Home Equity Loans
Your home is your greatest asset. So put it to work! A home equity loan makes it easy to afford the things you want and need. Make home improvements, pay for college, consolidate your debt, you name it.
Home equity loans offer lower rates than most consumer loans, and the interest may be tax deductible. Whatever your needs may be, our local experts will work with you to make them happen, with quick decisions made right here in St. Louis County.
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- Summary
- Use funds for any purpose
- Low rates and flexible terms
- Fixed terms or open lines of credit available
- Affordable payments
- A variety of options available:
- First Line Home Equity Loan
- Interest-Only Home Equity Loan
- Choice Equity Loan
- Zero Equity Loan
- Refinance and save money
- Local decision-making
- Interest may be tax deductible*
Call (636) 728-3330 or 1-800-905-7585 to apply for your home equity loan or complete our online application.
*Consult a tax advisor.
The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), requires credit union mortgage loan originators (MLO) and their employing institutions to register with the Nationwide Mortgage Licensing System and Registry (NMLS). Once registered, each MLO is provided a unique identifier from the NMLS. Below is a list of the MLO's employed by First Community Credit Union (NMLS ID # 684198).
For more information about the registry, please visit the NMLS at www.nmlsconsumeraccess.org
- Loan Options
First Line Home Equity Loan*
Our First Line home equity loan is tied to prime rate and available to Missouri and Illinois residents. Take advantage of this open line-of-credit loan with no closing costs and pricing that can be lower if you own your home. The minimum credit line is only $5,000. Access your home equity line anytime and take up to 10 years to pay. Financing up to 90% LTV available.
*First Line home equity rate is indexed quarterly to the Prime Rate as published in the Wall Street Journal, plus .74%. This rate will affect the actual annual percentage rate. Offer does not include refinances on First Community loans. The first transaction is a minimum $1,000 advance, subsequent advances can be as low as $500. Loan subject to credit approval. The Annual Percentage Rate (APR) is subject to change quarterly. The maximum APR that can apply is 20.04%.
Interest-Only Home Equity Loan*
A home equity line of credit is great to have for whatever life throws at you. But, if you want the lowest possible monthly payment, a First Line Interest-Only Home Equity Line of Credit gives you even greater flexibility. Take advantage of these open line-of-credit loans with no closing costs and pay only the monthly accrued interest for the first five years with the option to pay as much principal as you would like.
*The First Line Interest-Only Home Equity Loan has a five-year draw period with a minimum payment due of monthly interest accrued. Minimum payments will not repay principal. After the draw period we will recalculate the payment based on the current balance, current interest rate and 120 month repayment. Available to Missouri and Illinois residents only. Payment due dates must be the 15th or 30th of each month. First Line Home Equity rate is indexed quarterly to the Prime Rate as published in the Wall Street Journal, plus .74%. Rate is currently 3.99% APR. The first transaction is a minimum $1,000 advance, subsequent advances can be as low as $500. 90% maximum loan to value. Loan subject to credit approval. The Annual Percentage Rate (APR) is subject to change quarterly. The maximum APR that can apply is 20.04%. Offer of no closing costs does not apply to refinances with First Community. Interest may be tax deductible. $1 share deposit required. Must qualify for membership. Federally insured by NCUA. Equal Housing Lender.
Choice Equity Loan
Members with some equity in their home may qualify for the Choice Equity Loan. This option lets you borrow from $2,500 to $50,000, at a fixed rate, to finance your larger projects.
Zero Equity Loan
Even if you just purchased a home, you may qualify for this loan. Depending upon the purchase price of your home, we'll lend you $1,000 for every $1,000 of the original down payment, up to $7,500 (minimum loan amount $2,500).
Refinance and Save Money
If you have an equity loan with another financial institution, take this opportunity to refinance with your credit union's lower rate.
Home Equity Loan Calculator (figure your own payments)
Call (636) 728-3330 or 1-800-905-7585 to apply for your home equity loan or complete our online application.
- Special Intro Rate
First Line Home Equity Line of Credit
1.99% APR for 12-month introductory period
3.99% APR adjustable rate thereafter
$1 share deposit required. Must quality for membership. Missouri & Illinois residents only. Loan subject to credit approval. Offer subject to end without notice. Offer of 1.99% Annual Percentage Rate on First Line Home Equity is good for one year after closing date. After introductory period, rate adjusts quarterly to Prime Rate plus .74%. Maximum APR is 20.04%. Offer requires S1,000 minimum advance and does not include refinances on First Community loans. Consult your tax advisor regarding the deductibility of interest. Federally insured by NCUA. Equal Housing Lender. NMLS ID# 684198
