Home Equity/ LOC
Home Equity - These loans let you borrow money using the equity in your home as collateral.
Apply for Home Equity Loans
Call 1-888-KEESLER(533-7537) ext. 6750 or 228-385-5500 ext. 6704.
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:
- Lender Paid Credit towards closing costs on initial credit line advances of $20,000 and over
- Payment terms up to 20 years
- Up to 85% financing of your available equity (maximum loan amount is $150,000)
- Competitive Rates
- No origination fee
- No application fee
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.
Example: A typical Fixed Rate Home Equity loan as of November 2014 with 5.99% APR, and $30,000 financed for 15 years, is approximately $251.54 per month.
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 5 years. Funds can be accessed through TONI and Keesler Online 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 Lending Rate. If not currently discounted, the APR is based on the Wall Street Journal Prime Lending Rate plus a margin. The margin is based on your credit history. Please ask us what your particular margin will be. View the current Prime Lending Rate on our Home Equity Rates page.
Example: A typical Home Equity Line of Credit as of November 2014 with a 3.25% APR, and $30,000 financed for 15 years, is approximately $210.80 per month.
Home equity products do have closing costs, such as an appraisal and attorney’s fees. KFCU offers lender credit towards closing costs on loans over $10,000. Ask your Loan Originator for details
Loans paid in full in less than 24 months from open date may be subject to reimbursement of all closing costs (typically between $800 and $2000) originally paid by KFCU. On any loan in which KFCU paid closing costs via the Lender Credit or no closing cost option, we will not refinance that loan again with a Lender Credit within 36 months of the original loan.
KFCU offers home equity loans in the states of Mississippi, Alabama, Louisiana and Florida.
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*As of 11/06/2014 current Prime Lending Rate is 3.25% APR as listed in the Wall Street Journal. Discounted rate as low as 3.00% APR is fixed for 6 months. Thereafter, the rate may adjust quarterly based on Prime plus a margin. The margin is based on your credit history. Please ask us what your particular margin will be. Maximum interest rate 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, AL and FL only. Offer not available on current Keesler Federal Home Equity Loans or Home Equity Lines of Credit. Membership and credit eligibility required.