*In the state of Iowa only.
Cornerstone Community Credit Union is now offering fixed rate Home Equity loans that can be amortized up to 10 years. We offer 3, 5 and 10 year terms with fixed rates as low as 3.49%.
Home Equity Loans; can also be known as second mortgages. Equity loans are based on the equity of your home (the difference between the current value of your home and your existing mortgage balance). For example, if your home is valued at $300,000 and the mortgage balance is $200,000, your equity is $100,000. What’s more, your interest may be tax deductible (please check with your tax advisor).
At Cornerstone Community Credit Union, you can cash out on your equity to pay any number of expenses. You can use your equity to pay for college tuition, take a vacation, home improvements, and even pay off debts.
Closing costs would include a title and flood search, as well as filing fees and valuation fees.