Home Equity Loans
Need cash for a vehicle? Vacation? Home improvement? School loans? To pay off a high-interest debt? The answer could, literally, be right in your own back yard in the form of equity built up in your home. That valuable equity in your home is just waiting to be unlocked for your borrowing needs.
A big advantage of a home equity line of credit is that you can borrow only what you need at any given time, then borrow more as you need it. This way, you pay interest only on what you actually borrow, leaving a "reserve" of credit for the future.
The interest rate on BACU’s home equity loans is tied to the Prime Rate, with a floor of 5.000%. The rate could change monthly.
Fees and Charges
Members must pay a sum of $450.00 for third party fees at the time of application. If BACU declines your application, we may refund all, a portion, or none of the $450.00 fee.
Borrow up to 100% of the equity in your home (up to $100,000.00.) To calculate the equity in your home use the following formula:
Start with: Assessed value of your home
Minus: Mortgage/second mortgage against the property
Equals: EQUITY IN YOUR HOME (This is the maximum amount you can borrow.)
Your repayment schedule is based on a 30-year amortization and the plan has a 5-year draw period.
Use your loan proceeds for anything you want - from home improvements to paying off credit cards to taking that dream vacation.
Your home equity loan interest may be tax deductible. (Consult your tax adviser.)