Building your dream home can be easy and affordable when you choose Preferred Credit Union for your Construction Loan!
- Principal residence and second homes
- Land equity can be used for down payment requirements
- Purchase of land can be included in project amount
- Interest only payments during construction
- General Contractor/Builder loans only
- 6 to 12 months for construction
- Maximum 30 years term for end loan
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Home Equity Loans
Use your home to get the funds you need, at rates and terms that make sense for your budget.
Home Equity Prime Line
The Home Equity Prime Line is an open line of credit.
The interest rate on this loan is set to the Wall Street Journal prime rate; floor rate 5.00% APR*. You can borrow up to 65% of the equity in your home.
*APR = Annual Percentage Rate
Fixed Rate Home Equity Loans
The credit union also offers fixed rate home equity loans. Members can borrow up to 80% of the value in their homes, less existing mortgage balances. We offer up to a 30 year term with a 5 year balloon.