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  Educators Credit Union Home Equity Loan

Educators Credit Union Home Equity Loan

in Home Equity Loans from Educators Credit Union · NMLS ID #67380

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Educators Credit Union Home Equity Loan

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in Home Equity Loans from Educators Credit Union · NMLS ID #67380

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Highlights
Loan Amount $30,000 - $510,000
APR  (Fixed APR) 3.40% - 5.37%
Loan Term (Years) 5 - 30 years

Educators Credit Union Home Equity Loan Review

Educators Credit Union Home Equity Loan is offered by Educators Credit Union (NMLS #67380), a credit union founded in 1937 and based in Racine, WI. Educators Credit Union Home Equity Loan is available in 1 state across the USA.

Educators Credit Union Home Equity Loan FAQ

How much can you borrow with a Educators Credit Union Home Equity Loan home equity loan?

A home equity loan allows homeowners to borrow money using their home as collateral (similar to a mortgage). Loan amounts vary depending on the value of the home minus the balance of any mortgages or liens on the property.

Educators Credit Union Home Equity Loan allows borrowers to apply for home equity loans of up to $510,000. The actual maximum loan amount will vary depending on the value of the property, how much you owe on it, and your creditworthiness.

What are the home equity loan requirements of Educators Credit Union Home Equity Loan

This lender's maximum loan to value rate is 100%. That means the total debt secured by the property cannot exceed 100% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have good credit, you may qualify for a line of credit of up to $80k.

What home equity loan rates does Educators Credit Union Home Equity Loan offer?

Educators Credit Union Home Equity Loan offers home equity loans with a fixed APR that ranges from 3.40% up to 5.37%.

Remember the APRs of home equity loans do not include points and financing charges, just the interest rate.

What fees does Educators Credit Union Home Equity Loan charge for a home equity loan?

Educators Credit Union Home Equity Loan may charge a loan origination fee

What types of property can you use as security for a home equity loan with Educators Credit Union Home Equity Loan?

Lenders often have restrictions on the type of properties they will accept as security for a home equity loan. Educators Credit Union Home Equity Loan will consider loans secured by the following property types:

  • Primary home.

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Availability

  Available in 1 state
Wisconsin
Availabile in all of Wisconsin

Feature Breakdown

Credit Score Range 700 - 840
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use Primary Home
Maximum LTV 100%
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Cash
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
  • Tax Returns
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Proof of Residence
  • Proof of Insurance
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
  • Driver License (or other photo ID)
APR (Fixed APR) 3.40% - 5.37%
Loan Amount $30,000 - $510,000
Loan Term 5 - 30 years
Interest Rate Types Offered Fixed-Rate Mortgage

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