100% IDEAL Home Equity
When you choose a 100% IDEAL Home Equity you enjoy:
- Access to all of your home's equity: Use 100% of your home's value up to $25,000
- Choice of financing options: Choose either a home equity term loan or a home equity line of credit
- Competitive interest rates
- Tax benefits: Interest paid on a home equity loan may be tax deductible
- A choice of rates and terms: Fixed rate, up to 10-year term, or variable rates, up to 15-year term
- No fees unless an appraisal is requested
- A home equity loan calculator
The following terms and conditions apply:
- Minimum loan amount of $5000
- Maximum loan amount of $25,000
- Up to 15-year variable annual percentage rate (APR), up to 10-year fixed APR loans available
- Variable rate loans may not exceed maximum variable APR of 18%
- Closing costs are assessed if an appraisal is requested
- Line of credit also available
- Reconveyance fee of $250 if loan is reconveyed within 24 months
- Home must be located in the state of Utah, Arizona or Nevada
- Homeowner must provide evidence that the home is adequately insured before disbursal of funds
- Federal law requires a three-business-day rescission period. Upon expiration of said rescission period, funds cannot be disbursed until America First Credit Union receives confirmation that the right to rescind has not been exercised by any party with that right.
The following documents will help expedite the review process:
- Income verification
- Two years of tax returns (if self-employed)
- A current statement showing the balance of your first mortgage
- This year's property tax notice or current appraisal
- Homeowner's insurance statement
- Trust papers, if applicable
