Home Equity Loan | Land of Lincoln Credit Union

Similar to a HELOC loan, a Home Equity Loan allows you to borrow money using the equity in your home as collateral. Here are some of the features:

Lump Sum - a home equity loan is disbursed in one lump sum.
Fixed or Adjustable Rate - the interest rate you pay on a home equity loan can be either fixed (doesn’t adjust with the prime rate) or adjustable (adjusts with the prime).
Money for whatever - although many people use a home equity loan to pay for upgrades to their home, some use the money for college tuition, a vacation or to consolidate bills.

Land of Lincoln Credit Union offers both fixed and variable home equity loans:

Home Equity Line of Credit (Fixed)

Available on primary, single-family residences.
Advances can be made for up to five years.
As long as 10 years to repay.
Up to three draws allowed per quarter.

Home Equity Line of Credit (Variable)

Available on primary, single-family residences.
Offers a lower starting interest rate.
Advances can be made on s line of credit for a period of 83 months.
As long as 7 years to repay.
Variable rate is tied to the Wall Street Journal Prime Interest Rate.