VISA® Home
Equity Line of Credit
Get the money you need when you need it. Use this revolving line
of credit based on the available equity in your home. Fast
Equity Loans
Use your
home's equity to buy what you need now. Receive
your money all at once then pay it back in stable,
fixed monthly payments.
|
Fast
Equity Loan
|
VISA®
Home Equity Line of Credit
|
Interest
|
Tax deductible in
most cases
|
Tax
deductible in most cases
|
Loan-To-Value
(LTV)
|
95% |
95% |
Access
to funds
|
Funds
disbursed in a single
check for deposited into the
RFCU account of your choice.
|
Anywhere
VISA is accepted,
ATMs, any RFCU location,
Online Banking
|
Payment
Options
|
Fixed
monthly payments with direct
payments from any RFCU
account
|
1%
of balance plus unpaid
interest
|
States
Available
|
Georgia
(Primary residence only)
|
Georgia
(Primary residence only)
|
*Consult
your tax advisor regarding deductibility of
interest.
**Annual
Percentage Rate. Rate subject to change.
What is LTV?
Credit Unions and other lenders will extend
credit based upon a percentage called Loan-To-Value,
or LTV. LTV measures the amount of available equity
that you have in your home. Equity is calculated
by taking a percentage of the estimated market
value of your home minus the amount you still
owe on your first mortgage.
For example, if your home has a market value
of $100,000 and you still owe $50,000 on your
first mortgage, your total available equity
(the maximum amount you can borrow) is calculated
as follows:
|
Fast
Equity Loan
|
VISA® Home
Equity Line of Credit
|
Estimated Market
Value:
|
$100,000
|
$100,000
|
Percentage LTV:
|
95%
|
95%
|
Percentage of Market
Value:
|
$100,000
|
$95,000
|
Less Mortgage Debt:
|
$50,000
|
$50,000
|
Available Equity:
|
$50,000
|
$45,000
|
Apply
now!  |
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