As the weather finally begins to look like springtime, our thoughts are turning towards our summer vacation plans. You may have a lot of ideas about places you’d like to visit, but you’re trying to figure out how to pay for the trip. home equity loans to pay for vacation

 

Home Equity Loans Can Help

A popular method of paying for a vacation or trip is to get a home equity loan. A home equity loan is a loan against the value of your home and you can use the money for anything you want, including a vacation. One reason these are popular is that the interest rates are lower than if you used a credit card to pay for your trip. The experts at The Family Credit Union can help you with all the details you’ll need to make the right decisions regarding a home equity loan.

Before you take out the loan, you will need to determine the amount of money you need for your vacation. Once you have this number, you can apply for the loan and start the process. There are other factors to keep in mind when applying, such as interest and other fees. We will make sure that the process goes smoothly and you have the right amount of money for your needs.

There are some things you will need to know and steps you may need to take prior to applying for a home equity loan.

  1. You will need to know the total amount of money you owe on loans that use your home as collateral. This would include the mortgage, but may also include other home equity loans or lines of credit or a second mortgage. This will help determine the amount of money you will be borrowing against the value of your home.
  2. Your latest property tax assessment will have the amount that your home is worth. If for some reason you don’t have that assessment, you may have to have a property assessor perform an inspection to determine the value of your home. You have to know the value of your home and be able to show that when applying for a home equity loan.
  3. When you talk with us we will let you know what percentage of your home’s equity you can borrow against. There are several variables that are taken into account when determining the percentage. These factors include the state of the economy, your credit score, income, and other determinants.  Once the percentage is decided, you multiply your home’s value by this amount and it will tell you the maximum amount you can borrow. For example, if your home’s value is $250,000 and you are allowed to borrow up to 80% of that, you will multiply 250,000 by 0.8 and come up with a total of $200,000.
  4. After determining the amount that you can borrow, you will have to subtract the amount of the loans that you have against your home’s value. This was calculated in the first step. After subtracting the amount of the mortgages or other home equity loans, you will know the amount of money you can borrow.
  5. Once you have all this information gathered, contact us at The Family Credit Union and begin the application process. We will make sure you get the best rate available and that your payments are something you can manage. We’re here to make sure you can enjoy your vacation and not have to stress about the home equity loan.

Enjoy Your Vacation

With the knowledgeable and friendly staff at The Family Credit Union behind you, you and your family can enjoy your vacation and not worry about the expense. Our home equity loan experts are ready to help you get the most out of your money. Contact us today to learn more about all that we offer to help make your life easier at The Family Credit Union.

 

Homeownership comes with a lot of responsibility, but there are quite a few perks, too. One of them is the ability to apply for a home equity loan. The Family Credit Union offers a few options so that you have the right fit for your personal situation.

A home equity loan can be used to consolidate bills, take a vacation, make home repairs, or pay for other unexpected events. You can borrow up to 95% of the equity of your home and take up to 180 months to repay the loan. Click here to get the current rates for Variable Rate Home Equity Loans and Fixed Rate Home Equity Loans.

hank_animation_v1HELOC 2.0 Makes Home Equity Loans Easy

You can apply for a HELOC 2.0 online and get started on paying for college, home improvements, vacations, and more.

You can choose from a low variable rate connected to the Prime Rate or you can go with a fixed-rate option. The money is electronically put into your account, so you won’t have to mess with checks and you can access the funds through the CU@ccess24 online banking function.

Home Improvement Loans Pay Off

You can use the loans for DIY projects or pay a contractor. The choice is yours when you are looking to make changes to your home.

The Family Credit Union Has Your Back

We want to do what we can to make your life easy and comfortable, that’s why we offer affordable home equity loans to our members. In addition to these loans, we also offer Debt Protection. In the off chance that something should happen due to death or disability, this protection will make the loan payments. You have enough on your mind and having to worry about debt shouldn’t be one of them.

All loans are subject to approval. Rates, terms, and conditions are subject to change without notice and may vary based on creditworthiness, qualifications and collateral conditions.

Contact the friendly staff at The Family Credit Union to learn more about how a Home Equity Loan may be the solution for you!