Real Estate

Real Estate

Home Equity loans provide a good, convenient method for paying tuition, home improvements and even that new car or boat. Interest on these loans is usually tax deductible. Home Equity loans are secured by a piece of property which the Community & Teachers Federal Credit union has placed a lien no lower than 2nd position. The maximum home equity amount is 80% of the appraised value, not to exceed $250,000; owner occupied properties only.

Line of Credit Home Equity (HELOC)

- Maximum Line of Credit: $250,000.00

- Minimum Line of Credit: $10,000.00

Interest Rate

Prime for the life of the loan. Minimum rate is 6.00%; interest rate can change monthly with a cap of 18% and a floor of 6.00%

Mortgage Period

During the draw period, the minimum payment is 1% of the principal loan balance. During the repayment period the minimum payment is 1% of the principal loan balance. The minimum payment is $100.00.

Minimum Payment (Monthly)

During the draw period, the minimum payment is 1% of the principal loan balance. During the repayment period the minimum payment is 1% of the principal loan balance. The minimum payment is $100.00.

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Fixed Rate Equity Loans

- Maximum Line of Credit: $250,000.00

- Minimum Loan Amount: $10,000.00


Interest Rate*

*call the credit union for current rates

Borrower Requirements

  1. Copy of Deed Property
  2. Copy of most recent tax bill
  3. Copy of 1st Mortgage Statement listing current principle balance
  4. Copies of W-2 or recent pay stubs
  5. Insurance binder, adding CTFCU as a lien holder
  6. $375 processing fee


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