When pursuing bigger projects, a home equity loan can be just what you need.
With a Boulevard Home Equity LOC, you can borrow only what you need, when you need it. For the first 5 years of the loan, borrow up to your approved limit, and as you pay it off, you can take it right back out again. After the 5 years, this loan converts into a 15-year Term Loan.
If you’re looking for a home equity with a fixed payment, then the Closed End Home Equity Loan is just what you are looking for. Take your loan all at closing, and make the same payment until it is paid off.
When all you need is $15,000 or less, a collateral loan is faster than the standard home equity loan. No appraisal is needed and you can get this loan in as little as two easy steps.
*APR=Annual Percentage Rate. Rate and eligible LTV may vary based on individual credit history and underwriting factors. Boulevard FCU will pay all closing costs on Home Equity’s. Fixed and Adjustable-rate loan options are based on the prime rate published in the Wall Street Journal plus margin. Property insurance is required on all Home Equity Loans. An Early termination fee applies if the loan is paid prior to 3 years equal to the cost of closing. Consult your tax advisor for details on the tax deductibility of interest. Interest rates and program terms are subject to change without notice. Must be a Boulevard FCU member to qualify.
Complete and return our easy Home Equity Loan Application with the required documentation.
Schedule a time with our home appraisal team once the loan is approved.
Enjoy the convenience of coming into our office to sign the Home Equity documents.
Spend your money the way you choose!
No, we do not have any added fees when taking a home equity loan with the Boulevard FCU, additionally we will pay all the closing costs as long as the loan is not paid off within 3 years. We do however place a hold on the cost of the appraisal in your savings account until the home equity has been completed to cover the cost encase you decide to cancel the loan.
Yes, the Boulevard FCU will pull your credit when reviewing you for a loan. We pull the Experian FICO 2 credit report.
An open-ended loan is also known as a line of credit, it gives you a limit you are allowed to borrow up to and you can use that limit as you wish. You do not have to take the full loan at one time, meaning you only pay interest on what you need. Additionally, you can pay down the balance and then take the money back out when you need to use it.
A closed end loan is also known as a term loan. This is where you take a set amount at the start and have a specific period of time to pay the loan back.
You can borrow up to 80% of the value of your home when taking a Boulevard Home Equity Loan. This includes your first mortgage.
Yes, your first advance is required to be at least $7,500.00. Any Subsequent advances advances would need to be at least $1,000.00.
