Routing#275071246

Home Equity Loans

As a homeowner, your home has a value, and you can use the equity in your home to finance just about anything! It’s flexible – you decide how and when to spend your money. Use it when you need it, whether it’s a new kitchen, a new car, or to consolidate debt.

  • Competitively low rates
  • No prepayment penalty or cancellation fee
  • Refinancing available to lower your monthly payments
  • Local decision-making and processing
  • Your interest may be tax deductible (consult a tax advisor)

Are you a current Empower Credit Union member?

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Rates As Low As 3.50% APR*

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What type of Home Equity Loan is right for me?

If you do not know how much money you will need, or if you plan on using the money over an extended period of time, you may want a home equity line-of-credit. With a line-of-credit, you have a maximum limit and are charged interest only on the amount you use at any given time. You will receive convenience checks so that you can simply write a check for the amount you need or deposit it into your Empower CU checking account.

If you plan on making one single purchase, or you know the amount of money you need, you may want a fixed rate home equity loan. That means you receive the entire balance at the time you take out the loan.

 

Home Equity Line of Credit

  • Equity: Up to 90% Loan – to – value (LTV) based on a property evaluation.  Full appraisal required for loans over 80% LTV.
  • Type: Open end line of credit with a 5-year draw period.
  • Fees: NO Closing Costs, unless a property appraisal is needed; $50 annual fee (fee is waived with an aggregate annual balance of $10,000 or more of the prior year)*
  • Advances: Can be accessed by personal LOC checks or disbursed by cash, check, or transfer to another account by calling or visiting the office, or at a Shared Branching location
  • Home Equity Line of Credit Payments: 1.5% of the current balance if the loan value is at 80% LTV or less. 2.0% of the current balance if the loan value is at 90% LTV.
  • Method of Repayment: Direct transfer from a statement savings or checking account, or manually sending in the payment. A monthly billing will be on the last page of your regular statement.
APR=Annual Percentage Rate. LTV=Loan to Value. Rate and margin depend on creditworthiness and LTV. *No closing costs unless a property appraisal is necessary. $50.00 annual fee does apply, waived if the aggregate balance is greater than $10,000 for 12 months. Prime rates are reviewed at the end of each month and will change the first of each month. Home Equity Line of Credit has a 5-year draw period. $100 renewal fee will apply at the end of the draw period. Early termination fee of $250 will be assessed for lines closed within 36 months of origination.

 

Home Equity Loan (Fixed Rate)

  • Equity: Up to 90% Loan – to – value (LTV) based on a property evaluation.  Full appraisal required for loans over 80% LTV.
  • Type: Closed-end loan with a maximum term of 15 years
  • Fees: $254 Closing Costs
  • Advances: Total proceeds are advanced one time at loan closing.
  • Payments: Fixed based on rate and term chosen
  • Method of Repayment: Direct transfer from a statement savings or checking account, payroll deduction, or manually sending in the payment. A monthly billing is sent regardless of which way is chosen.
APR=Annual Percentage Rate. LTV=Loan to Value. Rate and margin depends on creditworthiness and LTV. $254 closing costs, unless a property appraisal is necessary.

Main Office

Address:

10635 W Greenfield Avenue
West Allis, WI 53214
Get Directions

Phone:

414-988-6600

Fax:

414-988-6699

Downtown Office

Address:

231 W Michigan St P258
Milwaukee, WI 53203
Get Directions

Phone:

414-988-6600

Fax:

414-988-6699