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Putting Your Home to Work

A Home Equity Loan (also known as Second Mortgage ) is a great option for you to borrow against the equity in your home to cover a major expense. ¹ The consistency and predictability of a fixed rate and fixed monthly payment for the life of your loan make this a great option.

We can also pair a first mortgage loan with a home equity loan to get first-time buyers into a new home with no down payment or Private Mortgage Insurance (PMI) requirements.

We offer:

• Financing from $45,000 to $500,000 ²
• Terms up to 25 years for purchase money fixed equity loans only
• Competitive, fixed rates

Apply for a Home Equity Loan via Digital Banking

Not registered for Digital Banking? Click here to apply.

 

First-time home buyers  can pair a first mortgage loan with our second mortgage loans to get you into a new home. Choose the piggyback loan program that works for you:

 

80/20
 

• 80% First Mortgage
• 20% Second Mortgage
• 0% Down Payment

 

80/15/5
 

• 80% First Mortgage
• 15% Second Mortgage
• 5% Down Payment

 

 

80/10/10
 

• 80% First Mortgage
• 10% Second Mortgage
• 10% Down Payment

 

Apply for a Purchase Money Fixed Equity Loan

• A  Home Equity Line of Credit (HELOC)  is another possible source of funds for big-ticket expenses. ¹  Whether you want to remodel your home, pay tuition, take a well-deserved vacation, or provide a “back-up” plan during hiatus, we want to help! A few features of our HELOC include:

  • Financing from $25,000 to $250,000 ³
    • No Annual Fee
    • Low-cost, one-time origination fee of $300 for loan amounts of $25,000 to $250,000
    • Low-cost, one-time origination fee of $600 for loan amounts of $250,001 to $500,000
  • Competitive rates based on creditworthiness, property condition, and risk factors ⁴
  • Immediate access to your funds via Digital Banking or HELOC checks
  • Investment property financing is also available ⁵
  • Maximum Years to Repay: 10 year draw/15 year repayment
• If you have questions, or would like additional information, give our Real Estate Loan Team a call at 888.800.3328.
•  

• Apply for a  Home Equity Line of Credit  via Digital Banking

  Not registered for Digital Banking? Click here to apply.

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¹ All loans are subject to credit, income, and collateral approval. Not all members will qualify. Eligible home loans only for California properties. Consult your tax advisor regarding deductibility of interest.

²  First Entertainment offers Home Equity Loans on owner-occupied single-family primary residences for loan amounts from $45,000 - $500,000. Loan amount is $250,000 if over 80% combined loan-to-value (CLTV). The maximum CLTV for Home Equity Loans on a non-owner-occupied property is 60% with loan amounts from $45,000 - $250,000. Purchase Money Fixed Equity Loans have a maximum loan amount of $250,000.

The maximum CLTV for Home Equity Loans on a non-owner-occupied property is 60% with loan amounts from $45,000 - $250,000.

³  First Entertainment offers HELOCs on owner-occupied single-family primary residences for loan amounts from $25,000- $500,000 up to 80% of your combined loan to value (CLTV) and for loan amounts from $25,000 to $250,000 up to 90% CLTV.

The Maximum CLTV for HELOCs on a non-owner-occupied property is 60% with loan amounts from $25,000 to $250,000.

⁴  The First Entertainment HELOC is an adjustable-rate loan. The HELOC rate, based on the current Prime Rate as published in the Wall Street Journal (the Index) plus a Margin, is variable and subject to change monthly. Maximum APR capped at 18.00% and minimum APR limit of 6.25% apply.  Current HELOC rates are available by clicking here or by calling the Credit Union at 888.800.3328. Loan origination fees ranging from $300 to $600 for opening a HELOC may be charged.

⁵  Certain terms and conditions may apply. Contact the Real Estate department at 888.800.3328 for details.