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.
Home Equity Loan Rates
| Type | Closed End Home Equity Loan | Loan to value is less than 80% |
| Term | 5 Year Term |
| Annual Percentage Rate | 6.99% - 11.99% |
| Type | Closed End Home Equity Loan | Loan to value is less than 80% |
| Term | 10 Year Term |
| Annual Percentage Rate | 8.74% - 12.49% |
| Type | Closed End Home Equity Loan | Loan to value is less than 80% |
| Term | 15 Year Term |
| Annual Percentage Rate | 9.24% - 11.99% |
| Type | Closed End Home Equity Loan | Loan to value is less than 80% |
| Term | 20 Year Term |
| Annual Percentage Rate | 9.74% - 10.99% |
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. All loans are subject to approval. Rates, terms, and conditions are subject to change. 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. Home Equity Loan Payment Example: For a $50,000 loan for a term of 10 years with a 8.74% APR, the monthly payment will be $625.80. Taxes and insurance premiums are not included in the payment, and the actual payment obligation may be greater.
Home Equity Loan Benefits
Helpful Resources
More tools and services to make your day a little easier.
Add Debt Protection to Your Loan
If your life takes an unexpected turn, your family’s finances can be strained. But with Member's Choice Borrower Security with Life Plus, your loan payments or balance may be canceled, up to the contract maximums, in case of involuntary unemployment, disability, or death. It’s just one more way you can look out for the people you love.
Take an important step toward financial security. Email us at loans@forteracu.com and ask about Member's Choice Borrower Security with Life Plus today.
Your purchase of Member's Choice Borrower Security with Life Plus is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions and exclusions may apply. Please contact your loan representative or refer to the Member Agreement for a full explanation of the terms of Member's Choice Borrower Security with Life Plus. You may cancel the protection at any time. If you cancel protection within 30 days, you will receive a full refund of any fee paid.
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Submit a Debt Protection Claim
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
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.
Learn About Additional Insurance Coverage With TruStage
As a Fortera Credit Union member, you have access to additional insurance protection through our partner, TruStage. They provide Life, Auto, Home, and Accidental Death Coverage. You can get up to $1,000 of Accidental Death coverage for free by visiting trustage.com and claiming your offer.
If you have questions for our team about TruStage insurance, please text us at 931.431.6800 or email us at info@forteracu.com.
Loan Calculator
This calculator helps determine your loan or line payment. For a loan payment, select fixed-term loan. For a credit line payment, you can choose 2%, 1.5%, or 1.0% of the outstanding balance or interest only.
TruStage Additional Products
Learn more about a variety of different products and services offered to all credit union members through TruStage.
FAQs
What is the difference between a Home Equity Loan and a Home Equity Line of Credit?
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?
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?
Yes! You can make additional payments on all Fortera Loans.
What documents do I need to apply for a Home Equity Loan?
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)
Is the Home Equity Loan a fixed-rate or adjustable rate loan?
This is a fixed-rate loan.
Can I set up automatic transfers in Online Banking to pay for a Home Equity Loan?
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.
