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Home Equity Loans

The AM Credit Union Home Equity Loan is a fixed rate product for a set amount of time. In other words, you borrow a certain amount of money for a certain length of time – say $25,000 for 180 months. Your payment would be $245.00 based on our current, fixed interest rate of 8.375% - this rate could change at any time, so call us for current rates. AM Credit Union only charges “out of pocket” expenses. This means that we only charge you what we have to pay in order to process your loan – generally these would be expenses like title search, appraisal, credit report, flood insurance and, perhaps, a few more.

The good news about this is that when there are only out of pocket expenses being charged, your interest rate and Annual Percentage Rate are the same. When a lender is charging you a lot of garbage fees, like a Document Preparation Fee, a Loan Processing Fee, or Points, your Annual Percentage Rate is going to be more than your quoted interest rate. Why? The Annual Percentage Rate reflects the TRUE cost of the loan – the TRUE cost of how much you are paying for the loan. It no longer is your initial, quoted, interest rate – the loan has become more expensive to you.

AM Credit Union believes in good, simple financial products without a lot of fine print. We never pad our financial products with “garbage” fees. If you have a specific need for a fixed set of cash, an AM Credit Union Home Equity Loan is for you. If you are thinking of several projects or have several needs for the money (like having an emergency fund for college expenses, or do-it-yourself home projects), consider our Home Equity Line of Credit.