Home Equity Loans

Home Equity Loans

We’ve got your home loan needs covered from top to bottom, inside and out. We can help you determine which home equity loan is right for you.

Home Equity loans are great for: Home improvements, education, bill consolidation, refinancing, and more.

  • Minimum loan amount: $10,000
  • Fixed rates for up to 240 months (20 years) 1
  • Up to 100% financing available 2
  • Interest may be tax deductible 3

NEW! HE-Lock

Variable Rate Home Equity Line of Credit – with a fixed rate option! 4

Armco CU’s new HE-Lock combines the flexibility of the traditional Home Equity Line-Of-Credit with the option to “lock-in” a low fixed rate and term options of a Home Equity Loan. Lock in different amounts, terms, and rates under one convenient loan agreement and monthly payment, without the hassle of re-applying as your borrowing needs change.

  • Interest-only payment option 5
  • Fixed rates for up to 20 years 6
  • Up to 85% loan-to-value financing
  • No annual fees 7
  • Minimum loan amount: $10,000
  • Interest may be tax deductible 3

1. Fixed at our Current Home Equity Rates that correspond to the appropriate term.

2. Maximum Loan amount for Home Equity Loans with Loan To Value (LTV) above 85% is $50,000.

3. Consult your tax advisor for more information.

4. Line-Of-Credit utilizes a variable Annual Percentage Rate (APR). APR is based on Wall Street Journal Prime (“The Index”), adjusted monthly. The Index is the Prime Rate published in the Money Rates column of the Wall Street Journal. When a range of rates has been published, the highest rate will be used. We will use the most recent index value available to us as of 15 days before the date of any annual percentage rate adjustment. If the rate is not already rounded, we then round up to the next .125%. Your APR will not exceed 18% or go below 2.50% at any time during the term of your loan. Variable APR 3.25%: Based on rates as of 11/1/2020 and can change.

5. There is a ten-year draw period with up to a maximum of 20-year repayment term from the end of the draw period. The minimum loan amount is $10,000; there is no minimum draw amount. Interest-only payment option only available for “un-locked” balances of the line-of-credit, at a Variable APR, during the draw period. After the draw period interest plus principal payments, for unlocked balances, applies at a fixed rate. Initial payment is due on the 25th of the following month of final loan closure, and reoccurs on the 25th monthly thereafter for the term of the loan.

6. At any time during your loan term, you have the option to “lock” in up to five (5) portions of your line-of-credit at a fixed rate. Minimum lock amount is $5,000 with terms of up to 240 months. Fixed rate will be equal to the Index plus a margin, as outlined in your home equity addendum, or our current home equity rates that correspond to the appropriate term, whichever is lower.

7. One-time origination fee of $150 required. Credit Union will pay remaining closing costs, including appraisal fees (excludes title insurance when required). No early payment fees. Late payments are subject to a 5% of the payment fee.