Home Equity Loans & Lines of Credit

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Pay for home improvements, vacations, and other expenses with your choice of a lump sum payment or a convenient credit line – and pay no closing costs on both options!

Home Equity Loan Details

Get a lump sum payment and start crossing off your to-do list! You can benefit from a fixed interest rate, equal monthly payments, and easy budgeting.

  • Choose a term of between 5 and 15 years.
  • Get our lowest APR* when you have 80% LTV.**
  • We also offer 90% LTV, 95% LTV, and Jumbo options.
  • No closing costs!***

Apply Now Learn More

Home Equity Line of Credit Details

A HELOC offers a source of funds to use as and when you need them for any purpose. It's a revolving credit line so you can use any amount, pay your balance down, and then use the funds again!

  • Take advantage of our 6.49%* introductory rate!
  • Get a rate as low as prime +0% APR.*
  • Only pay interest on the funds you're using.
  • Access your home equity line via Online Banking, TeleBranch 24, in person, or by check.
  • No closing costs!***

Apply Now Learn More

 
 Home Equity Loan Home Equity Line of Credit
Interest rate FixedAdjustable
 Interest paid On the full loan amount outstandingOnly on the amount you draw
 Loan funds takenLump sum Draw as needed
Loan funds can be paid back and re-drawn as needed for 15 yearsN/AYes
 Payment amountFixed for 5, 10, or 15 yearsVariable based on balance
 Closing costs None (excluding interim interest) – unless loan is closed within three years None with a $10,000 advance at closing – unless line is closed within three years
 Apply NowApply Now

 

 

Features of JHFCU Home Equity Options

✔

Competitive Rates

Get an affordable APR* based on your situation and whether you choose a fixed-rate loan or variable credit line.

✔

Flexible Purpose

Use your funds for anything including home remodeling, car repairs, tuition, debt consolidation, weddings, and more.

✔

No Closing Costs

JHFCU will cover your closing costs and save you money provided you meet the simple conditions for your home equity option.

✔

Local Servicing

We'll service your preferred JHFCU home equity option right here so you don't need to send payments out of state.

 

 

★★★★★

"From the very first contact inquiring about the loan, I had complete support and assistance at every step of the way. The process was both fair and very quick, in my opinion, and I was extremely pleased with the entire process."

– Sylvia E., Baltimore, MD

 

 

JHFCU Home Equity Options Come With These Benefits

Affordable APR*

Lock in a great home equity loan or line of credit rate so you can save on interest and spend more on home improvements.

Quick Turnaround Time

Achieve your goals faster with quick approval and minimal paperwork.

Handy Calculators

Use our amortizing loan calculator or line of credit payoff calculator to see what works for you.

Expert Guidance

We're here to offer support and advice whenever you need it, and we'll service your loan here too.

Simple Payments

Open a JHFCU checking or savings account and easily transfer your loan or line of credit payments.

 

 

Next Steps When Considering a Home Equity Loan or Line of Credit

 

 

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FAQs about JHFCU Home Equity Options

  • What is home equity and how do I know if I have any?

    Home equity is the difference between the current market value of your home and your current mortgage balance. You will likely need at least 15% to 20% home equity to get a home equity loan or line of credit. 

    To find out if you have any home equity: 

    • Subtract your mortgage balance from your home's value.

    • For example: $300,000 market value minus $175,000 mortgage balance = $125,000. 

    • Then turn it into a percentage: $125,000/300,000 = 41% equity. 

    With these numbers, you can also work out your loan-to-value (LTV) ratio: 

    • For example: $175,000 mortgage balance/$300,000 market value = 58% LTV.

  • How does a home equity loan work?

    Here's what happens when you get a home equity loan:

    • Hit the apply button and provide all the necessary information and documents.

    • We'll quickly let you know if you qualify and offer a loan amount and rate for your chosen term.

    • Once approved, we'll transfer the funds to your JHFCU checking or savings account.

    • You can start using your funds for home improvements and anything else you need.

    • You make equal monthly payments until your loan is paid off in full.

    • The interest is amortized so you pay more interest and less principal at the start of your loan term, then more principal and less interest at the end of your loan term.

  • How does a home equity line of credit work?

    A home equity line of credit (HELOC) is a form of revolving credit, similar to a credit card. 

    • You get a credit limit and can choose how much of the funds to use at any time. 

    • You only pay interest on the funds you use and the rate is usually variable.

    • Your monthly payment will go up and down depending on your balance.

