A Home Equity Loan or "Second Mortgage" may be a solid option for managing debt and offering some peace-of-mind. Home Equity is the difference between the market value of your home and any outstanding mortgage loan balance(s).
- Fixed rate and payment (closed-end loan)
- Variety of terms (180 month maximum)
- Maximum combined loan-to-value of first and second mortgage is up to 100% of the equity in your home
- Competitive fixed rate, no pre-payment penalties
- 15 year maximum term
- No origination fee!
Home Equity Loans are perfect to manage:
- Home improvements/repairs
- Higher-interest credit card debt (debt consolidation)
- Medical expenses
- Anything else you want to afford!
10 and Done Mortgage*
Lower your interest rate and accelerate your payoff.
- Fixed interest rate based on 15 year mortgage
- Financing up to 75% CLTV
- Financed in-house
- Amortized over a 120 month period
- 5 years of employment required
- No escrow required
- No prepayment penalty
- Closing cost not to exceed $1000**
- Minimum beacon score for all borrowers is 690
- Maximum loan amount = $300,000
- Duke Credit Union will have first lien position
- Homeowner's insurance required with Duke Credit Union listed as mortgagee
*Consult a tax advisor. Interest paid may be tax deductible. Approval is subject to qualifications.
**Appraisal fee is separate from the closing costs