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Home Equities

Determining Your Home's Equity

Home equity is the difference between what your home is worth and what you owe your lender - what you actually own of your home. If you’ve been paying your mortgage for a few years now, you might be wondering how much of your home you actually own, and how you can access the cash you’ve accumulated. Unlock the equity in your home to pay off debt, renovate your home, or make other financially smart decisions.

 

 


 

Home Equity Line of Credit

6-Month Intro Rate

2.99 % APR*

20-Year Fixed Home Equity Loan

As low as

5.75 % APR*

 

Home Equity Line of Credit

If you're not sure how much you need, a HELOC allows you to use the funds when you need them and payback only what you spend.

No annual fees
No application fees1
No closing costs
No advance fees

Apply Now

Home Equity Loan

If you know how much you need, you can lock in a fixed rate and a monthly payment with a Home Equity Loan.

No annual fees
No application fees1
No closing costs
No prepayment penalties

Apply Now

Unsure Which One is For Me

If you're not sure which mortgage is right for you, talk with one of our mortgage lending advisors and they'll help you determine the loan that best suits your needs.

Contact Us

 

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First Responders Loan Discount

Qualifying members for this program include:

  • Firefighters (paid and volunteer)
  • Police Officers
  • EMTs (paid and volunteer)
  • Paramedics
Learn More
FAFCU Home Buying Guide Cover


Home Buying Guide

The home buying process can be overwhelming so it’s best to be prepared. That's why we put together a Home Buying Guide to help you from start to finish. In this guide, you'll find information for each step of the home buying process.

  • Info on the types of mortgages and what you need to know
  • Checklists for documents, home buying, and moving
  • Worksheets to determine your dream home and estimated costs
  • Tips on making an offer and information on the appraisal and inspection


Download Your Free Guide
 


 

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HOME EQUITY LINE OF CREDIT

*APR=Annual Percentage Rate. Get 2.49% APR for 6 months with a minimum line amount of $20,000, a minimum draw of $10,000 at closing, and LTV max of 80%. Must maintain an average outstanding balance of $10,000 per month. To qualify for the introductory APR, a minimum direct deposit of $500 per month into a First Atlantic deposit account is required. Promotional rates is for new loans only and is subject to creditworthiness. Additional conditions may apply. Rate subject to change at any time. After the 6-month promotional period ends the rate will revert to the prevailing APR. APR is based on The Wall Street Journal Prime Rate ("Prime") published on the 25th day of the previous month. The interest rate will not go below Prime, currently at 5.50% APR, and not above 18.00% APR. Eligible properties include owner-occupied 1-to 4-family properties, condominiums, and 2nd/vacation homes. Ineligible properties include but are not limited to investment property (defined as non-owner-occupied property), a co-op, mobile home, or manufactured housing. Home equity lines of credit are available in first or second lien positions. Not available for homes currently for sale. Property insurance required. Flood insurance may be required. 

1A $350 processing fee is waived at the time the loan closes. If the loan is paid off within 2 years this processing fee will be added to the amount required to satisfy the loan.

HOME EQUITY LOANS

*APR=Annual Percentage Rate. APRs reflect no closing costs for home equity loans up to $250,000.00. Higher loan amounts are available, but will include appraisal fees based on the value of the home and a higher APR will apply. To qualify for this APR, a minimum direct deposit of $500 per month into a First Atlantic deposit account is required (without add .25%). Rates may change based on creditworthiness, property type, and several other factors. Please contact us for more information. Rates subject to change at any time and without notice.  

1A $350 processing fee is waived at the time the loan closes. If the loan is paid off within 2 years this processing fee will be added to the amount required to satisfy the loan.