Energy FCU - Products/Services - Home Equity Products

Home Equity & Mortgages

Whether you're purchasing your first home, refinancing your existing loan, or adding on to your current property, getting the right financing is one of the most important financial decisions you'll ever make. EFCU is here to help. We offer First Mortgages, Second Mortgages, Line of Credit, and other loans at competitive rates and a variety of terms.

Loan Protection Insurance is available for most loans at a minimal cost to you.
ACH and Payroll Distribution are available as payment options for all loans.
You can make loan payments through eBranch and Powerline.
You can apply for most loans through our secure eLoan Application.

First Mortgages

Think of EFCU for your First Mortgage. Whether you are refinancing or buying a home, we have a wide selection of mortgage options:

One to Four Family Owner Occupied Homes
Second Homes/Vacations Homes
Investment Properties
Variety of Terms
Fixed and Adjustable Rate Loans
Interest First Options
Jumbo Loans
Refinancing
Instant Decisioning: Apply Online

For rates and information or to apply for a loan, call our Mortgage Department toll-free at 1-866-769-6957 or visit our Mortgage Department online. Our site has more than the loan application --it has Calculators, Property and Interest Information, a Glossary of real estate terms, and much more. It even has a Rate or Payment tracker where you can request an email be sent to you when the rate you want is available!

Second Mortgages

We have 3, 5, 7, 10, and 15-year Fixed-Rate Second Mortgage Equity Loans, which allow qualified members to finance up to 100% of the difference between what is owed on the home and the appraised or tax value (Private Mortgage Insurance may be required). Borrow a fixed amount and repay it over a period of time, up to 15 years. See Rates

Home Equity Line of Credit

A Line of Credit (LOC) Loan allows you to complete one simple application and then borrow anytime you need money. We offer 10 and 15-year LOCs with a variable rate*. Features of an LOC are:

You can request a cash advance through PowerLine and a check (in the amount you requested) will be mailed to your address on the account.
Use PowerLine to transfer funds from your LOC to your checking account.
Receive a checkbook connected to the account to access your funds.

Since this is an open-end loan, you can establish your LOC now even though you don't need to borrow right away. Then whenever you need it, the funds are immediately available. See Rates

For more information, you may view a Home Equity Lines of Credit brochure on the Federal Reserve Board website. You may also view our Disclosures on a 10-Year Preferred HELOC or the 15-Year Select HELOC.

* Maximum rate for all home equity and/or second mortgage loans is 18.00% APR —- the maximum usury rate established by the NCUA. The rate floor for all home equity loans is 4.00% APR. Home owners insurance and flood insurance, if applicable, is required.

Quick Equity Loans for Quick Approval
See Rates
Need money “quick” for those needed home repairs, to pay a bill, or take that long awaited vacation? Apply today and get an answer with 48 hours. Our Quick Equity loan allows you to borrow up to $25,000 and no appraisal is needed. Therefore, for those who may have recently purchased a home and equity is stretched, this loan is for you. The Annual Percentage Rate is fixed which means there is no fear of a rising Rate or monthly payment. Also, as a further benefit, the finance charge/interest paid is reported to the IRS as a mortgage loan--allowing you a possible tax deduction. We recommend you seek the advice of a tax consultant. Closing costs vary according to the property location and range from $275.00 to $650. More details:

Single-advance real estate secured loan
Maximum loan amount of $25,000
Minimum loan amount of $5,000
Rate is fixed and the term is sixty (60) months
Appraisal process is waived
Collateral limited to primary residence

Auto Equity Loans
See Rates
Can’t keep your eyes off that expensive beauty? The car has caught your eye, so take advantage of our Auto Equity Loan. The Auto Equity Loan allows you to purchase that dream car (up to $75,000) and, as a further benefit, the finance charge/interest paid is reported to the IRS as a mortgage loan--allowing you a possible tax deduction. We recommend you seek the advice of a tax consultant. No appraisal is need and credit decisions are made within 48 hours. Closing costs vary according to the property location and range from $275.00 to $650. More details:

Single-advance real estate secured loan
Maximum loan amount of $75,000
Margin: To be determined by the Board
Term is eighty-four (84) months
Lien position limited to first or second
Appraisal process is waived
Real estate collateral limited to primary residence

Solar Loan Program
See Rates
Concerned for the environment? Here at EFCU we want to provide our member-owners with an environmentally sound program which will help in the reduction of fossil fuels. This program is designed to be in support of the environmental benefits of a solar energy initiative.

Single-advance real estate secured loan.
Maximum amount is determined by the Loan to Value
5 YEAR - 100% LTV
10 YEAR – 100% LTV
15 YEAR – 80% LTV
Minimum loan amount of $5,000.
Rate is fixed.
Terms from 60 to 180 months

Home Equity Rebate Program
At settlement, a member could receive a refund of the cost incurred during processing/closing a Solar Loan, with a maximum refund of $1,000 per settlement. Program limited to member(s) residing in the states of MD, DC, PA,VA,WVA

PLEASE NOTE:
All proceeds of the Solar Loan will be directed to the Contractor completing the work.
No funds will be disbursed without an Invoice detailing the work to be completed.
Loans will be processed in accordance to the existing procedures for Real Estate loans.
The application will be processed in the same manner as our existing Real Estate Loan process.
All requests will require the customary title examination, appraisal inspection and flood plain determination.

IMPORTANT HOME EQUITY/SECOND MORTGAGE INFORMATION: Maximum rate for all home equity and/or second mortgage loans is 18.00% APR — the maximum usury rate established by the NCUA. The rate floor for all home equity loans is 4.00% APR. Home owners insurance and flood insurance, if applicable, is required.

Would you like to Calculate a Payment? Click here.
Note: The Loan Comparison Calculator is intended to provide approximate information about your loan payments and does not constitute an offer to extend credit. Your actual payment information may vary. Please contact the financial institution for exact payment information.

Purchasing or selling real estate? Now you can receive professional real estate assistance and cash rebates through SMARTMOVE�, a national real estate affinity program designed specifically for credit unions.

When you register with SMARTMOVE�, a coordinator will explain the SMARTMOVE� guidelines in order for you to qualify for a cash rebate - up to $10,000 - whenever you buy or sell real estate. You'll receive a cash rebate for each transaction. You will receive real estate assistance from specially trained and experienced agents who will help you with your search, and professionally market your current home or investment properties. This program is available for properties located nationwide and applies to:

First time home buyers
People moving up to a larger home
People downsizing to a smaller home
Transferees (eligibility restrictions may apply)
Retirees
Investors

Best of all, this program is absolutely free to you as a valued member of EFCU. To register or for more details, contact SMARTMOVE� at 703-359-1843 or 800-645-6560, Monday-Friday from 9:00 a.m. - 5:00 p.m., or via the web at www.smartmove.com

*Not available in states where prohibited by law.

Federally Insured by NCUA

Sign Up for our Email Newsletter