Home Equity Loans
Put your Home Equity to work for you!
Your most valuable asset can provide you with the necessary funds. Whether you need it for remodeling, emergency spending, or a tuition payment, our Home Equity Loan could be the answer.
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HOME EQUITY LINE OF CREDIT
Our Home Equity Line of Credit is a revolving line of credit secured by the equity in your primary residence located in Maryland, Virginia or the District of Columbia. This line of credit is tailored to pay back what you only use of the total available balance. Also, the maximum limits are based on the amount of your equity.
Why apply for a Home Equity Line of Credit
- Financing College tuition with this loan might be a better deal than enrolling in educational loans with higher interest rates.
- Consolidating your debts and break away from high-interest debts, or pay-off other personal loans, car loans, or credit cards.
- Affording home projects, whether being a remodel or upgrading, could lead to a wise investment in the future.
- A reserve fund for emergency expenses as temporary backup plan and have access to a HELOC to pay-off large bills
- Planning on long term investment, so invest in the stock market or real estate and exceed your returns over the HELOC loan cost.
- An interest-only payment option for a 10-year draw period, allowing you to borrow up to the approved limit whenever you need funds.
If your home is yet to be your dream home, but moving sounds expensive and stressful, home renovation might be the answer. It can add value to your home and comfort to your lifestyle.
The great news is that your home's equity is an inexpensive and convenient funding source.
Now with the IDB Global Federal Credit Union, members can secure a Home Equity Line of Credit (HELOC) at a low-interest rate APR for 12 months, with a credit limit of up to $500,000!
You can tap into your home’s equity to create your dream home and possibly increase its value. The possibilities are endless.
Questions? Contact our Lending Department to get started.
| Loan Type | Max LTV Ratio | Credit Limit |
| 1st Deed | 80% | Up to $1,000,000 (1) |
| 2nd Deed (1st Deed Held by C.U.) |
80% | Up to $500,000 (3) |
| 2nd Deed (1st Deed Held by C.U.) |
75% | Up to $500,000 (4) |
| Second Deed (1st Deed Held by other Lender) |
75% | Up to $250,000 (5) |
(1) Maximum credit limit is the lesser of $1,000,000 or 80% of property value.
(2) Maximum credit limit is the lesser of $1,250,000 or 75% of property value
(3) Maximum credit limit is the lesser of $500,000 or 80% of property value less the first deed of trust loan with the Credit Union. The total of both loans shall not exceed $1,000,000.
(4) Maximum credit limit is the lesser of $500,000 or 75% of property value less the first deed of trust loan balance with the Credit Union. The total of both loans shall not exceed $1,250,000.
(5) Maximum credit limit is the lesser of $250,000 or 75% of property value less the first deed of trust loan balance with another lender. The total of both loans shall not exceed $750,000
Home Equity Loans Rates
Effective as of 01/01/2023
1 Base Rate (Index) = 4.500% Margin = 2.750%
2 Base Rate (Index) = 4.500% Margin = 3.250%
1Term - Ten year “draw” period plus fifteen year “amortization” period.
3 Base Rate (Index) = 4.500% Margin = 3.500%
All rates are subject to change daily. Disclosure information.