Home Equity

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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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Simplify Your Finances
Consolidate high-interest balances into one fixed, low-interest payment.
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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 95%1 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.

Your Appraised Property Value $200,000
95%1 of Appraised Value $190,000
Less Your First Mortgage Balance $160,000
Your Available Equity $30,000

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

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*APR = Annual Percentage Rate. Rates as of November 1, 2018 and subject to change.

**Home Equity Line of Credit: APR may vary. 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. 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. Justice Federal reserves the right to withdraw this offer at any time.

***Home Equity Loan: Example of repayment terms: 60 monthly payments of $18.53 per $1,000 borrowed at 4.25% APR. 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.

1Minimum 680 credit score required for 90% - 95% Combined Loan-to-Value.