Home Equity Loan/Second Mortgage
- 5, 10, or 15 year term options
- Minimum credit score of 680
- Up to 95% TLTV
Perhaps you’re ready to make home improvements that add value to your home or eliminate your high credit card debt. Now is a great time to make it happen with a home equity loan/second mortgage from ETFCU. You can borrow any amount up to your established credit limit as needed, and interest paid on a home equity loan may be tax deductible.*
- Prior two years addresses and dates of residence.
- Social Security number or tax ID.
- Driver’s license or state issued identification card.
- Prior two years employment information including employer contact and dates of employment.
- Most recent W2 and pay stub for all income sources.
- Two years federal tax returns, including tax applicable schedules if you are self-employed, have rental income, farm income or additional non-W2 reported income.
- Alimony, child support or separate maintenance documentation if you wish to have it considered as basis for repaying this obligation.
- Additional information may be required such as Divorce decree (if applicable) and/or proof of extra income such as rental income, dividends, Social Security, retirement, disability, pension, or welfare (supporting documentation is required).
- Balance owed on all liens attached to the property including all mortgages as well as any home equity loans or lines of credit.
- Most recent mortgage statement (if applicable).
- Most recent property tax bill.
- Most recent hazard insurance declaration page.
- Most recent flood insurance declaration page (if applicable).
Rates accurate as of October 22, 2021 and are subject to change throughout the day. All mortgage rates include Extra Credit Discount.
Fixed rate home equity loans are available for a minimum loan amount of $10,000 up to a maximum of 95% LTV. Loans subject to credit review and approval. Collateral restrictions may apply. Adequate property insurance is required for all home equity lines of credit. Our 95% home equity loan has the same benefits and uses the same index as our traditional home equity loan and offers a low rate of just 1.5% above the prime rate. Rates vary based on LTV and loan term. There is a maximum cap of 18%. *Consult your tax advisor regarding interest deductibility. ETFCU mortgage lending product availability may vary based on property location.