Home Equity Loans
Topeka City Employees Credit Union helps Americans to get money for more significant expenses thanks to a home equity loan. It is a loan you borrow and secure it with your home. Such loans are cheaper compared to other financial products. The maximum home equity loan amounts and rates depend on your credit history and monthly income.
1. US Residence
Citizens of the US, foreign nationals or stateless persons permanently resident in the US who have a corresponding identity card issued by the competent authorities of the country, valid at the time of applying for a loan, can apply for a home equity loan.
2. Age and social status
On average, the age to obtain a real estate loan is from 18 years old or until retirement (the maximum term for repaying the loan). Also, the family status, the number of dependents are taken into account.
3. Formal employment and solvency
One of the main conditions for obtaining a home equity loan is official employment, and not less than 4 months (in some cases even 6 months). The monthly income must be steady and sufficient to pay off the monthly loan payments. Monthly payments vary depending on the amount and term of the loan.
4. Credit history
As we mentioned in the previous article, credit history directly affects whether or not you get a loan. If you have not been in debt for previous loans, then this is a point in your favor so that you can get a loan.
5. Property ownerships documents
To obtain a home equity loan, you need to provide your home as collateral. The real estate for which you are applying for the loan or other properties / real estate that belong to you can be used as collateral. For this it is necessary to present an extract from Public Service Agency, as proof that the property used as collateral is not under seizure and you are the sole owner. In addition, a proposed property valuation report will be required as collateral.
Do you have questions about this loan product? Contact our credit union and let’s discuss your opportunities.