Lending
Home Equity Solutions
Looking for a home equity loan or line of credit with a great rate from a lender you can trust? DOCFCU delivers. We lend in multiple states* and are ready to help you with a solution that fits your needs and budget.
*Currently, we process HELOC’s & 2nd Trust loans in the following states AZ, SC, ME, CO, MD, VA, DC, WV, DE, NC, PA, FL, CA, GA, OH.
Update for mortgage loans page.
Lending
Home Equity Loan and Line of Credit - Zero Closing Costs*
A home equity line of credit from DOCFCU can be a smart way to fund a variety of needs, including a home renovation or repairs, education expenses, the trip of a lifetime, or even simply to consolidate debt. Our experienced lenders are ready to help with tailored line of credit just for you.
A home equity loan, or “second trust loan”, is another option that substitutes a fixed rate for the variable rate of a home equity line of credit.
*No closing costs on an initial advance of $10,000 or more. Borrow up to 90% of your home’s value (minus your first mortgage balance) up to $350,000 must be eligible for DOCFCU membership. Other restrictions may apply, contact us for details. NMLS #810389
Home Equity Line of Credit
- A low variable interest rate of Prime+0*
- No closing costs on an initial advance of $20,000 or more
- Tax-deductible interest payments (consult your tax advisor for details)
- The ability to borrow up to 90% of your home’s value (minus your first mortgage balance) up to $350,000
Home Equity Loan (2nd Trust)
- A low fixed rate
- Tax-deductible interest payments (consult your tax advisor for details)
- The ability to borrow up to 90% of your home’s value (minus your first mortgage balance) up to $350,000
How To Use Home Equity Lines of Credit
Benefits of a DOCFCU Home Equity Line of Credit (HELOC):
- Enjoy a low variable interest rate loan secured by the equity of your home.
- Use the HELOC not only for home improvements but also as a financial safety net for unexpected expenses.
- No cost if the HELOC remains unused; you only pay interest on what you borrow.
Your home represents both a significant achievement and investment. As property values increase, so does the equity in your home, which can be leveraged over time. DOCFCU offers a Home Equity Line of Credit with a maximum 90% loan-to-value ratio, allowing you to tap into this equity.
The HELOC functions are like a credit card, offering flexibility for home repairs, debt consolidation, vacations, or emergencies. Payments are required only on the outstanding balance, not the full credit line.
Key Uses of a DOCFCU HELOC:
Home Improvement Projects: A HELOC is ideal for financing renovations large or small, from kitchen remodels to landscaping, enhancing both comfort and resale value.
Debt Consolidation: Consolidate high-interest debts such as credit cards, medical bills, student loans, and more, potentially lowering overall interest costs.
Preparing for Retirement: For retirees or those nearing retirement, a HELOC can supplement income, cover unexpected expenses, or fund home modifications for increased accessibility.
Education Expenses: Use the HELOC to finance college tuition, books, or additional courses without depleting savings or retirement funds.
Why Choose a DOCFCU HELOC?
A Home Equity Line of Credit from DOCFCU offers a versatile financial tool:
- Flexibility to fund various needs including renovations, education, travel, or debt consolidation.
- No obligation to make payments if the HELOC remains unused.
- Features a 10-year draw period followed by a 15-year repayment period.
Our experienced lenders are dedicated to tailoring a HELOC that meets your specific financial goals. Contact us today to explore how a DOCFCU HELOC can benefit you.
*No closing costs on an initial advance of $10,000 or more. Borrow up to 90% of your home’s value (minus your first mortgage balance) up to $350,000 must be eligible for DOCFCU membership. Other restrictions may apply, contact us for details. NMLS #810389
Rates
Effective: 3/11/2020
Home Equity Line of Credit | as low as |
|---|---|
Base Rate (Prime + 0.25%) | 8.25% |
Combined Loan to Value > 85.01% – 90% (Prime + 1.00%) | 9.00% |
2nd Trust Mortgages (Home Equity Loans) | as low as |
10 Years | 7.875% |
15 Years | 8.000% |
20 Years | 8.125% |
Have questions? We’re here to help. Please call 202.808.3600 to speak with one of our loan specialists today.