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Last Updated: 04/18/2025

Proponent Federal Credit Union Home Equity Loan

from Proponent Federal Credit Union

Last Updated: 04/18/2025

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Highlights

Credit Score Range

N/A

Amount Range

Up to $500,000

Maximum LTV

90%

Loan Term (Years)

5 - 15

Proponent Federal Credit Union Home Equity Loan Review

Proponent Federal Credit Union Home Equity Loan is offered by Proponent Federal Credit Union (NMLS #479433), a credit union founded in 1971 and based in Nutley, NJ. Proponent Federal Credit Union Home Equity Loan are available in 50 states and Washington, DC.

Key Takeaways

Only primary residences considered. Proponent Federal Credit Union Home Equity Loan does not offer financing for vacation homes or investment properties.
No-closing-cost mortgages available. This option allows you to include the closing costs into the new loan, so you don't pay for these expenses upfront.
High maximum LTV ratio. Proponent Federal Credit Union Home Equity Loan has a maximum loan to value ratio of 90%.
Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Proponent Federal Credit Union Home Equity Loan.

Proponent Federal Credit Union Home Equity Loan Pros & Cons

Pros

Cons

No prepayment penalty.
Available in all 50 states.

Charges an origination fee.

Proponent Federal Credit Union Home Equity Loan FAQ

How much can you borrow with a Proponent Federal 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.

Proponent Federal Credit Union Home Equity Loan allows borrowers to apply for home equity loans of up to $500,000.00. 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 Proponent Federal Credit Union Home Equity Loan

This lender's maximum loan to value rate is 90%. That means the total debt secured by the property cannot exceed 90% 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 $70k.

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

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

Proponent Federal 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 Proponent Federal Credit Union Home Equity Loan?

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

Primary home.

Is Proponent Federal Credit Union a legit company?

Proponent Federal Credit Union was founded in 1971, it is a well-established company that has been in business for 55 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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Contact

Headquarters

173 Bloomfield Ave

Nutley, NJ 07110

(800) 457-8058

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Email Support

Hours of Operation

SundayClosedMonday9:00AM - 5:00PMTuesday9:00AM - 5:00PMWednesday9:00AM - 5:00PMThursday9:00AM - 5:00PMFriday9:00AM - 5:00PMSaturdayClosed

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SuperMoney Net Recommendation Score

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-1000+100

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