Home Equity Loans
For Every Stage of Life
A variety of options to fit your financial needs.
Home Equity Loans as low as 7.25% APR*
Home Equity Lines of Credit as low as 7.75% APR*
Closing costs as low as $295**
Turn Your Dream Renovation Into Reality
Turn your dream renovation into reality, refinance high-rate debt, and more by utilizing your hard-earned home equity, the difference between what you owe and the value of your home. We have the most flexible home equity options and faster turnaround times than other lenders.
*APR = Annual Percentage Rate. APR includes only the interest and no other costs. Refinance of existing Towpath CU loans subject to applicable fees, terms, and conditions.
Typical minimum principal and interest payment on a home equity loan amount $25,000.00 at 7.25% APR for 60 month term is $497.97 without optional debt protection coverage.
Variable rate HELOC floor rate is 3.50% APR and cannot exceed 18% APR or the maximum permitted by law, whichever is less. The corresponding APR for HELOCs is based on an independent index, the Wall Street journal Prime Rate, and add any applicable margin. When a range of rates has been published, the highest rate will be used. The APR can change on the first day of each month and there is no limit on the amount by which the APR can change during any one year period. Monthly HELOC payments during the 10 year draw period are 1% of the outstanding loan balance, or $50.00, whichever is higher. Typical minimum principal and interest payment on HELOC during repayment period, with a balance of $25,000.00 at 7.75% APR over 180 months is $235.36 before optional products.
**The lender may pay some third party fees associated with a home equity loan or line of credit. The borrower agrees to reimburse the lender the actual amount of bona fide third party fees paid on the borrowers behalf, as permitted by applicable law, if the home equity loan is paid off within thirty six (36) months after consummation and/or the home equity line of credit paid and closed within 36 months of opening.
1 Under some circumstances, your payment will not cover the finance charges (interest) that accrue and “negative amortization” will occur. Negative amortization will increase the amount that you owe us and reduce the equity in your home.
2 Approved loan-to-value of any home equity loan or HELOC application is subject to member credit score, credit history, property value, and other qualifications as required by law and/or credit union policy.
Towpath Credit Union Institution NMLS #415981