Sometimes known as Second Mortgages, Home Equity Loans provide a fixed-rate, lump-sum loan with a fixed payment schedule for an established term (length of time to repay the loan). Home Equity Loans are an excellent way to borrow from the equity of your home (the amount of your home’s appraised value that you own once the remaining principal balance is subtracted) to finance home improvement projects or consolidate higher interest rate loans or credit cards.
Home Equity Loans are advantageous for homeowners who need a large, lump sum of money quickly for short-term, large-scale projects, emergency situations or who want to consolidate debt into one convenient monthly payment.
Bronco Home Equity Loans offer:
- A fixed sum of money for virtually any need
- Rates based on credit worthiness, loan amount and term of loan
- Possible tax advantages (consult your tax advisor)
- Terms up to 15 years
- Loan-to-value (LTV) ratios up to 80%, but not to exceed $100,000 (As an example, if your home has been appraised at $200,000 and you still owe $100,000 on the mortgage, then your equity in the home is $100,00. Now, let’s say you want to borrow $80,000 against that $100,000 of equity. $80,000 divided by $100,000 equals an 80% loan-to-value ratio.)
- Appraisals required for any LTV over 70%
To find out how a Home Equity Loan can work for you, talk with one of our Real Estate Lending Specialists by visiting any Bronco office, calling us at 757.569.6000 (or toll-free at 1.800.667.BFCU), or emailing us at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
Not a member yet? Give us a call today at 757.569.6000.
