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It's no wonder Americans have taken to home equity loans. They offer low interest rates and in many cases the interest is tax-deductible (consult your tax advisor).
Even more appealing is that the money can be used for virtually any purpose—not just for home improvements. Choose from single disbursement, fixed rate loans or variable rate lines of credit.
Variable Rate Loans [Current Rates]
If it's flexibility you're looking for, consider a Home Equity Line of Credit. This loan may be used to finance virtually anything: home improvements, debt consolidation, travel, education, or automobiles. The Home Equity Line of Credit is available on owner-occupied, primary, or seasonal residences, and offers these advantages:
- Low, variable interest rate subject to change quarterly
- Closing costs up to $300 waived with $10,000 initial draw (excluding appraisal if required).
Draw/amortization/repayment terms:
80% Loan-to-value
- Repayment term - up to 15 years.
- Draw period - 5 years; may be extended additional 5 years based on payment performance and credit history (final 5 years for repayment)
Closing costs may vary by state. The average cost is $300, but can range from $50 to $1800. Consult a tax advisor about the deductibility of interest.
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Fixed Rate Loans [Current Rates]
Here are additional details about Wings Financial's Fixed Rate Home Equity Loan:
- Available on owner occupied primary or seasonal residence (mortgage will be filed)
- Closed-end structure
- Single disbursement
- Low, fixed rate
- No pre-payment penalty
- Fees up to $300 waived with $10,000 initial draw (excluding appraisal if required)
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Verify Loan Insurance
If you have a collateral loan with the credit union, please verify [external link disclosure] that we have your correct insurance information. The verification link will open a window containing the CUNA Mutual Group (CMG) verification page, which is set up to transmit your information securely. CMG is under contract with the credit union to verify and keep track of insurance on your loan. Please contact loan staff if you have any questions.
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