Put Your Home's Equity to Work.
Your home can be more than a place to live—it can also provide a valuable source of financial flexibility.
A Circle Federal Credit Union Home Equity Loan allows you to borrow against the equity you've built in your home and use those funds for the expenses and goals that matter most to you.
Whether you're planning a home improvement project, paying for educational expenses, making a major purchase, or handling another significant expense, a Home Equity Loan can give you access to the funds you need while using the equity in your home as collateral.
What is Home Equity?
Home equity is the difference between your home's current appraised value and the amount you still owe on your mortgage.
For example, if your home is currently worth $300,000 and you owe $200,000 on your mortgage, you have approximately $100,000 in equity before considering other applicable liens, costs, and loan requirements.
As you pay down your mortgage and your home's value changes over time, the amount of equity you have may increase.
A Home Equity Loan gives you an opportunity to access a portion of that equity without having to sell your home.
What Can You Use a Home Equity Loan For?
Your home's equity can provide flexibility for a wide variety of financial needs.
Depending on your circumstances and loan approval, you may use a Home Equity Loan for:
Home Improvements
Upgrade, remodel, repair, or renovate your home. A Home Equity Loan can provide financing for projects that improve your home's comfort, functionality, or value.
Educational Expenses
Help cover eligible education-related expenses for yourself or a family member.
Major Purchases
Finance a significant purchase without relying solely on a credit card or unsecured loan.
Other Financial Needs
Home equity can potentially be used for many other worthwhile expenses. Contact our mortgage team to discuss your specific situation and determine whether a Home Equity Loan may be an appropriate financing option.
Closed End Home Equity Loans
Predictable Payments. Fixed Rates. A Defined Payoff.
A Closed-End Home Equity Loan is a fixed-rate installment loan that you repay over a predetermined period with regular monthly payments.
The structure is similar to a traditional mortgage: you receive an approved amount, the interest rate is fixed according to the terms of your loan, and you make scheduled payments until the balance is paid off.
This can make a closed-end Home Equity Loan an attractive option when you know how much you need to borrow and want the predictability of a fixed payment.
Key Benefits
- Fixed interest rate
- Fixed repayment term
- Predictable monthly payments
- Access to your home's equity
- Funds available for a variety of eligible expenses
- Local service from Circle Federal Credit Union
Ready to Put Your Home's Equity to Work?
If you've built equity in your home and have a major financial goal in mind, a Circle Federal Credit Union Home Equity Loan may provide the financing solution you're looking for.
Whether you're remodeling your home, paying for education, planning a major purchase, or addressing another significant expense, we're here to help you understand your options.
Contact Our Mortgage Team
Chris Williams
Mortgage Representative
269-228-0073
NMLS #747642
Contact Chris Williams for more information or to schedule a mortgage application appointment.
