Jan 7 2018

State Employees Credit Union – Home equity line of credit #loan #comparison

#equity loan calculator

Home Equity Line of Credit

The Credit Union offers a Home Equity Line of Credit product for primary residences and second homes for members who reside in and for properties located in North Carolina, South Carolina, Virginia, and Georgia.

A Home Equity Line of Credit is a secured open-end loan that unlocks the value of your home allowing you to borrow against the equity. Advances up to the maximum loan amount may be made repeatedly throughout the 15-year draw period 1. subject to the terms of the account agreement. Once the loan is set up, there is no need to reapply or record a new deed of trust. Advances may be made online in Member Access, through ASK SECU, at your local branch, or by contacting the Contact Center.

Most interest paid on mortgage loans (first and second mortgages) is deductible on itemized tax returns. The Home Equity Line of Credit is a second mortgage; therefore, you may realize substantial savings by borrowing against your home as opposed to other methods of credit. Check with your tax advisor for specific benefits that may apply to you.

Obtain a Loan Advance from an Existing Loan 2

Request a New Home Equity Line of Credit 2

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