Home Equity
Tap into your home's equity
Our home equity options are a great way to fund all of your planned and unexpected expenses.
Choose an Equity Loan if you prefer the security of fixed-rate loan and you’d like to receive the cash in a lump sum, with a set repayment term. Equity Loans are great for debt consolidation, or for a one-time purchase, like a deck installation or roof replacement.
If you’d like access to a reserve of cash over a period of time, our Home Equity Line of Credit (HELOC) may work for you. This type of loan is typically used for ongoing home improvement projects, to help cover college costs or for a wedding when you need to withdraw cash periodically to pay contractors. HELOCs provide the flexibility of having access to cash, but not paying interest until you actually withdraw it.
Whichever loan you choose, our great rates, flexible terms and affordable monthly payments, make it easy to tap into your home’s equity. In less than 20 minutes you can apply for a Home Equity Loan or Line of Credit.
Loan Perks
No hidden costs or early payoff penalties
Loan Options
Home Equity LoanGet the money you need in a convenient, single payout.
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Home Equity
Line of Credit (HELOC)Anytime access and continuing source of funds.
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*Property values are based on the lesser of the current appraised value or a Freddie Mac Home Value Explorer (HVE®) with a condition report. Independent appraisals not accepted.
Compare Equity Options
| Features | Fixed Home Equity Loan | Home Equity Line of Credit |
|---|---|---|
| Terms | 5, 10, 15 year | 10 year draw |
| Minimum Loan Amount | $10,000 | $5,000 |
| Maximum Loan Amount | $250,000 | $250,000 |
| Maximum Loan-to-Value | 100% | 90% |
| Maximum Terms (minimum loan amount may apply) | up to 180 months | 360 months |
| Amortization | 60/120/180 months | 240 months |
| Lien Position | 2nd | 2nd |
| Closed-end terms | Yes | Yes |
| Revolving Loan Terms | No | Yes |
| Optional Loanshield Payment Protection | Yes | Yes |
| Online and Mobile Payment Options | FREE | FREE |
*Property values are based on the lesser of the current appraised value or a Freddie Mac Home Value Explorer (HVE®) with a condition report. Independent appraisals not accepted.
What information do I need to apply for a loan
You’ll need:
- Government issued photo ID - a driver’s license, state-issued ID or a military ID
- W2 earnings statements or 1099 DIV income statements for the last two years
- Federal tax returns for the last two years
- Bank statements for the last few months
- Recent paycheck stubs
- Proof of other income, such as tips, Social Security payments, etc.
- Proof of investment income
You may be asked for additional documentation, but having these documents will help to speed up your application process.
Apple FCU can finance equities for property within Virginia, Maryland, West Virginia, North Carolina and the District of Columbia. The HMDA data about our residential mortgage lending are available for review. The data show geographic distribution of Loans and applications; ethnicity, race, sex, and income of applicants and borrowers; and information about loan approvals and denials. Inquire at 703-788-4800 or 800-666-7996 regarding the locations where HMDA data may be inspected.
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