Home Equity

Whether you need cash to remodel your home, or to free up some disposable income by consolidating bills, a home equity loan or home equity line of credit (HELOC) might be a great option for you.

These loans let you borrow money using the equity in your home as collateral. Unlike almost any other consumer loan type, the interest on a home equity loan or HELOC is likely to be tax-deductible (consult your tax advisor).

At KFCU, the home equity loans and home equity lines of credit feature:

•  No Closing Costs on initial credit line advances of $10,000 and over

•  Payment terms up to 20 years

•  Up to 100% financing of your available equity (maximum loan amount is $200,000)

•  Competitive Rates

•  Optional, low-cost Credit Life and Credit Disability payment protection

•  No origination fee

•  No application fee

A Home Equity Line of Credit (HELOC) is much like a credit card or any other type of open-ended credit. You can borrow money as needed, up to the available loan amount. You can draw on this loan for up to 7 years. Funds can be accessed through TONI and CU@Home or by simply writing a HELOC check. The HELOC features a variable rate, so your monthly payments may change based on your outstanding balance and fluctuations in the prime rate. Currently, we offer a great special on HELOCs: Introductory 6 month rate of 2.99% APR. After the first 6 months, this rate adjusts quarterly based on Prime less .5%. However, the rate adjustment will not exceed 2% annually. If not currently discounted, the current rate as of 1/23/08 would be 6.00% APR.

A Home Equity Loan is a fixed end loan where you borrow a lump sum, repayable over a fixed term. Our Fixed Rate Home Equity Loan gives you the security of a locked-in rate and a consistent monthly payment.

Home equity products do have closing costs, such as an appraisal and attorney's fees. KFCU pays the closing costs on loans over $10,000.

Loans paid in full in less than 12 months from origination date may be subject to reimbursement of all closing costs (typically between $500 and $1000) originally paid by KFCU.  

KFCU offers home equity loans in the states of Mississippi , Alabama and Louisiana .

*As of 1/23/08 current Prime rate is 6.50% APR as listed in the Wall Street Journal. Discounted rate of 2.99% APR is fixed for 6 months. Thereafter, the rate may adjust quarterly based on Prime minus 0.50%, not to exceed 18%. The total annual percentage rate adjustment will not exceed 2% annually. Acceptable property insurance required. Available on primary residences in the states of MS, LA and AL only. Offer not available on current Keesler Federal Home Equity Loans or Home Equity Lines of Credit. Membership and credit eligibility.