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What is “home equity”?
Home equity refers to the money you have paid toward the value of your home. The more money you pay toward your mortgage balance increases the amount of equity you have in your home. For example, if your home is appraised at $300,000, and your mortgage has a balance of $200,000, your home’s equity equals $100,000. Other factors can affect how equity is calculated, including whether you have any liens or a second mortgage.

What type of fees are involved?
When you take out a home equity line of credit, you pay for many of the same expenses as when you financed your original mortgage. These fees may vary between different financial institutions. These expenses can add substantially to the cost of your loan, especially if you ultimately borrow little from your credit line.

As a member-owned credit union, we are able to offer our Home Equity products without the typical fees other lenders charge. For example, we do not charge an application fee, nor do we charge an escrow fee or credit report fee. Also, we do not charge prepayment penalties. For a list of applicable fees, please visit our rate page.

What is a loan-to-value ratio?
Loan-to-value ratio (or LTV) refers to the difference between the balance of your mortgage and the appraised value of your house. Other factors can affect your ratio including whether you have any liens or a second mortgage.

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