Home Improvement SWEEPSTAKES
WIN A $1,000 HOME DEPOT GIFT CARD!

Open a Home Equity Loan or Line of Credit, or draw $10,000 or more from an existing Line of Credit now thru August 31, 2020,
for a chance to WIN $1,000 in our Home Equity Sweepstakes and get a jump start on your home improvement project!

Winner to be selected in a random drawing. VIEW OFFICIAL RULES.

Whether you're looking to update your home, make a major purchase, or simplify your finances, a Home Equity Loan or Line of Credit can help.

Loans from $10,000 to $250,000
Fixed monthly payment or revolving line of credit
Interest paid may be tax deductible - consult a tax advisor for details
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Update Your Home
Start a home remodeling project
you have been dreaming about.
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Make a Major Purchase
Access cash for major purchases and life events.

Understanding the Basics of Home Equity Loans

What is the difference between a home equity loan and a home equity line of credit?

A Home Equity Loan lets you borrow a fixed amount, secured by the equity in your home, and receive your money in one lump sum. Typically, home equity loans have a fixed interest rate, fixed term and fixed monthly payment.

A Home Equity Line of Credit (HELOC) allows you to borrow money as you need it with your home as collateral. Once approved for a HELOC you can draw funds over the “draw period” as you need, up to your approved credit limit.

Interest on a Home Equity Loan or Line of Credit may be 100% tax deductible. Please consult a tax advisor for details.

Home Equity Line of Credit Disclosure

How do I figure out how much I can borrow?

Your borrowing ability is determined by the equity you have in your home as well as other factors such as credit history.

Borrow up to 90% of your property's appraised value, minus your first mortgage balance. Please note, the appraisal must be less than 6 months old at the time of closing.

Example
Your Appraised Property Value $200,000
90% of Appraised Value $180,000
Less Your First Mortgage Balance $160,000
Your Available Equity $20,000

How do I apply for a Home Equity Loan or Line of Credit?

You may apply online, visit your nearest branch, or call 800.550.5328. Please note, Home Equity Loans and Lines of Credit are not available in all states. View eligible locations here.

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5 Tips for Dealing with a Home Equity Line Freeze or Reduction

Read an article from the Federal Reserve Board

Equal Housing Lender
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Visit Your Nearest Justice Federal Branch



Call Us 800.550.5328

Important Legal Disclaimers and Information

Loan approval is subject to underwriting criteria and credit approval. Other restrictions may apply. Interest may be tax deductible. Consult a Tax Advisor. Home Equity Loans and Lines of Credit are not available in all states. NO PURCHASE NECESSARY TO ENTER. Must be 18 or older to enter. Sweepstakes Period: The Justice Federal Sweepstakes begins 12:00 a.m. ET on July 1, 2020 and ends 11:59 p.m. ET on August 31, 2020. Two winners will be randomly selected to win. (1) $1,000 Home Depot Gift Card to be awarded no later than August 7, 2020, (1) $1,000 Home Depot Gift Card to be awarded no later than September 8, 2020. Odds of winning depends upon number of total eligible entries received. Void in Rhode Island, US territories and possessions, outside of the US and where restricted or prohibited by law. Subject to full official rules available at www.jfcu.org.
*APR = Annual Percentage Rate. Rates as of July 1, 2020 and subject to change.

**Interest Only Home Equity Line of Credit: Maximum APR is 18.00%. Minimum APR Floor Rate is 4.00%. The rate is based on the highest Prime Rate as published in the Money Rates Section of the Wall Street Journal and is subject to change quarterly. Prime Rate = 3.25% as of March 17, 2020. Closing costs range from $150-$3,000. The closing costs may vary based on the location, government recording charges and the amount of the equity loan.

***Fixed Rate Home Equity Loan: Example of repayment terms: $344.60 for loan amount of $25,000 at 84 months with 4.25% annual percentage rate. Loan approval is subject to underwriting criteria and credit approval. Other restrictions may apply. Interest may be tax deductible. Consult a Tax Advisor. Home Equity Loans and Lines of Credit are not available in all states.