Home Equity Loans

Looking to purchase that big ticket item?  The funds you need may be right in your own back yard — or closer! Many of our satisfied members have used home equity loans for the following:

  • College tuition
  • Automobile purchase
  • Home improvement
  • Vacation
  • Pay off higher rate loans

Freedom Credit Union offers two kinds of Home Equity Loans to meet your borrowing needs:

Home Equity Line of Credit

Put the equity in your home to work for you with a revolving line of credit.

  • Borrow up to 80% of the equity in your home minus first mortgage balance
  • Variable rate is based on Prime Rate as published in the Wall Street Journal on the first business day of each month MINUS .50%, not to go below 3% (floor rate). Maximum potential rate is 15%.
  • No closing costs or application fees - pay only a recording fee to close
  • Minimum loan amount $10,000 
  • May be tax deductible*
  • Available on 1-4 family owner-occupied properties
  • Property and casualty insurance required
  • Flood insurance required if property in a flood zone
  • Check Rates

Fixed Rate Home Equity Loan

For people who want the security of a fixed rate and a one time disbursement of funds

  • Borrow up to 80% of the equity in your home minus first mortgage balance
  • Rate is fixed for the life of the loan
  • No closing costs or application fees
  • Minimum loan amount $10,000
  • May be tax deductible*
  • Payments do not include amounts for tax and insurance premiums, if applicable, and the actual payment obligation may be greater
  • Available on 1-4 family owner-occupied properties
  • Property and casualty insurance required
  • Flood insurance required if property in a flood zone
  • Check Rates


  • *Check with your tax advisor