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Home Equity Loans
Sometimes known as second mortgages, home equity loans provide a fixed-rate, lump-sum loan with a set payment schedule over an established term. A term, by the way, is the length of time you agree to repay the loan. And what is equity? It's the amount of your home's appraised value that you own once all outstanding mortgage balances are subtracted. If you've been making your mortgage payments for a while, you may have built up equity in your home.
That said, if you do have equity, this type of loan is an excellent means to borrow, allowing you to finance home improvement projects or consolidate higher interest rate loans or credit cards.
A Bronco Home Equity Loan offers you:
- A fixed sum of money for virtually any need
- Competitive rates based on creditworthiness, loan amount and term of loan
- Possible tax advantages (consult your tax advisor)
- Terms of up to 10 years with a 15 year amortization
- Loan-to-Value up to 90%, but not to exceed $100,000
- A friendly Bronco Real Estate Lending Specialist to walk you through the process
- The convenience and service of a community financial resource
Not yet a member? It's easy. Simply call 757.569.6000 or email us. Already a Bronco member and want to open another account? Call us or come on in and bring your ID.
* APR=Annual Percentage Rate. "As low as" rates may vary up to 7.25% APR. Rates, terms and conditions are subject to change and may vary based on creditworthiness, qualifications and collateral conditions. All loans subject to approval. Payment for $50,000 home equity loan at 3.99% APR for 5 years would be $920.60. Payment for $50,000 home equity loan at 4.99% APR for 10 years would be $530.08. Payments do not include taxes and insurance premiums. Must maintain adequate insurance. Up to $250 in closings cost would be paid by Bronco with an advance of $10,000 new money and use of a Bronco Preferred Attorney. Appraisal Fee may be required to be paid by borrower. Closing costs to be repaid by borrower if loan is paid off within 36 months. Membership eligibility required.