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Home Equity Loans

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What is home equity?

Home equity is the portion of your home that you truly own—the difference between your home’s value and what you still owe on your mortgage. Think of it as a financial resource you’ve built over time.

With an American 1 Home Equity Loan or line of credit, you can access that value and put it to work for you with fewer fees and competitive rates.

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Golden piggy bank in a house

 

Flexible and Convenient

With our easy-access line of credit, you’re in control. Swipe it like a debit card, write a check, or request an advance anytime—online, over the phone, or in person. It’s that simple! Prefer a one-and-done solution? Our closed-end loan offers straightforward financing with no surprises.

Whatever your needs, we’ve got the perfect option to make your home equity work for you!

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Home Equity Loans FAQ

What is a home equity closed-end loan?

A home equity loan with American 1 is designed for a one-time funding need with a fixed rate and predictable payments. These types of loans are ideal for:

  • Debt Consolidation
  • Major Purchases
  • Home Improvements
  • College Tutition/Educational Expenses

What to know

  • Loan to value: up to 80% of the appraised value
  • Minimum loan amount: $4000
  • Interest Rate: Fixed for term of loan
  • Terms: Up to 20 years
  • Monthly Payment: Fixed payment amortized over the term of the loan
  • Cash Advance: One easy lump-sum disbursement
What is a home equity line of credit?

A home equity line of credit (HELOC) is a revolving, flexible account that lets you access your funds periodically for needs now and in the future. It is ideal for funding:

  • Vacations
  • Home Improvements
  • Emergencies
  • Education Expenses
  • Cash Reserves
  • Paying off high-interest rate credit cards

What to know

  • Loan value: up to 80% appraised value
  • Minimum amount: $4000
  • Interest Rate: See current rate schedule
  • Term: 5-year draw period/10 year closed end
  • Monthly Payment: $15 per $1000 drawn off the available limit
  • Cash Advance: First draw $4000, $300 thereafter


NMLS 410447. For further information on NMLS registration, click here.**

Home Equity Disclosure
Tax laws are subject to change and individual tax situations vary

2. All loans/lines of credit are subject to approval and underwriting requirements. Appraisal or title search may be required.

3. . Subject to credit approval and underwriting requirements. Visit https://www.american1cu.org/credit-cards/rewards-card to learn more. Visa Disclosure https://www.american1cu.org/privacy-and-disclosures/visa-disclosure

Equal Housing Opportunity