A home equity loan is a form of credit in which your home serves as collateral. Because the home is likely to be a consumer's largest asset, many homeowners use these loans only for major items such as education, home improvements, or medical bills. However, a home equity loan with Lehigh Valley Educators Credit Union can be used for debt consolidation, to buy a car or other large purchases.
Fees & Charges: An appraisal fee may be required. At application, we will give you an itemization of the fees you will be required to pay.
Property Insurance: You must carry insurance on the property that secures your home equity loan.
Tax Deductible: You should consult a tax advisor regarding the deductibility of interest and charges for the loan.
Loan Limits: You may borrow a minimum of $2,500.00 or up to and including a maximum of $200,000.00. The amount you borrow depends on the equity in your home. The credit union may lend up to 90% of the value of your home, minus any existing liens. An appraisal may be required. Terms are available for up to 20 years. If you apply for a home equity loan, we will need proof of your income, debts and home owners insurance. Loans are limited to 1 to 4 family, owner occupied, residential properties.
Loans are limited to real estate located in the following counties:
BERKS, BUCKS, CARBON, LEHIGH, MONTGOMERY, NORTHAMPTON AND SCHUYLKILL
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