Which Home Equity Loan is right for you?

Coconino Federal Credit Union offers two types of home equity products: a Home Equity Line of Credit (HELOC) and a Fixed Rate Second Mortgage. Home equity loans make use of the equity in your home which may have tax benefits (check with your tax advisor). Competitive rates and great terms create affordable payments.*

Both products offer the following:

Product Differences

Fixed Rate Second Mortgages offer a fixed rate for the entire term of the loan; terms are 5, 10 and 15 years. Fixed rate seconds are best when you need all the money at one time. Additional advances are not permitted.

Home Equity Line of Credit Loans (HELOC) offer a variable rate on a flexible credit line with a 10 year draw period and 15 year payment term after initial 10 year draw period. Rate is adjusted monthly based on the prime rate and cannot increase or decrease more than 2% in 12 months. Minimum interest rate 4.75%, maximum interest rate 18%.

Pick up an application packet for the type of home equity loan that is best for you. Ask any friendly credit union employee for more information.

*Not all properties are eligible. Interest Rate is based on credit history. Recapture fees may apply if loan is paid off within 24 months of the funded date Term for fixed rate second mortgages is based on the amount borrowed. Verification of income may be required.