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Home Equity Loans & Lines of Credit
 Chesterfield
Federal Credit Union is proud to offer the convenience of our Home
Equity Loans & our First Choice Home Equity Line of Credit.
With
a quick application, a fast and easy approval process, a variety of
payment options and great rates, Chesterfield Federal Credit
Union is the only place you need to go when considering home equity
products.
Why
A Home Equity Product?
Our members come to us for their home equity needs for a variety of
reasons. Whatever your reason may be, a credit union loan
officer will always
sit down with you to discuss which product is best suited for your
specific needs. You can use
the proceeds from your Home Equity Loan or Line of Credit for…
-
Debt
Consolidation
-
Home
Improvements
-
School
Expenses
-
Dream
Vacations
-
Tax
Payments
-
Much
more!
Chesterfield
Federal Credit Union home equity products can save you money on
interest charges too! Because the loan is secured by the
collateral in your home, the interest rates on our home equity products
are much lower than many other loans.
And the interest you pay may even be tax
deductible!^ And that means more money in your wallet!
Why a FirstChoice Home Equity Line
of Credit?
 For
members looking for flexibility with their home equity borrowing needs,
we proudly offer our First Choice Home Equity Line of Credit.
With the Home Equity Line of Credit, you are given a specific
credit limit, and you can access as little of or as much of the
available funds as you would like. You can access your funds immediately
online, by phone or in any Chesterfield Federal Credit Union location. There
are numerous benefits of a First Choice Home Equity Line of Credit
You save on taxes.
In most cases, the interest from a home equity line of credit may be tax
deductible so you save on taxes!^
It’s flexible.
You can use as much or as little of your line as you want, whenever you
need it.
You pay lower interest rates.
Other types of loans can carry much higher rates. Our line of credit is
as low as Prime + 0%2.
Your payments are protected.
Even if your rate increases, your payments will not.
Payments are based on your outstanding balance at the time of
advance.
The rate only changes annually.
Other home equity lines of credit may change monthly or quarterly with
the prime rate.
To
request more information on a Home Equity Line of Credit or Home Equity
Loan, click here.
DISCLOSURES
1 Annual Percentage
Rate. Lowest APR available with qualifying credit. Your rate may be
higher and is based on credit score and loan term.
2 Rate is as low as Prime+0%. The initial rate is tied to the
Prime rate as published in the Wall Street Journal. However, when
prime rate is below 5.00%, the lowest rate available is 5.00%. The
rate is variable and may change at annually on the anniversary of
your line of credit. Your rate may vary from that shown above and is
based on creditworthiness. As of 7/1/2009, the prime rate is 3.25%.This
is a variable rate line of credit and as such, the rate may change over
the life of the line. Consult us for details. The maximum APR on
this loan is 6% above the entry rate or 18%, whichever is lower. Equity
based on 80% of assessed value less first mortgage balance. Subject to
credit approval. Minimum line $5,000.00. Maximum line $100,000.00.
Member must maintain homeowner's insurance at own expense.
^ Consult your tax advisor for tax
deductibility of finance charge.
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