Last Updated: 04/18/2025
Franklin Trust FCU Home Equity Loan for Investment Properties or 2nd Homes
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Last Updated: 04/18/2025
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Highlights
Credit Score Range
N/A
Amount Range
Up to $50,000
Maximum LTV
75%
Loan Term (Years)
Up to 12
Franklin Trust FCU Home Equity Loan for Investment Properties or 2nd Homes Review
Franklin Trust FCU Home Equity Loan for Investment Properties or 2nd Homes is offered by Franklin Trust Federal Credit Union , a credit union founded in 1934 and based in Hartford, CT. Franklin Trust FCU Home Equity Loan for Investment Properties or 2nd Homes are available in 50 states and Washington, DC.
Key Takeaways
- No primary residences considered. Franklin Trust FCU Home Equity Loan for Investment Properties or 2nd Homes does not offer financing for primary homes.
- Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
- Maximum LTV. Franklin Trust FCU Home Equity Loan for Investment Properties or 2nd Homes has a maximum loan to value ratio of 75%.
Franklin Trust FCU Home Equity Loan for Investment Properties or 2nd Homes Pros & Cons
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Franklin Trust FCU Home Equity Loan for Investment Properties or 2nd Homes FAQ
How much can you borrow with a Franklin Trust FCU Home Equity Loan for Investment Properties or 2nd Homes 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.
Franklin Trust FCU Home Equity Loan for Investment Properties or 2nd Homes allows borrowers to apply for home equity loans of up to $50,000. 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 Franklin Trust FCU Home Equity Loan for Investment Properties or 2nd Homes
This lender's maximum loan to value rate is 75%. That means the total debt secured by the property cannot exceed 75% 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 $55k.
Generally, the APRs of home equity loans do not include points and financing charges, just the interest rate.
What fees does Franklin Trust FCU Home Equity Loan for Investment Properties or 2nd Homes charge for a home equity loan?
Franklin Trust FCU Home Equity Loan for Investment Properties or 2nd Homes may charge a loan origination fee
What types of property can you use as security for a home equity loan with Franklin Trust FCU Home Equity Loan for Investment Properties or 2nd Homes?
Lenders often have restrictions on the type of properties they will accept as security for a home equity loan. Franklin Trust FCU Home Equity Loan for Investment Properties or 2nd Homes will consider loans secured by the following property types:
- Secondary homes and vacation properties.
- Investment properties and house flipping projects.
Is Franklin Trust Federal Credit Union a legit company?
Franklin Trust Federal Credit Union was founded in 1934, it is a well-established company that has been in business for 92 years.
Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.
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Hours of Operation
Sunday
Closed
Monday
7:30AM - 4:30PM
Tuesday
7:30AM - 4:30PM
Wednesday
10:00AM - 1:00PM
Thursday
7:30AM - 5:30PM
Friday
7:30AM - 4:30PM
Saturday
9:00AM - 12:00PM