Home Equity

Home Equity Fixed Rate Loan

Family Alliance FCU is ready to help when you make the decision to borrow against your equity. Our closed-end, fixed rate home equity loan is excellent for home improvement or debt consolidation. You can borrow up to 80 percent of the appraised value of your home, less the balance of your first mortgage. Plus, the interest on a home equity loan may be tax deductible, consult a tax advisor regarding the tax deductibility of interest.

Home Equity Lines of Credit Prime -1% APR*

Family Alliance FCU is ready to help when you make the decision to borrow against your equity. Our variable rate Home Equity Line of Credit offers the convenience of a revolving line of credit up to $100,000 and a rate as low as Prime -1% APR*. Since it is a revolving line of credit it carries a maximum repayment term of 15 years.

Home Equity Loans / Line of Credit

• Use a home equity loan for home improvements, a new car, vacation and more.
• Borrow up to 80 percent of the equity in your home with a maximum loan amount of $100,000. (Available for primary residences only.)
• Establish a reusable line of credit which may be used at any time.
• Low interest rates and affordable repayment terms.
• Interest may be tax deductible.

Requirements

• Application must be filled out by the individual(s) recorded on the Deed and Living in the Home
• W2's from both applicants
• Home Owner Insurance
• Mortgage Payoff (If paid off need proof)
• If you have an existing Home Equity Loan it must be paid off with this loan
• If Debts are to be included, Need copies of those debts
• Need proof of all other income
• If you have any rental properties, we need a copy of the lease

Fees

• $350.00 Appraisal fee
• $70.00 Title Search
• $40.00 Record Lien
• Other fees may apply depending on which county you live in and the amount that is borrowed.

How Do I Apply For A Family Alliance Home Equity Loan?

• Use our https://www.ofafcu.org/secure/loanapp.html and apply through our secure Internet application system.
• For 24/7 loan application service, use our convenient Loan-by-Phone Service. Simply call our toll-free number at 1-888-250-9572 and a friendly member service representative will walk you through the loan application process. Qualified borrowers will receive a loan decision immediately. In some cases, your application may require more information and take to the end of the next business day for a decision.
• Apply in Person. For your convenience, print a copy of our (online printable loan application) and complete the application before your visit. Family Alliance is located in the Byron Station Shopping Center at 8601 Honeygo Blvd., Suite H in White Marsh, Maryland. (Map Quest directions link) No appointment is necessary.

*APR means Annual Percentage Rate. Rates quoted for qualified borrowers and are subject to change. Consult a tax advisor regarding the tax deductibility of interest.

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