Traditional

By partnering with Members Mortgage Services, we can give our members multiple first mortgage products that can meet any borrower’s needs.

Easy, online application at esfcu.com
Be pre-approved within minutes from the convenience of your home, 24-7.
Experienced CU Staff just a phone call away
Rate Tracker Feature saves you time

The Educated Choice

Home Equity Loans and Home Equity Lines of Credit (HELOC)

A home equity loan is a powerful tool for homeowners. It allows you to borrow money against the equity in your home which can be used for any project or purchase: repairs or upgrades, college tuition, or to pay off high-interest debt. Often, the interest rates on home equity loans are lower than credit cards, which makes it easier on your bottom line.

The amount of a home equity loan is based on how much equity – the difference between the value of the home and how much is owed on the mortgage(s) – the homeowner has, and current credit qualifications. The longer a mortgage is paid down and the more a home appreciates in value, the more equity is built which can equate to a larger loan amount.

ESFCU offers competitive, fixed-rate home equity loans as well as open-end, variable-rate lines of credit (HELOC**) that are available for use when you need it. In addition to low interest rates, the interest may be tax deductible.+ Consult your tax advisor for details.

Home Equity Loan

A home equity loan is often referred to as a second mortgage. It is a one-time lump-sum loan with a fixed rate that is secured against the value of the property, just like a traditional mortgage.

Competitive fixed rates
Flexible terms to fit your payment needs

Home Equity Line of Credit (HELOC)

A HELOC is a revolving line of credit with a variable rate that can be accessed as needed.

Competitive, variable rates
Loan amounts based on equity
Easily accessible and reuseable credit
Interest charged only on amount utilized
Special introductory rate for qualified borrowers

*Annual Percentage Rate (APR), terms and conditions dependent on credit
qualifications and approval, and subject to change without notice. **HELOC terms: 84
month draw. Monthly APR is fully indexed, variable rate based on Wall Street Journal
Prime plus or minus a margin based on loan-to-value ratio. Maximum APR that can
apply: 18.00%. Minimum line of credit amount: $3,000. Minimum advance: $0. May
be subject to closing costs. Consult a tax advisor for information regarding deductibility
of interest and charges. Adequate property and flood insurance may be required