Features of a Credit Union Home Equity Loan
Enjoy a competitive rate that stays the same through your loan term.
Choose a term of 5 to 15 years, and transfer funds right from your JHFCU account.
We'll service your loan here so you don't need to send payments out of state.
Borrow up to 95% of your home’s value!
|Home Equity Loan
|Home Equity Line of Credit
|On the full loan amount outstanding
|Only on the amount you draw
|Loan funds taken
|Draw as needed
|Loan funds can be paid back and re-drawn as needed for 15 years
|Fixed for 5, 10, or 15 years
|Variable based on balance
|None (excluding interim interest) – unless loan is closed within three years
|None with a $10,000 advance at closing – unless line is closed within three years
Home Equity Loan Details
A home equity loan lets you access cash with the convenience of fixed payments and rates.
- Use your funds for home improvements, weddings, vacations, medical bills, and more.
- A home equity loan can also be used to consolidate high-interest debt.
- Borrow $20,000 to $500,000.
- Rates are based on your home equity, credit score, loan term, and loan amount.
- Your APR will stay the same throughout the life of your loan.
- You can choose a term between 5 and 15 years, depending on your budget and goals.
- Local loan servicing means work directly with the credit union.
JHFCU home equity loans are available for primary residences in Maryland, Virginia, Washington DC, Delaware, and Pennsylvania.
Our Home Equity Loans Include These Benefits
Lock in a fixed home equity loan rate so you're always on top of your payments.
We Pay Closing Costs
We'll pay your closing costs** (except for interim interest charges) as long as your loan remains open for at least three years.
Use our amortizing loan calculator to see how much you should borrow.
We'll service your loan here and continue to offer support and advice whenever you need it.
Open a JHFCU Checking or Savings account and easily transfer your loan payments.
Considering a Home Equity Loan? Get In Touch Today.
Home Equity Loan FAQs
What is home equity and how do I know if I have any?
Home equity is the difference between the current market value of your home and your current mortgage balance.
When you apply for a home equity loan we’ll figure out exactly how much equity you have, and how much you’re eligible to borrow.
How does a home equity loan work?
Here's what happens when you get a home equity loan:
Log into JHFCU Online Banking to apply for your home equity loan – the application process takes just a few minutes.
We'll review your credit report and online property valuation, and quickly get back to you with your loan decision and initial loan amount.
You’ll provide proof of income and we’ll order a title search, then schedule a settlement dat so you can access your funds.
From start to finish, the whole process takes just a few weeks!
What can I use a home equity loan for?
Unlock the potential of your home equity loan for diverse needs, such as home improvements, debt consolidation, vacations, weddings, medical bills, car repairs, and handling unexpected expenses. Whether it's renovating your space or consolidating high-interest debts, this versatile loan is here to support your financial goals.
What do I need to apply for a home equity loan?
A home equity loan is sometimes called a second mortgage. However, the home equity loan application process is much simpler than a first mortgage. In most cases, all you’ll need is proof of income, such as a recent pay stub.
What rate will I get?
The rate you get for your home equity loan is based on your credit score and your loan-to-value (LTV) ratio; higher credit scores and lower LTVs get a lower rates. The term you choose also impacts your rate; shorter terms get lower rates.
What loan term is right for me?
Different terms bring different rewards. At JHFCU, you can choose a home equity loan term of between 5 and 15 years. Shorter terms mean you'll get a lower rate and pay off your loan sooner, but your monthly payment will be higher. Longer terms mean you'll get a slightly higher rate and pay more total interest over the life of the loan, but your monthly payment will be more affordable. You can talk to one of our experienced loan officers to find the right term for you.
How can I make my home equity loan payments?
There are many options for making a payment to your JHFCU home equity loan:
Online Transfer: Set up a recurring transfer or make a one-time transfer online from your checking, savings, or another transactional account to your mortgage account. Payments are credited and account balances are updated immediately.
JHFCU TeleBranch 24: Transfer your payment from a JHFCU account to your mortgage; just use your loan suffix number between 70 & 77 (EX: XXXXXXXXX-XX.)
Pay Online from an Outside Bank: Set up JHFCU as a payee using your 9-digit JHFCU Account number - 2-digit loan suffix number between 70 & 77 (EX: XXXXXXXXX-XX.)
Pay by Check at a Branch or via Mail
Pay by Transfer In-Person
Payroll Deduction PaymentsNOTE: When setting up Online Bill Payment from an outside account, use JHFCU’s main address, 2027 E Monument St, Baltimore, MD 21205
Do I need to be a member of Johns Hopkins Federal Credit Union to get a home equity loan?
Yes, you'll need to become a member first. Joining is quick and easy, learn more here!
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Get fast financing to cover any expenses, whether you need to buy new tires or appliances, pay for a wedding or vacation, or meet medical or legal bills. Also a good option for building credit and consolidating debt.
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If you want to remodel your home but don't want to put a lien on your property, our home improvement loan is the answer! Borrow up to $50,000 with competitive rates.