Benefits of a Home Equity Loan

Published on September 24th, 2018

Leyden Credit Union offers both fixed and variable rate home equity loans near Elmwood Park. Home equity loans use your primary residence as collateral.

Fixed Rate

Home equity loans typically have fixed interest rates that are lower than credit cards or other unsecured consumer loans. A fixed rate loan can offer easier budgeting because your monthly payment rate remains the same over the life of the loan.  At Leyden Credit Union, we offer fixed interest rates for 60, 84, 120, or 180 month options for you to pay back the loan with regular monthly payments.

Lump Sum

The amount you borrow with a home equity loan near Elmwood Park is given to you in one lump sum. This allows you the freedom to spend it however you may please, and it can help cover large expenses.

Variable Rate Line of Credit

Our Home Equity Line of Credit Loan is a variable rate loan, as low as prime.  This line of credit offers members the ability to draw pre-approved credit, as needed.  The draw period is 5 years with a 15 year repayment period.  This loan is ideal for those who are doing projects/need funds over a period of time.

Tax Deduction

A tax deduction may be available for the interest you pay on a home equity loan near Elmwood Park if the loan was used for home renovations. Consult with your tax advisor to learn about possible tax deductions of interest.

If you are in need of funds to improve your home or your financial condition with a debt consolidation, then please apply for your home equity loan near Elmwood Park today. At Leyden Credit Union, our professional staff is able and ready to help you determine the amount of money you need and whether a home equity loan will best support you.

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