Your home has value – start using it
Interested in making some snazzy improvements to your home? A home equity loan uses the value in your home as collateral, securing you a better rate. With this low-rate loan, you can consolidate debt, renovate your home or cover any other important expense. Your interest may even be tax deductible; check with your tax advisor.
Why go with Arsenal?
We combine the usual benefits of a home equity loan with pluses you won’t see at other places.
Close with no costs
When you finance with us, we pay for all of your closing costs (appraisal, title, flood certification and recording fees), saving you between $500-$1,500.
Boost your borrowing power
Most lenders only let you borrow 60 to 80 percent of your home's equity. We let qualified applicants borrow up to 100 percent so you can do more with your loan.
Take down your debt
If you have a lot of credit card or other high-interest personal debt, a home equity loan can help you consolidate several monthly payments into just one each month, simplifying your life.
|Fixed-Rate 60% Home Equity Loan||5.00% Rate 5.00% APR $20,000 min., $150,000 max.||60% equity Up to 60 months 5-year amortization no escrow|
|Fixed-Rate 80% Home Equity Loan||5.25%-6.25% Rate 5.25%-6.25% APR $5,000 min., $150,000 max||80% equity 60-180 month repayment terms|
|Fixed-Rate 100% Home Equity Loan||6.25%-6.75% Rate 6.25%-6.75% APR $5,000 min., $150,000 max.||100% equity 60-180 month repayment terms|
APR = Annual Percentage Rate, subject to change and based on creditworthiness. Rates as of 1-1-2020.
- Equity is the difference between what you still owe on your house (mortgage balance) and what your house is worth on the market now (appraised value).
- MO property located in St. Louis City, St. Louis County, Jefferson County, Franklin County, Washington County, St. Francois County and Ste. Genevieve County, as well as St. Charles County. IL property located in of St. Clair County, Madison County, Monroe County and Randolph County.
To calculate how much you can borrow, take your home’s current value and multiply it by 60%, 80% or 100%. Take that figure and subtract how much you still owe on your current mortgage. The result is your available equity.
For example: If your home is worth $100,000, then $80,000 will be 80% of it. Next, if your current mortgage balance is $50,000, you will subtract it from $80,000. The maximum amount you can borrow for 80% is $30,000.
|Home equity (fixed, 60%)||5.00%||60 mths||$188.71|
|Home equity (fixed, 80%)||5.75%||120 mths||$109.77|
|Home equity (fixed, 100%)||7.00%||180 mths||$89.88|
Monthly loan payment examples per $10,000 borrowed
APR=Annual Percentage Rate
All ACU loans are simple interest loans calculated on the declining balance and have no prepayment penalties.
*Aggregate total for unsecured debt $50,000.
**ACU may pay closing costs for home equity loans or lines of credit. Borrower is responsible for obtaining and paying for comprehensive insurance to cover the value of the real estate. If the borrower repays the loan within the first 12 months, the borrower must reimburse the credit union for the closing costs.
For more advanced calculations options please take a look at Member Home Loan's mortgage calculators
Format: 12m, 36m, 3y, 7y
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ACU may pay closing costs for home equity loans or lines of credit. If the borrower repays the loan within the first 12 months, the borrower must reimburse the credit union for the closing costs. Borrower is responsible for obtaining and paying for comprehensive insurance to cover the value of the real estate.