A Home Equity Loan from First Northern Credit Union is just one way you can free up the money that is in your home and put it to use for a specific, one-time use. Consolidate outstanding debt, help a loved one pay for college, buy a new car or make another large purchase using the value of your home. Once approved, your Home Equity Loan from First Northern is a single sum available over a set period of time which you can use for a previously declared purpose. A First Northern Financial Services Advisor will cover all the details with you from start to finish.
With a Home Equity Loan you receive:
Up to 85% of your home’s appraised value (minus any outstanding balances owed)
a Loan amount available in a single, lump sum
a Low, fixed interest rate
a regular payment schedule
If the purpose of your home equity loan is for substantial home improvements or to purchase your primary residence, interest payments may be tax deductible*
First Northern members with direct deposit into a Preferred or Advantage Checking account will receive a “Loyalty Discount” rate of .25% lower than our published fixed-rate home equity loan. It’s just another benefit of membership.
To get the application process started or receive more information just stop in at the nearest First Northern branch and discuss the Home Equity Loan program with a Financial Services Advisor.
Feel free to contact us with any questions and we’ll be happy to provide the answers you need.
*As with any financial transaction that carries tax implications, we encourage you to consult with a Tax professional to receive the most current information.