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Home Equity Loans
Think a home equity line of credit or 2nd mortgage can only be used for home renovations? Think again. Borrow as much or as little as you need for items such as weddings, business cash flow, vacations, debt consolidation, and more. With a no fee, low interest rate home equity loan from Cyprus Credit Union, you can reach your goals sooner.
Home Equity Line of Credit (HELOC)
Access the equity in your home
Revolving line of credit similar to a credit card
Lower variable interest rate compared to other loans
Borrow up to 100% of your home’s value
Choose How to Pay Your HELOC
Home Equity Line of Credit: 3.99%APR for the first six months
Interest Only Payment Option
Draw period up to 10 years with a 10 year re-payment period
$50 minimum payment per month
This payment option has a lower monthly payment
1.25% of the Balance Payment Option
Draw period up to 10 years with a 5 year re-payment period
Monthly payment will be 1.25% of the balance, minimum of $50
This payment option requires a higher monthly payment, but your loan amount will be paid down more quickly
Fixed Rate 2nd Mortgage
Allows a person to borrow against their home
Money is loaned in an upfront, one-time lump sum
Lower fixed interest rate compared to other loans
Borrow up to 100% of your home’s equity
Repayment terms up to 15 years
All second homes require an appraisal and are subject to third party fees. Maximum loan to value is 65%. Not all property types are eligible for these products. Please contact our in-house loan advisors for a current list of ineligible property types.
The rail navigation utilizes arrow, enter, escape, and space bar key commands.
Left and right arrows expand / close menus in sub levels. Up and Down arrows will navigate through top tier links. Enter and space opens menus and escape closes them as well. Tab will move on to the next part of the site rather than go through menu items.
Links from the Cyprus Credit Union web site to other web sites are provided solely as a convenience to visitors.
If you use these links, you will leave the Cyprus Credit Union web site.
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