expenses
- NCUA Insured
Unlock Your Home's Potential With A Home Equity Loan
Whether you’re looking to fund home improvements, consolidate debt, or finance a major purchase, our flexible options and competitive rates make it easy to leverage the equity you’ve built in your home.
Learn More About Our Home Equity Loans at SFCU
Your home equity is the difference between the value of what your home is worth and what you owe. You’ve earned the equity in your home. Now, use it to put your home to work for you. You can use your home equity to pay for things like:
- Home improvements
- Debt consolidation
- Emergency funds
- Whatever you need
We offer two types of home equity loans: a fixed-rate home equity loan* and a variable-rate home equity line of credit (HELOC).**
Competitive HELOC Rates
and Flexible Loan Options
01
Benefits of a home equity loan
- Fixed rate never changes over the life of the loan.
- You get the entire amount of the loan at closing.
02
Benefits of a home equity line of credit
- You can use your variable-rate HELOC funds for whatever you need, whenever you need it and you pay interest only on the amount you use..
- Your HELOC is a revolving line of credit, which means your funds become available again as you pay down your balance.
- You can easily transfer your HELOC funds directly to your checking or savings account using your Online Banking and Mobile Banking. Plus, you can give us a call or visit any branch and we will transfer the funds for you.
Home Equity Loan FAQs
What is a Home Equity Line of Credit (HELOC)?
A HELOC is a revolving line of credit secured by the equity in your home. It allows you to borrow funds as needed, similar to a credit card but with a lower interest rate typically tied to the prime rate.
How does a HELOC work?
Once approved, you can draw funds up to your approved credit limit during the draw period, typically 5 to 10 years. You can access funds through checks, a debit card, or transfers to your bank account. You only pay interest on the amount borrowed.
What can I use a HELOC for?
HELOC funds can be used for various purposes such as home improvements, debt consolidation, education expenses, or major purchases. It provides flexibility in how you use your home’s equity.
What are the advantages of a HELOC over other loans?
HELOCs often have lower interest rates than credit cards and personal loans. You also have the flexibility to borrow only what you need and repay at your own pace during the draw period.
Are there any fees associated with a HELOC?
There may be fees such as an application fee, annual fee, or closing costs. It’s important to review the terms and fees with our loan experts.
What happens during the repayment period of a HELOC?
After the draw period ends, the HELOC enters the repayment period where you can no longer borrow funds and must repay the outstanding balance. Repayment terms vary but often include fully amortizing payments over a set period.
Please contact Sentinel FCU for current rates and programs.
*Annual Percentage Rate (APR) is accurate as of 02/01/2024 and programs, rates, terms and conditions are subject to change without notice. The rate may vary depending on everyone’s credit history and underwriting factors. Interest rates will increase 1% on loans with 90% or greater loan-to-value ratio based on the appraisal of the property. Usually, the estimated cost to obtain a Home Equity Loan is $450, excluding appraisals and title insurance, if required. Offer excludes Home Equity Loans used for a home purchase and the appraisal fee, if an appraisal is necessary. Does not apply to refinancing existing SFCU loans. A sample Fixed Home Equity Loan payment based on $50,000 at 8.15% APR for 15 years is $482.17 per month.
**Annual Percentage Rate (APR) is accurate as of 02/01/2024 and programs, rates, terms and conditions are subject to change without notice. The rate may vary depending on everyone’s credit history and underwriting factors. Rates are variable and are subject to increase after consummation. Rates are based on the value of an index, plus or minus a margin. The index is the Prime Rate as published in the Wall Street Journal on the last business day of each quarter. The APR will be based on the prime rate plus a margin of up to 4.50%. The maximum APR that can apply is 18.00%. A home equity line of credit is secured by a first or second mortgage lien on your home, which must be one-to-four family residential real estate. This type of credit is not available for modular homes, manufactured homes or cooperatives. Flood and/or property hazard insurance may be required. Other restrictions may apply.