Home Equity Loans

Fixed Rate Home Equity

Reducing debt will play a big part in your overall financial situation and one option to do this would be to get a New Century Home Equity Loan. Home Equity loans can be used for just about any large purchase and typically has a lower rate than a personal loan. Equity is defined as the difference between what your home is worth and what you owe on a first mortgage.

• Borrow up to 80%, 90%, or 100% of value
• Terms can be 5, 10, or 15 year loans
• No application fee
• No maintenance fees
• Prepayment Penalties - If your Home Equity installment loan is paid off within 24 months, you will be responsible to repay New Century FCU for any third party charges up to $575.
• Interest paid may be tax deductible (consult a tax advisor)

Home Equity Line of Credit

Do you have a big upcoming project that is going to be expensive, but you don’t want to pay interest on money you may not need to use right away? If so, a Home Equity Line of Credit (HELOC) from New Century FCU is the perfect solution. Our HELOC’s go up to $500,000 and have a draw period of 10 years, followed by a 5-year re-payment period. HELOC’s offer the following benefits too:

• Draw on Funds on an “as needed” basis
• Rate is based off of the Wall Street Journal Prime Rate
• Interest paid may be tax deductible (consults a tax advisor)
• Only pay interest on the money you have borrowed