Standard Home Equity Line of Credit
Not a member yet?
Become a member today.
A Standard Home Equity Line of Credit is a great Home Equity option if you prefer easy access to the equity in your home. A fixed amount of money, up to 80% of your home's value (minus the value of your current mortgage), is made available and you can draw from it as needed. With a Standard Home Equity Line of Credit you will also enjoy:
- No closing costs
- High credit limit potential: Borrow up to 80 percent of your home's value (minus your outstanding mortgage balance)
- Low variable interest rates
- Tax benefits: Interest paid on a home equity loan may be tax deductible
- Low monthly payment: the minimum payment is $50 or 1.25% of the outstanding balance, whichever is greater.
- Free financial calculators
- Minimum loan amount of $5000
- Variable rate loans may not exceed maximum variable APR of 18%
- 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
- 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
- Copy of trust deed
Useful Info
America First Credit Union
PO Box 9199
Ogden, Utah 84409
1-800-999-3961
Routing & Transit Number:
324377516
©2010 America First Credit Union, PO Box 9199, Ogden, Utah 84409, 1-800-999-3961. All Rights Reserved. America First Federal Credit Union does business as (DBA) America First Credit Union. Unauthorized account access or use is not permitted and may constitute a crime punishable by law. America First Credit Union respects your privacy. Please view our Privacy Policy.