Put Your Home's Equity To Work For You!

Whether it be for home improvements, to pay-off some bills, or any other need, Summit Credit Union can help make your life a little easier with a Home Equity Line-of-Credit or Fixed Rate Home Equity loan. Our knowledgeable staff will not only help you determine which loan is best for you, but will work to get you the money you need quick. We realize that when making major purchases, putting together the necessary funds quickly is almost as important as the money itself. In fact, in most cases we can give you on-the-spot pre-approval, and then provide your requested funds within just a few days of your application.



A Summit Credit Union Home Equity loan is a secured pre-approved line-of-credit that allows you to put your home’s equity to work for you. Home Equity loans available from Summit Credit Union include Home Equity Line-of-Credit and Fixed Rate Home Equity loans. Regardless of which loan you choose, you will enjoy an interest rate and payment that are easy to live with. And to help you get the most from your hard-earned equity, we allow you to finance up to 100% of your property value. We're sure that with low interest rates, convenient terms, and no or nominal fees, you'll find Summit Credit Union’s Home Equity loans are a great value. And best of all, your loan interest may be tax deductible.

Summit Credit Union pays all fees on any Home Equity loan of $10,000 or more. Your Credit Union pays the appraisal fee, attorney fees, and flood determination fee, a $500 value. There are no origination fees or discount points associated with our Home Equity loans. Your tax advisor can provide you with information on the possible tax benefits of Home Equity Loans.

You can draw off your line-of-credit for 15 years, subject to the terms of the account agreement. Advances to your credit line cannot continue beyond the 15 year draw period. However, your repayment period would continue as originally scheduled until your remaining balance is paid in full. The minimum payment is determined by a payoff period of 180 months.

The annual percentage rate can change quarterly on the first day of January, April, July and October. There is no limit on the amount by which the annual percentage rate can change during any one year period. The maximum annual percentage rate is 15% and the minimum rate that can apply is an index of 2.50% plus the margin applied to your loan.

Fixed Rate Home Equity
The Credit Union offers fixed rate Home Equity loans for a term of up to 15 years. You can establish an Fixed Rate Home Equity loan up to 100% of the value of your home, less the first mortgage balance.

Need Help?
Please feel free to Contact Us if you need more information. Additionally, click [here] to view When Your Home Is On the Line: What You Should Know About Home Equity Lines of Credit.