Home Equity LoansApply for a Loan
Fixed Rate Home Equity
Reducing debt will play a big part in your overall financial situation and one option to do this would be to get a New Century Home Equity Loan. Home Equity loans can be used for just about any large purchase and typically has a lower rate than a personal loan. Equity is defined as the difference between what your home is worth and what you owe on a first mortgage.
- Borrow up to 80%, 90%, or 100% of value
- Terms can be 5, 10, or 15 year loans
- No application fee
- No maintenance fees
- Prepayment Penalties - If your Home Equity installment loan is paid off within 24 months, you will be responsible to repay New Century FCU for any third party charges up to $575.
- Interest paid may be tax deductible (consult a tax advisor)
Home Equity Line of Credit
Do you have a big upcoming project that is going to be expensive, but you don’t want to pay interest on money you may not need to use right away? If so, a Home Equity Line of Credit (HELOC) from New Century FCU is the perfect solution. Our HELOC’s go up to $500,000 and have a draw period of 10 years, followed by a 5-year re-payment period. HELOC’s offer the following benefits too:
- Draw on Funds on an “as needed” basis
- Rate is based off of the Wall Street Journal Prime Rate
- Interest paid may be tax deductible (consults a tax advisor)
- Only pay interest on the money you have borrowed