Home Equity Loan

Leverage the potential of your home
It’s your Advantage

Unlock Your Home’s Potential

If you’re a homeowner, you have an asset that can help you achieve your financial goals. With a home equity loan from 1st Advantage, you can access the equity in your home to pay for major expenses or consolidate debt.

Make The Dream Work

With a Home Equity Loan, you can finance that home improvement project, pay for education expenses, consolidate high interest debt, and more. Now is the perfect time to take advantage of the value in your home and enjoy a low-fixed rate.

 

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Improve Your Home

Access the funds you need to make home improvements or renovations that can increase the value of your property. From a new kitchen to an updated bathroom, our loans can help you turn your house into your dream home.

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Pay for Education Expenses

Pay for college tuition, buy textbooks, or cover other education-related expenses. With competitive interest rates and flexible repayment terms, you can borrow what you need to invest in your future.

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Plan a Vacation

Use the funds to book your dream vacation, whether it’s a trip to the Carribean or a relaxing beach getaway. Plus, our competitive rates and flexible repayment terms make it easy to plan and budget for your trip.

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Unexpected Expenses

From emergency medical bills to unexpected home repairs, our loans can help you deal with life’s curveballs. And with flexible repayment terms and competitive interest rates, you can get the funds you need without breaking the bank.

Exceptionally Low Rates & Flexible Terms

Home Equity Loans

Term

Annual Percentage Rate (APR)*(as low as)

*APR = Annual Percentage Rate. Current APR as of 7/1/2024 is 6.99% APR for 5 years, 7.24% APR for 10 years, 7.49% APR for 15 years and 7.74% APR for 20 years. Assumes great credit, loan is in first lien position and <80% loan to value. If loan is in second lien position and is greater than 80% loan to value, add 1% to the above rate for each term.  Other terms available and rates will vary depending upon loan-to-value, loan amount, loan term, lien position, and credit qualifications. No closing costs, excluding appraisal fee if required, for new loans of $150,000 or less. If you close your loan within thirty-six (36) months, you will be required to reimburse the Credit Union for closing costs paid on your behalf. If used for home purchase, loan must be in second position and is excluded from no closing costs. Property insurance is required, flood insurance may be required. Certain restrictions apply.

Term

5 years

Annual Percentage Rate (APR)*(as low as)

6.99%

Term

10 years

Annual Percentage Rate (APR)*(as low as)

7.24%

Term

15 years

Annual Percentage Rate (APR)*(as low as)

7.49%

Term

20 years

Annual Percentage Rate (APR)*(as low as)

7.74%

Estimate Your Monthly Payment

Enter the amount you wish to borrow and preferred loan term to determine your estimated monthly payment and interest rate.

Calculated payments shown are for estimation purposes only. Actual loan payment amount will be disclosed at loan closing and may differ slightly.

What Does It Mean to Borrow Against Your Home’s Equity?

With these loans, you are using your home as collateral. Here’s how it works:

  • Homeowners take out a second mortgage on their home to receive a lump sum payment.
  • Monthly repayments begin immediately at a fixed-interest rate.

You might be a good candidate for this type of loan if you’ve significantly paid down what you owe on your home, or if your home’s value has appreciated well above the remaining loan amount that you owe.

Apply for a Home Equity Loan

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Smarter Way to Borrow

Since the rates are usually lower with a Home Equity Loan than a credit card or personal loan, you can enjoy a lower monthly payment. Save even more money by consolidating your debt and reducing your total interest costs.

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When Should You Refinance a Home Equity Loan?

There are certain things homeowners should take into account when they consider refinancing. Again, to pursue this option, you need adequate equity in your home. To make that determination, you need to know the ratio of equity in your home to your income. This ratio shouldn’t exceed 85 percent.

In other words, when you calculate your remaining mortgage balance, it shouldn’t equal more than 85 percent of the total value of your home.

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Request More Information – Home Equity Loan

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Resources

Explore our blog for insights, tools, and financial resources so you can make better decisions about your money.

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