Standard Home Equity Term
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The Standard Home Equity Loan is the simplest Home Equity option from America First. You can borrow up to 80% of your home's value (minus the balance of your current mortgage) and pick the rate type and term that is right for you.
- No closing costs
- Choice of financing options: Choose either a home equity term loan or a home equity line of credit
- High credit limit potential: Borrow up to 80 percent of your home's value (minus your outstanding mortgage balance)
- 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
- Free financial calculators
- Minimum loan amount of $5000
- 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%
- 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
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