JHFCU offers an extensive line of mortgages and home equity options. Whether you're planning to purchase a house, refinance an existing mortgage, tap into equity for a business project, or simply want the flexibility of a large line of credit, JHFCU can help.
Members can also use the loan calculator for principal and interest payment calculations: remember an additional amount for your escrow account (for taxes and insurance) would have to be added to your monthly payment, too, if you are calculating a first mortgage.
JHFCU offers one of the best Home Equity products around, with no closing costs.* The line can also provide overdraft protection for your Share Draft Checking account. Home Equity Lines are a revolving line of credit secured by the equity in your home. The money you've put into your house is yours to use over and over again. You can use the money for many purposes, and at a much lower interest rate than most installment loans.
Home Equity Lines of Credit offer another advantage: in most instances, the finance charges you pay remain tax deductible (consult a tax advisor for specifics). You can also access funds several ways: via mail, TeleBranch 24, the Internet Branch, a draft (check), or in person. Call the Credit Union at 410-534-4500 (or 1-800-JHFCU-70) and press 2 for an application and more information. To learn more about Home Equity Lines of Credit click here.
If you would like the stability of a fixed interest rate** but still want to benefit from the tax deductibility advantage of a home equity loan, then consider JHFCU's fixed rate Home Equity Loan. With this closed-end loan, you'll receive the proceeds of the loan at settlement. Therefore, this loan may be more appropriate for purchases you plan to make immediately, unlike the Home Equity Line which provides the option to use as needed. Your appraisal fee is refunded to you after settlement but will be added back to the loan payoff balance if the loan is paid off within the first year. Call the Credit Union at 410-534-4500 (or 1-800-JHFCU-70) and press 2 for an application and more information.
*Closing costs will be added back to the loan payoff balance if the loan is paid off within the first year.
**Rates are determined by the applicant's credit history.