home equity loans and HELOCs
A Home Equity Line-of-Credit (HELOC) is a great way to pay for life’s projects. While the most common reason for this type of loan is a home remodeling project, it can also be used for college tuition, debt consolidation, vacations, weddings, medical expenses, vehicle repairs, and other unexpected expenses. By using your home’s equity as collateral, you can make your home work for you!
benefits of a HELOC from BlueOx Credit Union
- Local, hometown, superior service
- Friendly, experienced loan advisors
- Financed and serviced at BlueOx Credit Union
- Quick, seamless, and tailored to your needs
- Borrow up to 90% of your home’s equity (for qualifying loans)
- Free pre-approvals and low closing costs
- Quick access to your funds
- Make payments online or in-branch
- Competitive rates and flexible terms
- Generous credit limits
- Variable rate line-of-credit
- Interest may be tax deductible*
what information should I bring?
to my appointment
- The legal description of the property from the deed or title insurance
- Recent appraisal and/or property tax statement disclosing SEV
- Current income verification (current W2s and/or last two year’s income tax returns)
to my loan closing
- Driver’s license
- Copy of homeowner’s insurance policy adding BlueOx Credit Union as an additional loss payee
how to get a home equity loan
Stop by any of our branches or call a Member Service Advisor at (800) 648-8035.
*Consult a tax advisor.
**Fees that may apply include: Appraisal Fee: $700 (Subject to reimbursement if not required), Mortgage Filing Fee: $50, Flood Certification Fee: $14, Title Insurance (Junior Policy) Fee: $200 (This is a negotiated price with Chicago Title), and Mortgage Discharge Fee: $50. Member must provide property insurance with BlueOx as the loss payee (lienholder).
looking for a fixed-rate home equity loan?
Our partners at Mortgage Center offer Fixed-Rate Home Equity loans for BlueOx members. Take advantage of the equity you’ve built to make home improvements, pay off high-interest debt, or just have some cash set aside for a rainy-day fund.
A home equity loan gives you a lump sum of cash which is paid back at a fixed rate over a period of time. This is a great option for members who want to take advantage of the equity they’ve built in their home but may not want to completely refinance their primary mortgage. Home equity loans generally have much lower interest rates than using a credit card or a personal loan, but it is limited by the amount of equity you have.
|Mortgage Center is an Equal Housing Lender, NMLS# 282701.|
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