Put the Equity in Your Home to Work
Your home’s equity (its current market value minus what you owe on it) can be a valuable resource. Whether you are planning a home improvement project, have tuition bills, are paying off high-rate credit card debt, or have some other use in mind, consider using it as collateral for a Home Equity CreditLine from SLFCU. Here are five great reasons to apply:
A Home Equity CreditLine could offer you a lower rate than other loan types—and even lower rates could apply if you have an SLFCU first mortgage on your primary residence and qualify for a Home Equity CreditLine on that home.
LOW (OR NO) CLOSING COSTS
Currently, SLFCU pays closing costs on CreditLines of $50,000 or less in New Mexico. Ask us for details.
ONE APPROVAL, REVOLVING CREDIT
Once approved, you can borrow and repay repeatedly during the ten-year draw period without having to reapply.
NO INITIAL ADVANCE REQUIRED
You are not required to draw from your CreditLine. In fact, many people set one up to prepare for unplanned expenses. You make payments only on the amount you borrow, and the interest you pay may be tax-deductible. Consult your tax advisor regarding tax deductibility.
THE CONVENIENCE OF A CARD
Use our Home Equity CreditLine Access Card to draw from your Home Equity CreditLine. Easily withdraw cash from an ATM, purchase smaller items such as materials and tools, or use it for larger expenses such as home renovation, appliances, furniture, and more.
SLFCU also offers Non-Owner-Occupied Equity CreditLines, which can be an effective way to pay for investment property repairs and upgrades.
To apply, visit slfcu.org/HomeEquityCreditLines or call us at 505.293.0500 or 800.947.5328.
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