The answer to your financial needs could be right under your roof! With a Home Equity Loan from Jessop Community Federal Credit Union, you can use the equity in your home to pay off those holiday bills, finance home repairs, pay for the family vacation...anything at all! You'll enjoy great savings with our low rates and the interest may be tax-deductible!
Jessop CFCU offers two types of equity loans. Here are the highlights:
- Borrow up to 80% of the appraised value, less any liens on the property being mortgaged
- Minimum loan amount $5,000. Existing Jessop CFCU home equities may be refinanced for additional funds of $5,000 or more.
- Closed-end loan
- Five, ten and fifteen-year terms
- Currently owned primary residence may be used as collateral if in one of the following PA counties; Washington, Greene, Allegheny, Westmoreland, Fayette, Beaver, and Butler
- Home Equities on land are offered. Call for information.
A home equity loan is a form of credit in which your home serves as collateral. Because the home is likely to be a consumer's largest asset, many homeowners use these loans only for major items such as education, home improvements, or medical bills. However, a home equity loan with Jessop CFCU can be used for debt consolidation, to buy a car or other large purchases. Be aware, we will take security interest in your home. You could lose your home if you do not meet the obligation in your agreement with us.
You must carry insurance on the property that secures your home equity loan.
Tax Deductible: You should consult a tax advisor regarding the deductibility of interest and charges for the loan.
Loan Limits: You may borrow a minimum of $5,000.00 or up to and including a maximum of $250,000.00. The amount you borrow depends on the equity in your home. The credit union may lend up to 80% of the value of your home, minus any existing liens. An appraisal may be required. Terms are available for up to 15 years. If you apply for a home equity loan, we will need proof of your income, debts and home owners insurance. Loans are limited to 1 to 4 family, owner occupied. Loans are limited to real estate located in the following counties: Washington, Greene, Allegheny, Westmoreland, Beaver, Butler and Fayette.
With a Jessop CFCU Land Loan, your property is offered as collateral to Jessop CFCU, who then obtains a mortgage on the property.
And with Jessop’s convenient repayment terms through payroll deduction, financing terms up to 15 years, and competitive interest rates - it beats paying a higher interest rate on any personal loan!
Plus, no pre-payment penalty, and the fact that we'll loan up to 80% of the appraised value - we think you'll find there's no better deal around.
Let us help you today! Contact our Loan Department for more details.