Your home can be your best resource for cash. If you have owned your home for some time, chances are you have thousands of dollars worth of equity that you can use as a resource for cash.
Equity is the difference between the market value of your home and the amount you owe on your mortgage loan. You can use a home equity loan for college tuition, home renovations, to purchase a vehicle and more.
A home equity loan provides many advantages:
- Borrow larger amounts for major expenditures.
- Rates are generally very low.
- Interest may be tax-deductible; ask your personal tax advisor.
- Counts towards CU*Perks eligibility.
At District Government Employees Federal Credit Union we offer members a closed-end home equity loan and a home equity line of credit. With the closed-end loan funds are disbursed at once and the payment remains the same for the entire loan term. With a home equity line of credit you may draw on funds as you need them. Your monthly payment varies with the amount of the loan and as you repay your loan, the amount of funds available to you is replenished.
Start Your Home Equity Loan Process Today
- Call us at 877-784-5551
- Visit us at any branch location