Our Home Equity Loans offer:
Rates as low as 8.25%!1
- Low, fixed interest rates
- Flexible repayment schedules
- No prepayment penalties
- Amounts up to 133% of the appraised value of your property
What is a Fixed Rate Home Equity Loan?
A home equity loan is a type of second mortgage that provides you with funds for renovations, purchases, tuition, or any other want or necessity you desire. You use the value of your home and the amount of your initial mortgage that you have paid to secure cash for other purposes. With a home equity loan, you receive a lump sum of cash that is paid off in fixed monthly installments that include principal and interest. Home equity loan interest may be tax-deductible if you use it to “buy, build, or substantially improve your home,” according to the IRS.
Unlike some home equity loans, Arizona Central Credit Union offers fixed rate loans, meaning your payment should be a set number for the lifetime of the loan.
HELOC vs Closed and Fixed Rate Home Equity Loan
There are multiple ways to use your home equity to get funds now. Two main ways are a home equity line of credit, or HELOC, or a home equity loan. HELOCs are lines of credit where you can borrow up to a set amount. You only borrow what you need and you repay only what you borrow. Closed and Fixed Rate Home Equity Loans, on the other, provide a lump sum at the beginning of the loan that is repaid over time.
Why Choose Arizona Central Credit Union?
Arizona Central Credit Union has been providing Arizona families in Phoenix and beyond with personal lines of credit, mortgages, and other financial services since 1939. Whether you already have an account or are looking for lending options, Arizona Central, Arizona’s leading local credit union, will be here to safeguard you and help you achieve your goal of financial freedom.
Arizona Central Credit Union has 9 direct branches throughout Arizona, including Phoenix, Glendale, Tempe, Chandler, Flagstaff, Tucson and Show Low. Members have access to 30,000+ surcharge-free ATMs nationwide through the CO-OP ATM network. Arizona Central makes banking accessible & rewarding for all AZ communities.
1. The posted APR’s (Annual Percentage Rate) are based on 80% Combined Loan To Value (CLTV), a 10 year repayment term and a loan amount of $100,000. Your rate may be higher depending upon your credit history and CLTV. Account set-up fees include $250 processing fee, $185 document preparation fee, and $14 flood determination. Additional fees, ranging from $150 – $1,200 may be required for title search and appraisal. A tax service fee of $75.00 will apply if loan is in first lien position. HELOC Only: Rate based on Prime as published in The Wall Street Journal. Rate is variable and may change monthly. Maximum APR is 18% or the maximum permitted by law, whichever is less. The minimum credit advance is $5,000 for the first advance and $500 for each subsequent advance.
