Our Prime Cut Home Equity Loan is the choice way to borrow, with no annual fee and an incredibly lean rate1. Dupaco will even pay up to $350 in closing costs! And if you have a home equity loan at another lender, we’ll help you flip it on over to your credit union.
As a credit union, we take the hard-earned money our members deposit with us and responsibly put it to work locally by providing your friends and neighbors low-cost loans for cars, homes, education, funding for small businesses, and more. Thanks to our valued savers and our unique cooperative structure, there’s no credit crunch here.
|Home Equity Loan Rates03/01/2013
|Prime Cut Home Equity 6-Month Introductory Rate||2.99% Introductory APR (will revert to 4.49% following introductory period)1|
|Prime Cut Home Equity||4.49% APR (4.49% Floor)2|
So, what exactly is “equity”?
Equity is the difference between the appraised value of your home and what you owe on your mortgage. Equity is the part of your home’s value that belongs to you, not your lender. You can borrow against this equity in your home and use the money for whatever purpose you choose — improve your home, buy a new car, pay for college tuition,
consolidate other loans, or send yourself on a well-earned vacation!
Why not a personal loan, instead?
Our home equity is a line of credit (a form of revolving credit) in which your home serves as collateral. It is a convenient way to borrow because, once established, you can take loan advances at any time during a 10-year draw period without having to reapply. Plus, with a home equity, you may be able to deduct the interest you
pay from your taxable income. Remember to consult with your tax advisor
concerning the deductibility of interest. These are perks you would not get with an ordinary personal loan.
How much can I borrow?
At Dupaco, you can establish a line of credit worth as little as $5,000. Contact Dupaco for the maximum amount of equity from which you can borrow against.
How is the rate determined?
The rate is tied to the Prime Interest Rate as published in The Wall Street Journal on the last business day of each month, plus or minus an index. The index is based on your credit score and the percentage of the equity in your home your credit line can access.
How do I access my Dupaco home equity line of credit?
Once your line of credit is established, you can advance funds directly into your account through:
- online banking
- home equity convenience checks
- visiting any branch in person
For loan service or more information, visit any Dupaco location, or contact our Consumer Loan Department at (563) 557-7600 / 800-373-7600, ext. 202, or email@example.com.
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