Products & Services » Loans » Home Equity Loan

Home Equity Loan

Using the equity in your home is a smart way to borrow. You have the advantage of a lower rate than a personal loan and your interest may be 100% tax deductible.*

Payments Made Easy!

With loan amounts from $5,000-$500,000 and various term options available, we make it easy for you to find the loan that is right for you with a payment you can afford. You may borrow up to 80% of your home's property value minus the mortgage and liens. Plus, we’ll process your loan quickly and easily.

To obtain a home equity loan, the first thing you need to determine is how much equity you have in your home. Using the chart below, estimate your available equity.

Current Market Value of your home:	$_______________
To establish an approximate amount of equity available, multiply by 80%:	x 0.80 $_______________
Minus any remaining balance on Your first mortgage:	$_______________
Your approximate available home equity:	$_______________
Subject to approval based on valid property appraisal, your income and credit standing. Credit Union of New Jersey lien position cannot be less than second.

Use our Loan Calculator to help you determine the financing and payment options that are best for you. Loan Calculator will display the results along with an optional payment schedule if you choose to do so.

Interest Rate:	%
Term of Loan:		Months Years

Payment Frequency
Monthly

Payment Amount:

(if unknown, leave blank)

Total Loan Amount: $
Down Payment:		PercentageDollar

Payment Schedule

Show the dollar amounts apportioned to principal and interest?

Yes No

Note: The Loan Calculator is intended to provide approximate information about your loan payments and does not constitute an offer to extend credit. Your actual payment information may vary.

Whether you need a loan for debt consolidation, home repairs, a new car, college tuition or a wedding, Credit Union of New Jersey can help with a low rate Home Equity loan that will save you money!

Ask a loan specialist for an application today.

*Consult your tax advisor for details