Stacks of quarters and a small wooden house

Home Equity Loans

Sometimes, time passes, and you haven’t had a chance to save up for things you need or want: college for your kids, a remodeled kitchen, or even a dream vacation. It may be time to put the equity in your home to work for you. 

HOME EQUITY LINES OF CREDIT (HELOC)

Freedom’s low-rate HELOC offers you funds when you need them.  It gives you a revolving line of credit that replenishes as you pay down your outstanding balance:

  • Financing available up to 80% Combined Loan to Value (CLTV) on 1-4 family owner occupied properties
  • Financing available up to 100% CLTV on 1-2 family owner occupied properties
  • No closing costs or application fee. Discharge fee, if applicable, paid by the borrower(s)
  • Minimum line amount of $10,000
  • 10 year draw period with a 10 year repayment period
  • Property and casualty insurance required
  • Flood insurance required if property is located in a flood zone


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FIXED RATE HOME EQUITY LOANS

For members who want the security of a low, fixed rate, and a one-time disbursement of funds, we offer our Fixed Rate Home Equity Loans:

  • Financing available up to 80% Combined Loan to Value (CLTV) on 1-4 family owner occupied properties
  • Financing available up to 100% CLTV on 1-2 family owner occupied properties
  • No closing costs or application fee.  Discharge fee, if applicable, paid by borrower(s)
  • Minimum line amount of $10,000
  • Property and casualty insurance required
  • Flood insurance required if property is located in a flood zone