A Gardiner Federal Credit Union Home Equity Loan offers benefits that make it a smart choice.

What does Home Equity mean? It is the amount a house is worth after subtracting any remaining balance on your mortgage(s). Borrowers are normally allowed to borrow up to a set percentage called: loan-to-value (LTV).

Example: A home is valued/assessed for $100,000, the loan-to-value percentage allowed
is 80%, and the borrower owes $60,000 in mortgage balances.
The allowable Home Equity would be: $20,000.
$100,000 X 80% LTV = $80,000 – $60,000 = $20,000

A Home Equity line of credit is a revolving loan allowing borrower’s access to money, as needed, based upon their pre-determined borrowing limits. Checks are provided on this loan, allowing the convenience of writing a check whenever and for whatever one may need. Rates and terms vary.

At this very minute, there’s something you need – perhaps it’s a new car, repair work for the roof, or even a vacation.  As the owner of a home, you have just what you need to fund those major purchases. With a Gardiner FCU Home Equity Loan, you can borrow a specific amount against the equity in your home for many reasons.

If you already have a Home Equity Loan, you can refinance the loan to lower your monthly payments, receive a shorter term that will pay off more quickly, avoid a balloon payment or simply receive more cash.

Please call us at 207-582-2676 for our current Home Equity rates.