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Home Equity Loans

“Always friendly, accommodating and very helpful."

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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.

  1. 1

    Close with no costs

    That's right, we'll pay for the closing costs on your home equity loan, as long as you don't pay it off too early. This means you can save around $500 to $700.

  2. 2

    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.

  3. 3

    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.

We're here for you

Have questions about a home equity loan? Want to apply today? Stop by a branch or give us a call to get started.

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Rates

Loan Type APR* Term
Fixed-Rate 60% Home Equity Loan 4.25% Rate 4.25% APR $20,000 min., $150,000 max. 60% equity Up to 60 months 5-year amortization no escrow
Fixed-Rate 80% Home Equity Loan 4.75%-5.25% Rate 4.75%-5.25% APR $5,000 min., $150,000 max 80% equity 24-, 60-, 84-, 120-, or 180- month repayment terms
Fixed-Rate 100% Home Equity Loan 5.75%-6.25% Rate 5.75%-6.25% APR $5,000 min., $100,000 max. 100% equity 24-, 60-, 84-, 120-, or 180-month repayment terms

*APR = Annual Percentage Rate, subject to change and based on creditworthiness. Rates as of 09-01-18.
- 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, county, and adjacent counties (St. Charles, Jefferson, Franklin) and IL counties of St. Clair, Madison, and Monroe

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.

Loan Type APR Term Payment
Home equity (fixed, 60%) 4.25% 60 mths $185.30
Home equity (fixed, 80%) 4.75% 120 mths $104.85
Home equity (fixed, 100%) 5.75% 180 mths $83.04

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.

Calculator

For more advanced calculations options please take a look at Member Home Loan's mortgage calculators

Loan Calculator

Format: 12m, 36m, 3y, 7y

FAQs

The "equity" you have in your home is the difference between what you still owe on it (your mortgage balance) and what your house is worth on the market now (the appraised value).
They include title search, title company representative fee, document preparation and an appraisal to evaluate the market value of your property. Typically, closing costs total 2 to 5 percent of a home equity loan.
The only place to get a truly free credit report is AnnualCreditReport.com. You can receive one from each credit-reporting bureau – TransUnion, Equifax and Experian – every year. It's best to stagger your three reports throughout the year. For example, get your TransUnion report in January, Equifax in May and Experian in September.
Currently, you must visit a branch to complete a home equity loan application. You can also get the process started by calling us at 314.962.6363 or 618.239.6363, option 4. We're also happy to email you an application. Just send us a message at arsenalcu@arsenalcu.org.

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We're here for you

Call or Visit Us!

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.