Move cash from your home to your wallet with our home equity lending choices. Whether you want to make home improvements, take a dream vacation or do anything in between, the first step is finding the loan that's right for you. There are two types of Second Home Loans, HELOC and Home Equity Loan. Which loan you choose depends on your need:
A Home Equity Line of Credit (HELOC) is a revolving account that lets you borrow as much as you need, when you need it, up to your credit limit. A line of credit allows you to manage large projects such as major home improvements or college expenses. It eliminates the need to apply for a home loan each time you need to borrow money. A HELOC is an adjustable rate interest loan (based on the One-Year Treasury Note) and the Annual Percentage Rate may vary from quarter to quarter. You can borrow up to 80% of the value of your property, less any other loans against the property, for a maximum amount of $150,000.
A Home Equity Loan gives you the entire loan proceeds at once and is generally used for large purchases, such as major home improvements. The loan is repaid over a predetermined lenght of time and is a low, fixed interest rate loan. You can borrow up to 80% of the value of your your property, less any other loans against the property, for a maximum of $300,000 and take 15 years to repay this loan.
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Which Loan Is Right For You?
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HELOC |
HOME EQUITY LOAN |
| Rate |
Variable |
Fixed |
| Payment Options |
Monthly payments vary depending on current rate and amount you borrow |
Fixed monthly payments |
| Annual Fee |
None |
None |
| Prepayment Penalty |
None |
None |
| Maximum Term/Draw Period |
80% LTV no draw period or term |
10 to 15 year term |
| Which is best for you? |
Flexibility to borrow money, whenever you need it, up to your credit limit
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A one-time lump sum disbursement
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Note: Memeber pays title and escrow costs. Visterra CU finances in Los Angeles, Orange, Riverside, San Bernardino, and San Diego counties only. All terms subject to change without prior notice.
