With a home equity loan, you can put it on the house.

Looking for a home equity loan? Need to consolidate your debts or cover a big expense? DECU has loan options to help you lower your monthly mortgage payment or take out a home equity line of credit and benefit from the appraised value of your house. Refinance your current mortgage with one of our Home Equity loan options and feel confident in your decisions with step-by-step guidance from an experienced DECU Loan Advisor.

I'm considering a home equity loan because:

EZ Equity

A fixed rate loan option.

Need a one-time lump sum for a major purchase, but don’t want to renegotiate your existing mortgage? Use the available equity of your home to secure an EZ Equity second mortgage and enjoy the security of a fixed-rate loan and steady payments. EZ Equity lets you keep your first mortgage and pay no penalty for prepayment, keeping your costs low with no additional mortgage insurance.

EZ Equity Benefits

  • Fixed-rate loan means stable monthly payments without market rate fluctuations
  • Loan terms let you keep your existing mortgage
  • No additional mortgage insurance costs
  • No prepayment penalty

EZ Equity Challenges

Home Equity Line of Credit

A line of credit when you need it.

Your home equity is the difference between the appraised value of your home and your current mortgage balance. The more equity you have, the more financing options may be available to you. If you have built up significant equity, you may be able to borrow a portion of it using a Home Equity Line of Credit (HELOC). A HELOC lets you withdraw from your available line of credit as needed during your draw period.

HELOC Benefits

  • No interest payments until withdrawal
  • A line of credit gives you access to cash over a period of time
  • Hold on to your existing mortgage
  • Quick access to your funds
  • No new mortgage insurance payments
  • Available for emergency funds
  • Adjustable interest rates

HELOC Challenges

  • Rates are adjustable, so they may rise over time
  • Secured by your home

Cash Out Refinance

Refinance and get cash.

Refinancing can potentially lower your monthly payment, pay off your mortgage faster or get cash out for a big project you’ve been planning. Cash-out refinance gives you a lump sum when you close your refinance loan, and the proceeds are first used to pay off your existing mortgage(s), including closing costs and any prepaid items (for example real estate taxes or homeowners insurance); any remaining funds are yours to use as you wish.

Cash Out Refinance Benefits

  • Take advantage of lower rates or switch from an ARM to a fixed-rate loan
  • Cover an ARM balloon payment with a lump sum
  • All your mortgage finances in one loan
  • Maximizes your monthly savings

Cash Out Refinance Challenges

  • Monthly payments increase, because you are borrowing more
  • New mortgage replaces your old loan with new terms and amortization schedule
  • Secured by your home

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