Both loans allow you to borrow against the equity you’ve built in your home over time. Both feature no closing costs, low rates, and local servicing. At Kirtland, there are never any application or annual fees for either of these loans.
You have two great options for accessing your equity. A home equity loan provides a lump sum of cash for your projects or expenses; a home equity line-of-credit allows you to pay as you go for your expenses and make payments only on what you’ve used. Each has features and drawbacks depending on your situation.
Here are the key differences:
| Home Equity Loan | Home Equity Line-of-Credit | |
|---|---|---|
| What It Is | A loan with fixed payments and a fixed interest rate. | A line of credit (like a credit card) with a variable interest rate that you can use for up to 10 years. |
| A fixed interest rate with predictable monthly payments | Yes | |
| An adjustable interest rate with variable monthly payments | Interest-only payments during the draw period** | |
| Lump sum | Yes | |
| Pay interest only on the money you use | Yes | |
| Rates as low as | 7.25% APR* (fixed) | 8.00% APR* (variable) |
| Maximum Terms | 180 months | 10 years to draw; 20 years to repay |
| Available for investment properties | Yes |
Are you looking for a financial partner you can trust – one that has your best interests at heart? Look no further than Kirtland Credit Union.
Spending accounts and great savings options, all with the technology you need to manage your money. Anywhere, any time.
Credit card, auto loans, home loans, home equity loans, and more. Kirtland CU keeps rates low and payments local. Always!
Solutions, tools, advice, and a friendly greeting. That’s what we promise every member, every time. In branch or online!
Apply online, any time!
Give us a call, and a representative will help you get started.
Stop by any of our convenient branches to apply for your home equity loan or line-of-credit.
*APR = Annual Percentage Rate. (IF APPLICABLE on art or images, headlines) Financing available for properties in New Mexico only. Subject to credit approval and based on equity in home. Home Equity loans and lines of credit are limited to 90% loan-to-value. Maximum loan amount is $500,000; draw period of 10 years; repayment period of 20 years; interest only payments allowed monthly during draw period only. Borrower is responsible for homeowners insurance, property taxes, and flood insurance premiums, if applicable. Special restrictions may apply. Consult a tax advisor regarding deductibility of interest. Membership eligibility required. See a Representative for complete details. Equal housing lender.
Routing Number: 307070050
6440 Gibson Blvd. SE, Albuquerque, NM 87108
Federally insured by NCUA Equal Opportunity Lender
