The Best Home Equity Loan Rates in Town

A PrimeWay Federal Credit Union home equity loan allows you to take advantage of the value you’ve added to your home. You’ve spent countless hours turning your house into a home over the years. You can use a home equity loan for any financial need, including:

  • Consolidate all of your bills
  • Pay off high-interest credit card debt
  • Add an addition to your home to accommodate a growing family
  • Complete a home improvement to a kitchen or bathroom
  • Pay for a child’s college education
  • Pay for a wedding
  • Help pay for elderly care

Want to have a line of credit vs. a loan? Check out our Home Equity Line of Credit (HELOC) product.

What is a Home Equity Loan?

A home equity loan uses the equity in your home to borrow money. Equity is the remaining value after you subtract your outstanding mortgage balance from the home's market value.

Let's say you have a home with a market value of $400,000 and your current outstanding mortgage balance is $200,000. The amount of equity you have in your home is $200,000. You may be able to borrow up to 80% against the equity in your home. For example:

Market Value:$400,000
Outstanding mortgage:($200,000)
Equity in Home:$200,000
x 80% =$160,000
Available Equity =$160,000

Apply Online Today or request more information to have a PrimeWay Representative contact you.

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You can also visit us at one of our convenient retail center locations or call us at (713) 799-6200.