Are you looking for a smart option to consolidate debt? Would you like to renovate your home, or finally put a pool in the backyard? Our Home Equity Loan is the perfect solution. Don’t choose between a home equity line of credit or a home equity loan when you can have both with Y-12 Federal Credit Union. Our Home Equity Loan starts as a line of credit that is always available when you need it. It doesn’t stop there! You can also lock in a fixed rate at any time for terms up to 10 years*.
Borrow what you need when you need it
Low closing costs1
Potential for tax-deductible interest2
Ability to lock your balance into a low, fixed rate for terms up to 10 years3
Rates as low as prime minus .50%4
Borrow up to 100% of the value of your home5
No prepayment penalties
Principal and interest and interest-only payment options
Easy access to funds with online banking or the Y-12 FCU mobile app
We also offer an Interest Only Home Equity Line of Credit option that may be just what you need to have more cash in your wallet at the end of the month. Interest only payments are required monthly; however, you may make additional payments to reduce the principal balance of the loan.
For complete Home Equity Loan details, please call us at 865-482-1043.
This loan is eligible for Loyalty Rewards redemption.
*Subject to credit approval. Membership is required. Payment example: as of April 1, 2021, fixed up to 120 months at 4.74% with monthly payment at $10.49 per $1,000.