Future Value Home Equity Loan
Do you dream of making home renovations but have little equity? With a Future Value Home Equity Loan, you can use the future value of your home to help pay for home renovations now.
Turn the house you like into the home you love.
Do you want to transform that fixer upper into your dream home? Growing your family and need additional space? Happy where you live but just want to renovate your home and add value? If so, a Future Value Home Equity Loan may be the perfect renovation loan for you.
How does it work?
We use an appraiser to determine what the value of your home will be after renovations, so that you’re able to borrow the money you need now to complete them—all the while having the security of a low fixed rate, guaranteed for the first 5 years.
- Low monthly payments with a 20-year repayment term
- No prepayment penalties
- Interest may be tax deductible¹
Schedule a Consultation
Think a Future Value Home Equity Loan may be right for you? There’s no time like the present. Our home loan experts will review your financial situation and home loan options to find the perfect fit. Schedule a consultation »
Homeowners insurance required. No 2-4 family units or condos accepted. Future Value Home Equity Loan has a 4.00% floor and a 2.00% maximum increase per year with a maximum increase of 6.00% lifetime cap over the original rate. Interest rates may change annually after the fifth year and are based on the Constant Maturity Treasury (CMT) plus a 3.00% margin. Loan Payment Example: On a $50,000.00 loan at an APR of 6.609% for 20 years, monthly payment would be $365.46. Payment example does not include taxes or insurance premiums. Actual payments may vary based on amount, term, APR, taxes and insurance and other factors. We lend in DuPage, Cook, Kane, Kendall, Will, Lake and McHenry Counties on primary residence. Qualified Members can borrow up to 90% of the future market value of their home, less the first mortgage owed. $295 non-refundable application fee is required before an appraisal will be ordered. Closing fees will apply. Minimum loan amount $25,000; maximum $100,000.
1. Consult a tax advisor regarding deductibility of interest.