Home Equity Loan

Make yourself at home with fixed payments.

Home Equity Loan 101

With your home's appraised value as collateral, our home equity loan offers fixed interest rates and fixed payment amounts for up to a 20-year term. Plus, you can get every bit of your closing costs covered.

Your key to living a little.
For established homeowners with good credit, home equity loans are a safe, predictable way to live well now based on the equity you’ve built and earned to-date (good work on that, by the way). You can always make additional payments when the timing is right, and you’ll enjoy zero prepayment penalties for wrapping up your balance a little early. So go ahead: Make your day.

Closed-End Home Equity Loan Rates

Type Term APR*
Type:
Closed End Home Equity Loan
Term:
5 Year Term
APR*:
3.24% to 8.24%
Type:
Closed End Home Equity Loan
Term:
10 Year Term
APR*:
4.99% to 9.49%
Type:
Closed End Home Equity Loan
Term:
15 Year Term
APR*:
5.49% to 8.74%
Type:
Closed End Home Equity Loan
Term:
20 Year Term
APR*:
6.24% to 7.74%

The Annual Percentage Rate (APR) you receive will be based on creditworthiness, loan to value amount, and loan term. Not all members will qualify for the best or lowest rate.

Auto-pay Advantage: A discount of 0.25% will be deducted from the above stated annual percentage rates when the payment is received automatically from a Fortera draft account. This discount is only available on new loan transactions with an effective date on or after the date of this addendum. The annual percentage rate will default back to the normal rate in the event the payment status or draft account status changes.

Loan Benefits

Always in your pocket

On the couch or on the go, keep your money close with our Mobile App and Online Banking.

Where you go, we go

Credit Unions around the world work together to make sure our members can use branches and ATMs everywhere — surcharge-free. Nice, right? Download our CO-OP app and plot your next getaway.

Goal setting made simple

Our skilled experts are easy to reach and happy to help. For members and non-members alike, meetings and consultations are always free, so make the most of your money, on us.

Rest easy

With us, your money is always protected and insured by the National Credit Union Administration. You’re covered on all deposits up to $250,000, so save away.

Get by with a little help

Or even a lot. Either way, we’re here. Call, text, or chat with our experts anytime you need a friend who knows all things Fortera.

More is merrier

Extra payments on loans are accepted anytime.

Get your closing costs covered

To minimize your initial cash investment, consider our No Fees Mortgage Loan. For a slight increase in your monthly payment, we will pay all of your closing costs (does not include prepaid expenses, PMI or VA funding fee). This option can be combined with any of our fixed rate loan products.

Take your time

Stretch your fixed payments over a term that works for you — up to 20 years.

Save yourself

Choosing to make automatic payments could save you some cash, and so could the equity on your home.

Free Applications

Applying for a loan shouldn’t cost you anything. So with us, it doesn’t (high five).

Get Started

Enjoy predictable payments (and a little more spontaneity) when you apply for your home equity loan today. With no application fee, what are you waiting for?

Member Resources

Show me the quick links! These are the things we always seem to need and can never seem to find.

Credit Life, Disability, and Unemployment Protection
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Ensure that you and your loved ones are financially secure even if unplanned accidents happen. Add MEMBER'S CHOICE payment protection on your loan. The protection steps in when your family needs help making your loan payment should you become disabled due to a covered illness or injury, become unemployed, or pass away before paying off your loan.

Sorry to bring the mood down, but we've got to talk safety first. If you have a question or would like to add MEMBER'S CHOICE to your loan, email us and we will be happy to help.

Submit a Payment Protection Claim
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Need to submit a claim? No problem, we've got you covered. You can submit a claim at myclaim.cunamutual.com. If you have any questions, please text us at 931.431.6800 or email us at info@forteracu.com and we will be happy to help.

Document Checklist for Home Equity Loan Applications
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To verify your identity, we always ask that you come prepared with a government issued ID. It is important that it is not expired. Examples of acceptable IDs include a State Driver's License or a U.S or Foreign Passport. If we have trouble validating your ID, we may ask for a secondary ID. If you have a question about whether or not an ID can be used, just text us at 931.431.6800.

In addition to identification, you will also need to bring:

  • A copy of your homeowner's insurance (the declaration page)
  • A copy of your recorded deed
  • A home assessment or appraisal
  • Your income verification
  • Copies of billing statements with full account numbers and payment addresses (this only applies to debt consolidation)
  • A 10-Day payoff quote (this only applies to debt consolidation)

If you have any questions about this list, please email us and we will be happy to help.

Need a hand?

That's what we are here for! Give us a call and let's chat face-to-face.

What is the difference between a Home Equity Loan and a Home Equity Line of Credit?
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The two biggest differences between a Home Equity Loan and a Home Equity Line of Credit are the types of interest rates for each loan and how one receives their funds. Home Equity Loans are fixed-rate loans and they are given to the member in one large lump sum. Home Equity Lines of Credit are variable rate loans and members receive access to a line of credit. They can borrow as much as they need without having to commit to a large lump sum.

What would I use a Home Equity Loan for?
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You could use this loan for home improvements, school tuition, debt consolidation, or any other reason. One of the greatest benefits of these loans is that they are flexible and can be used in a variety of ways to meet your needs.

Can I make additional payments on a Home Equity Loan?
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Yes! You can make additional payments on all Fortera Loans.

What documents do I need to apply for a Home Equity Loan?
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To verify your identity, we always ask that you come prepared with a government issued ID. It is important that it is not expired. Examples of acceptable IDs include a State Driver's License or a U.S or Foreign Passport. If we have trouble validating your ID, we may ask for a secondary ID. If you have a question about whether or not an ID can be used, just text us at 931.431.6800.

In addition to identification, you will also need to bring:

  • A copy of your homeowner's insurance (the declaration page)
  • A copy of your recorded deed
  • A home assessment or appraisal
  • Your income verification
  • Copies of billing statements with full account numbers and payment addresses (this only applies to debt consolidation)
  • A 10-Day payoff quote (this only applies to debt consolidation)
What kind of term lengths are available for a Home Equity Loan?
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This loan has very generous term lengths that can extend up to 240 months, aka 20 years.

Is the Home Equity Loan a fixed-rate or adjustable rate loan?
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This is a fixed-rate loan.

Can I set up automatic transfers in Online Banking to pay for a Home Equity Loan?
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Yep! You can make payments toward this loan from Online Banking and you can make payments from a different bank account using our Make A Payment feature.

Can I apply for a Home Equity Loan online or do I need to apply for it at a branch location?
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You can apply for this loan online or in-person. The choice is yours.

You may also like...

Home Equity Line of Credit

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Home Loan

Whether you are buying or building, we can fund your adventure.

Homeowner Advantage Loan

If you own your home but don’t have a ton of equity just yet, check out this option.

What's New

Nitty, gritty, and super important.

Fine print is your friend. When you have a minute, give these a good read:
Member Service Agreement
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Privacy Policy
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