Home Equity Loans
The Best Option for a Home Equity Loan
Let your home’s equity work for you. Our home equity loan allows you to take a second mortgage out on your home and use the funds for almost any purpose. Your home equity loan can be for an amount up to 90% of your home’s equity depending on the type, with terms of up to 20 years. Right now we have a HELOC rate as low as 7.24% APR!
Home Equity Loans
Whichever Home Equity Loan product you choose, there are some powerful benefits. Home Equity Loans can be used as a long-term loan or short-term loan and for any purpose, including:
- Financing a wedding
- Purchasing a new car
- Paying for college
- Making home improvements
Home equity loans are one of the lowest cost resources you have as a homeowner. Talk to Family First today about how a Home Equity Loan can benefit you.
Loan applications are subject to membership eligibility requirements.
Pool/Hardscape Loans
With this loan, Family First can provide you with a great rate and easy terms for your new pool or hardscape! This loan is for in-ground pools only and can include hardscape, concrete and fencing. Hardscape includes patios, decks, gazebos, outdoor kitchens, firepits and more!
- The loan amount has to be a minimum of $10,000
- Up to 120 months for your term
- Competitive loan rates (see loan rates page for details)
- A mortgage will be filed on the property. Mortgage tax, recording fees and flood certification will be paid by Family First. If the loan is paid off within the first 24 months, the fees will be paid back to the credit union by the borrower.
Get excited to spend the summer in your new pool! Find out more here.
Loan applications are subject to membership eligibility requirements.
Looking to Make Home Improvements?
Making improvements to your home is always a good investment.
Not only does it increase the value of your home, but it makes your home look and feel better. These loans are available for the purpose of making permanent improvements to the interior or exterior of your home. They can be secured with real property at a fixed rate and are a great option when property equity is limited. Loan decisions are usually made within 24 hours.
Our Home Improvement Loan Offerings
| Secured | |
|---|---|
| Minimum Loan Amount | $5,000 |
| Maximum Loan Amount | 100% of your home’s value*, plus 50% of the improvement costs, less the current first mortgage balance |
| Term | Up to 10 years |
Disclosure: Membership eligibility required. All loans are subject to credit approval and application. Must be 18 years of age or older to apply. Family First’s loan programs, rates, terms, and conditions are subject to change without notice. APR is Annual Percentage Rate and applicable only to home equity loans meeting certain requirements.
The mortgaged property must be a 1-4 family dwelling located in New York State and occupied by an owner who is a member of Family First.
Closing costs (when applicable) include a title search, mortgage tax, filing fees, flood certificate fee, Credit Union appraisal fees are estimated to range from $495 to $1,500 (usually 3.0% to 5.0% of the amount borrowed). Property insurance is required. Family First FCU will pay all third -party fees on its Home Equity loans. If the home equity loan is paid off within 36 months of the open date, you must reimburse the credit union for certain fees Family First FCU paid to third parties in connection with opening the loan.
Family First is not a tax or real estate advisor. Consult your tax advisor regarding the deductibility of interest.
*The home’s value is determined by making an on-line assessment. Alternatively, the member can pay for an appraisal to determine the home’s value after improvements are completed.
**Exceptions may be granted by the Loan Officer in cases where it is in the best interest of the member and the Credit Union to make the loan; helping the member to make required repairs to the home.
