Unlock the Power of Your Home's Equity
What is Home Equity and How Can You Use It?
Home equity is the portion of your property that you truly own, calculated as the difference between your home's market value and the outstanding balance on your mortgage. As you make mortgage payments, your equity increases. Homeowners can leverage this equity for various financial needs, such as home improvements, debt consolidation, education expenses, and more.
Home Equity Loan vs. HELOC: Which is Right for You?
Understanding the difference between a Home Equity Loan and a Home Equity Line of Credit (HELOC) is crucial for making the best financial decision:
- Home Equity Loan: This option provides a lump sum of money with a fixed interest rate and structured repayment plan. It's ideal for large, one-time expenses.
- HELOC: A HELOC offers a flexible line of credit with a variable interest rate, allowing you to withdraw funds as needed. It's perfect for ongoing or unexpected expenses.
Here's a comparison table for clarity:
| Feature | Home Equity Loan | HELOC (Home Equity Line of Credit) |
|---|---|---|
| Type of Funding | Lump sum | Revolving line of credit |
| Interest Rate | Fixed | Variable |
| Best For | Large, one-time expenses (e.g., renovations, debt consolidation) | Ongoing or unexpected expenses (e.g., medical bills, tuition) |
| Access to Funds | One-time disbursement | Withdraw as needed, up to a credit limit |
Exclusive Benefits of Choosing NASA FCU
When you choose NASA Federal Credit Union for your home equity financing, you gain access to competitive rates, flexible terms, and exclusive member benefits. Our easy online application process and dedicated support team make it simple to get started. Plus, as a member-focused institution, we prioritize your financial well-being and offer personalized guidance every step of the way. Make an appointment with one of our Home Equity Specialists to learn more.
How to Apply for a Home Equity Loan or HELOC
Applying for a Home Equity Loan or HELOC with NASA FCU is straightforward:
- Visit our Home Equity Loan and HELOC page.
- Gather necessary documents, such as proof of income, property information, and credit history.
- Complete the online application form.
- Our team will review your application and contact you with next steps.
Ready to unlock your home's equity? Start Your Application Today and discover the benefits of financing with NASA FCU.
For more information, visit our Contact Us Page.
We’re here to help
Mortgages & Equity
Auto & RV Loans
Credit Cards
Personal Loans
Student Loans
Business Services
Checking & Savings
Your savings federally insured to at least $250,000 and backed by the full faith & credit of the U.S. Government. NMLS #486583.
Confidential information such as account numbers and social security numbers should not be sent by email for security reasons. Instead, please contact us directly at 1-888-NASA-FCU, send us a secure message through Online Banking or Mobile Banking, or visit your nearest branch.
You are now leaving nasafcu.com and entering a third party website that is not part of NASA Federal Credit Union.
The content you are about to view is produced by a third party unaffiliated to NASA Federal Credit Union. NASA Federal takes no responsibility for the content of the page.