Home Equity Loans and Home Equity Lines of Credit Unlock the equity you’ve built in your home and let it work for you! Home Equity Loan vs. Home Equity Line of Credit (HELOC) Your unique situation determines the best loan type for your needs, and Sun East is here to help you review your options. Apply Now Already a Member? Log in to Apply. We worked with Helen Arroyo on a HELOC loan. She was fabulous- she answered all of our questions in person and through email very quickly. She also made sure we completely understood the entire process. When we closed on our loan, she had everything ready to go and it was a seamless and relatively quick closing. Her help and guidance was very much appreciated. Michele S. Did you know you can leverage a HELOC to manage your dept? Meet Jane, a longtime member of Sun East. During a recent visit to deposit a check, Jane took the opportunity to sit down with Ash, one of our dedicated member service representatives, for a full financial review. Through their conversation, Ash discovered that Jane was facing a couple of financial challenges: she needed funds for home repairs and was struggling with high-interest credit card debt. Recognizing an opportunity to help, Ash proposed a solution that could ease Jane’s financial burden. By increasing her Home Equity Line of Credit (HELOC), Jane could consolidate her high-interest credit card debt and secure the necessary funds for her home repairs. This approach not only lowered her overall interest rate but also provided her with peace of mind. Jane left Sun East feeling relieved and empowered, knowing she had a solid plan to manage her finances more effectively. At Sun East, we’re here to help you find smart financial solutions tailored to your needs. Discover how leveraging a HELOC can help you achieve financial stability today! Apply Now Already a Member? Log in to Apply. What to Know About Home Equity Lines of Credit If you’re looking for credit, consider a Home Equity Loan or Home Equity Line of Credit. It’s important to thoroughly consider the costs and benefits before making a decision and take the time to find the credit terms that suit your borrowing needs while minimizing any financial risks. A Home Equity Loan or Home Equity Line of Credit might be a great option for you. Learn More: What You Should Know About Home Equity Lines of Credit Choose the Loan That’s Right for You There are distinct differences between a Home Equity Loan and a HELOC. Understanding the features of each will help you make an educated decision. Home Equity Loan A Home Equity Loan has a fixed rate, and the funds are disbursed in one lump sum with flexible repayment terms of up to 20 years. $0 fees1 LTV up to 90% a .25% rate discount** with automatic payment transfer from your Sun East Checking Account Interest may be tax deductible3 Home Equity Line of Credit (HELOC) A HELOC has a six-month, low introductory rate and a go-to variable rate that allows you to use the equity in your home on an as-needed basis. You can draw on the line, much like a credit card, at your own pace. 4.99% APR2 introductory fixed rate for the first 6 months $0 fees1 LTV up to 90% Terms up to 20 years Interest may be tax deductible3 Unlimited number of draws Check Today’s Rates Calculate Your Equity Home Equity Term Loan | As Low As… 6.49% APR+ See More Rates first six month Introductory HELOC Rate Intro 4.99% APR+ See More Rates Did you know you can consolidate your loans with a HELOC? Frequently Asked Questions from Home Equity Loan and HELOC Borrowers Do I need to be a member to apply for a Home Equity Loan or Home Equity Line of Credit? You do not need to be a member to apply, but membership will need to be approved and established before closing on your loan. Will an appraisal need to be completed on my home as part of the underwriting process? Yes, this is required as part of the approval process and used to determine the amount you are eligible to borrow. If I open a HELOC, am I able to refinance the outstanding balance or convert the line into a fixed Home Equity Loan? In most cases, yes, but there may be some restrictions. It’s best to speak with a Sun East Lending Representative to determine your options, at 1-877-5-SUNEAST x751. Disclosures 1$0 fees, with no prepayment penalties, is capped at $240.00 maximum cost. Other associated closing costs can vary based on municipality, county, or state of subject property, and will be the responsibility of the applicant(s). 2APR = Annual Percentage Rate; effective 10/01/24 and subject to change without notice. 4.99% APR intro rate for six months; after intro period, APR as low as 7.00%. Loan rates are determined by member’s creditworthiness as well as other factors including term of the loan, and lien position. Top tier rates listed are available to highly credit-qualified individuals. 3Conditions and restrictions may apply; consult Tax Advisor for eligibility details. Sun East Federal Credit Union provides its members with affordable home financing options in accordance with the Federal Fair Housing Act and the Equal Credit Opportunity Act, and required state and federal guidelines. Sun East Federal Credit Union, NMLS#433893, is an equal opportunity lender. Limited time offer. All rates/terms subject to change without notice; other terms and conditions may apply. Call 877-5-SUNEAST x751 for details. ** .25% discount for Automatic Payment Transfer from Sun East checking. If at any time, Automatic Payment Transfer is discontinued then rate discount will be discontinued.
