Home Equity Line of Credit & Second Mortgages in Atlanta
Being a homeowner has its advantages. Over time, the market value of your home appreciates and as you continue to make monthly mortgage payments and reduce your outstanding balance, you have created a cash reserve called "equity." Your home equity is the difference between its appraised value and the balance of all of your mortgage loans. If you're looking for a home equity line of credit or a second mortgage in the Atlanta area, then Emory Alliance Credit Union provides you with three options so you can find a second mortgage that best suits your needs.
We provide you three options so you can find a second mortgage which best fits your needs. It is easy to get started:
- Complete the application.
- Provide us with verification of your income, such as a pay stub or a letter from your personnel department (If you are self-employed, please provide a copy of your income tax return for the last two years).
- A copy of your Warranty Deed.
- A copy of your Homeowners Insurance Coverage
- Your application will be processed within one business day of receipt of all documents.
Building Dreams with Home Equity
- Home Equity Line of Credit as low as 3.25%
- Introductory, fixed rate for the first 12 months
*Annual Percentage Rate. After the introductory period, the rate will adjust to the standard rate of Wall Street Prime plus 1% - 4% based on creditworthiness. Any increase or decrease in the Index will result in an increase or decrease in your applicable rate. Maximum annual interest rate that can apply is 12% or the maximum permitted by law, whichever is less, and the annual interest rate will not go below 4% at any time during the term of the loan. Minimum monthly payment is 1% of the outstanding balance or $50.00, whichever is greater. Closing costs waived unless the loan is paid in full and closed within 24 months of closing. $5,000 minimum advance required. All loans are subject to credit approval. Promotion available for a limited time and may be withdrawn by EACU at any time without advance notice.
Fixed Rate Home Equity Loan
This is a fixed second mortgage where the amount borrowed, term, and rate are fixed for the duration of the loan. Great for when you want to send kids to college, consolidate debt or finally get to that renovation you have been dreaming about.
- Loans up to 90% of appraised value, less 1st mortgage balance, for qualified borrowers.
- Fixed rate and payment over life of loan.
- Flexible terms available.
- No prepayment penalty.
Home Improvement Loan
Short on equity, but need improvements? Borrow up to 125% of your home's value for approved home improvements on your primary residence.
- Loan Amounts from $500 - $20,000.
- Term up to 10 years - based on loan amount.
- Home improvements must be approved with a written estimate or contract.
Home Equity Line of Credit
The Home Equity Line of Credit (HELOC) is a revolving line of credit which uses your home as collateral. It is a great option for homeowners who want to tap into the equity in their home for major expenses such as home improvements, tuition or a new car.
Advantages of a Home Equity Line of Credit
During the revolving period of your line, you may access your account when you need it, and pay interest on the amount you borrow.
There are no pre-payment penalties.
Transfer funds from your Equity Line to your checking, savings, money market or IRA account.
With a variable rate based on the Prime Rate, our program protects you from large rate fluctuations by imposing a cap of 2% up or down in one calendar year.
Free, convenience checks makes it easy to access your account when you need it.