What is home equity?

It is your home’s appraised value minus the amount of your mortgage loan balance and other liens on your property. Tapping the equity in your home can be one of the most cost effective ways to borrow. The UNFCU Mortgage Centre offers two home equity products.

You have plans. But life comes with the expected and unexpected: painting your house, financing a wedding or college tuition, or building an addition for the baby. If it is flexibility you are after, a UNFCU Home EquityLine is your solution. You can borrow from your Home EquityLine as often as you wish, using as much money as you need, up to your credit limit. Use it. Pay it back. Then use it again. It is as simple as writing a cheque; you only pay interest on what you use. Even if you have no immediate need for funds, a Home EquityLine can give you the peace of mind of knowing money is available whenever you need it.

• Free convenience cheques to access your credit line
• No closing costs for loan amounts US $50,000 or less
• Available for owner-occupied homes, condominiums and cooperatives (co-ops)
• Streamlined documentation requirements
• Interest may be tax-deductible [4]

UNFCU Home EquityLoan™

You have dreams. Maybe you want to add a new kitchen or consolidate your debt, but you also have the reality of a monthly budget. If you want the predictability of a monthly payment to help you adhere to a budget, a UNFCU Home EquityLoan (fixed rate second mortgage) is your best choice. It guarantees you a fixed rate and monthly payment for the life of the loan. No need to worry about rising interest rates. You borrow a lump sum and pay it back over a set amount of time — anywhere from 5 to 20 years. A Home EquityLoan makes managing your monthly budget easier by giving you complete control of your finances.

• Fixed rate guaranteed
• Competitive rates
• Constant monthly payment
• Automatic payment options
• No closing costs for loan amounts of US $50,000 or less
• Available for owner-occupied homes and condominiums
• Streamline documentation requirements
• Interest may be tax-deductible [5]

The Mortgage Centre Home Equity Advantage—No Application Fee, No Points, and Much More

And remember, with a UNFCU Home EquityLine or Home EquityLoan, you can start saving money as soon as you apply. The Mortgage Centre has no application fee, no points, no appraisal fee, and no closing costs for loan amounts of US $50,000 or less.

The UNFCU Mortgage Centre Is Ready to Assist You

Now, that you know what your choices are, there is no reason to wait. Let the Mortgage Centre help you realize your dreams today. To apply for a mortgage loan or a home equity product, simply click here.

To review our HELOC FAQ, simply click here.

⁴ Consult your tax advisor concerning the deductibility of interest and charges on your UNFCU Home EquityLine.