Home Equity Loans
A Home Equity Line of Credit (also called a HELOC) gives homeowners ongoing access to the owners equity they have built into their residence. You can draw on or repay the line of credit as needed, and if you do not need to use the HELOC, it may sit unused until you do need it again.
Borrow up to 80% (percent) of the appraised value of your primary residence, minus the balance of the first mortgage. For example, if your home is appraised at $150,000, then 80% of that is $120,000. If the balance on your first mortgage is $75,000, then there is up to $45,000 in available equity to borrow. The minimum credit line is $10,000, and the HELOC may only be the first or second lien on the property.
The interest paid on your HELOC may be tax-deductible. Check with your qualified tax advisor for eligibility.
Call us for the details of our HELOCs.
Click here for a list of information we may need to expedite your loan request.
Call a Member Solutions Representative at (330) 682-2117 or (330) 669-2117 to make an appointment at either branch.
Federal Mortgage Loan Originator Active
Wayne County Community Federal Credit Union is an Equal Opportunity Lender
