By paying on your home, you have created equity. You can use the equity in your home to consolidate debts. Use a Home Equity Line-of-Credit to pay off other high-rate debts in full. You will end up paying lower interest and have lower monthly payments.
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APR is Annual Percentage Rate. Loan is subject to credit approval. Rate is non-variable for first six (6) months. Introductory rate available for new loans only. At the end of the introductory period, the variable rate will be Prime -1.00%, Prime -.50%, Prime, or Prime +.50% depending on creditworthiness and LTV (loan-to-value) percentage with a floor rate of 4.00%. The variable rate will be determined by using the highest U.S. Prime Rate published in The Wall Street Journal “Money Rates” table. The rate is effective on the first day of the billing cycle. Minimum loan amount of $10,000 required. Monthly minimum payment is the interest due each period. Notre Dame FCU will pay up to $500 in closing costs associated with a Home Equity Line-of-Credit. These costs may include appraisal, flood certification, title search and filing fees. If loan is paid and closed within 36 months, the early termination closing cost recoupment fee is the lesser of credit union third-party fees or $500. HELOC is a 30-year loan: 10-year draw period and a 20-year fully amortized repayment term. Contact a Notre Dame FCU representative for further details. NMLS #405299.