Sponsored - The following content is created on behalf of First Commerce Credit Union and does not reflect the opinions of Gray Media or its editorial staff. To learn more about First Commerce Credit Union, visit firstcommercecu.org.
Harness the Power of Home Equity
If you have owned your home for a few years, your home’s equity can be a powerful financial resource. You may be able to borrow against the equity in your home to pay off high-interest debt or make improvements to your home. If managing debt or home improvement have been on your mind, you may want to consider if a Home Equity Loan or a Home Equity Line of Credit (HELOC) may be right for you.
Home Equity Loans and HELOCs are two distinct financial options. Either type of loan allows you to borrow against the equity in your home, often at a lower rate than a credit card or other types of loans. Equity is the home’s current value minus the amount you owe on your mortgage. As an example, if your home is worth $400,000 and you owe $300,000, you would have $100,000 in equity. You can use that equity to pay for large expenses, such as home improvements or repairs, debt consolidation, college tuition, or unexpected medical bills.
Home Equity Loan
A Home Equity Loan allows you to borrow a lump sum amount at a fixed rate for a set period of time. Home Equity Loans are ideal for people who know how much they need and want to make predictable payments for a specific amount of time.
Right now, First Commerce is offering a Home Equity Loan promotion through June 30! Get a competitive, fixed interest rate and flexible terms up to 10 years. Plus, First Commerce will even pay typical closing costs.
Home Equity Line of Credit
HELOC loans also offer more flexibility by letting you draw only the amount you need from your line of credit, and then repaying that amount over time. The difference with a HELOC is oftentimes the rate can be variable rather than fixed. If interest rates go up, your monthly payment can increase as well making payment amounts less predictable.
When considering if a Home Equity Loan or HELOC is right for you, it’s important to work with a lender you trust. Our local, knowledgeable lending team at First Commerce Credit Union will take the time to understand your financial goals and provide options that work for your budget.
Learn more at FirstCommerceCU.org/HomeEquity.
* Promotional rate is being offered April 1st to June 30th, 2025. Milestone mortgage product is not included. All Home Equity Loan products, conditions, and rates are subject to our standard underwriting criteria, LTV limitations, lien positions, property use, and location. Owner- occupied properties and second homes only. No rental properties allowed. Up to 90% LTV and a minimum 660 credit score are considered. All other terms such as credit scores below 660 and terms more than 10 years are not part of this campaign. Hazard insurance required. Flood insurance required where applicable. Loan amounts range from $10,000 to $500,000. If member has a current FCCU HELOC or HELOAN, member must draw an additional $10,000 to qualify for promo rate. First Commerce pays all typical closing costs. Please consult your tax advisor regarding interest deductibility. This offer may be withdrawn at any time. Call 1-800-533-5772 for more info. This offer may not be combined with any other offers or discounts. Equal Housing Opportunity Lender. NMLS #774895.