    • You may have an option to make interest-only payments during your draw period and then pay the principal during the repayment period.

  • What can I use a home equity loan or line of credit for?

    You can use your home equity loan or line of credit for a wide range of purposes including:

    • Home improvements, renovations, and remodeling—and the interest on funds used for this purpose may be tax deductible

    • Debt consolidation of high-interest credit cards and other loans

    • Vacations and weddings

    • Medical and dental bills

    • Car repairs and appliance replacement

    • Unexpected expenses and emergency funds

  • What information do I need to apply for JHFCU home equity options?

    A home equity loan or line of credit is sometimes called a second mortgage because you’re borrowing against your home, just like you did with your original home loan. 

    This means you'll need to go through most of the same steps as when you applied for your mortgage and provide the same, but updated documents.
  • What rate will I get?

    The rate you’ll get for your home equity loan or line of credit is based on your credit score and your financial situation. This will include a loan-to-value (LTV) ratio for a home equity loan or debt-to-income (DTI) ratio for a HELOC. The term you choose also impacts your rate.

    • Higher credit scores get lower rates.

    • Lower LTV and lower DTI get lower rates.

    • Shorter terms get lower rates.

  • How can I make my home equity loan or line of credit payments?

    There are many options for making a payment to your JHFCU home equity loan:

    1. Transfer online from Checking, Savings, or another transactional account to your mortgage account. Payment will be credited immediately and the balance and available credit will be updated.

    2. JHFCU's Online Bill Payment: You can use JHFCU's Online Bill Payment service to make a payment, but note that it will take 2 business days to credit the mortgage account and update the balance. 

      If you like to use Online Bill Payment for ease of paying all your bills and tracking, you can pay your mortgage this way too. When you set up JHFCU as a Payee, use your regular 9-digit JHFCU account number, a dash, and your 2-digit loan suffix number between 70 & 77, (EX: XXXXXXXXX-XX.)  Do not use the 16-digit number on your plastic credit card.
      You should use JHFCU's main address, 2027 E Monument St, Baltimore, MD 21205.

    1. JHFCU TeleBranch 24: You may transfer your payment from a JHFCU account to your mortgage; use your loan suffix number between 70 & 77 (EX: XXXXXXXXX-XX.)

    2. Online Bill Payment from an Outside Bank: When you set up JHFCU as a Payee, use your 9-digit JHFCU Account number - 2-digit loan suffix number between 70 & 77 (EX: XXXXXXXXX-XX.) Do not use the 16-digit number on your plastic credit card. You should use JHFCU's main address, 2027 E Monument St, Baltimore, MD 21205

    3. Mailed check payment

    4. Branch payment by check

    5. Branch payment by transfer

    6. Payroll deduction payments

  • Do I need to be a member of Johns Hopkins Federal Credit Union to get a home equity loan or line of credit?

    Yes, you'll need to become a member—and we can help you join as part of your home equity option application! 

    Then you'll be set to use your funds while enjoying all the benefits of credit union membership, like great rates and friendly, local service.

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*APR=Annual Percentage Rate. The rate you receive will be based on certain creditworthiness. Please ask us for the rate for which you qualify. Maximum rate is 18.00% APR. All rates are subject to approximate loan term limits and certain restrictions may apply. Rates are subject to change without notice. There are minimum loan amounts required for some loan terms. Contact us for minimum loan amounts by term, maximum loan amounts, and loan-to-value requirements. JHFCU can finance your Home Equity Line or Loan in Maryland, Virginia, Washington, D.C., Delaware, and Pennsylvania. Additional conditions apply. Contact our Mortgage Department at mortgages@jhfcu.org for additional information. NMLS# 509565.
Home Equity Line of Credit. APR=Annual Percentage Rate. The introductory rate is a fixed rate for 12 months and not based on the index and margin used for the subsequent rate adjustments. Following the introductory period, the APR may vary monthly, as published in the Wall Street Journal. For new loans only. Rates are determined by an evaluation of the applicant’s credit and loan-to-value. Down payment may be required. Property and flood insurance may be required. Maximum rate is 18% APR. Closing costs will be paid by JHFCU provided you take a minimum $10,000 draw at closing and the line of credit remains open for three years. Closing costs will be charged back to the loan if it is closed within a three-year period. Offer may be changed or withdrawn at any time. 
**LTV = Loan to value.
***Closing costs will be charged back to the loan if it is closed within that three-year period.