Home Equity Loans
Home Equity Loans
You’ve worked hard to build up your home’s equity and with a big-ticket purchase on the horizon or simply a need for extra cash, now is the time to put your equity to work for you. A home equity loan is a great way to turn your home’s equity into cash. KEMBA members have used our home equity loans to fund home improvement projects like additions, remodels, roofs & more or for non-home related purchases like paying for college, weddings, emergency expenses & more. If you are planning a large purchase and need access to funds, put your home’s equity to work for you.
When you qualify for a home equity loan, KEMBA disperses the funds in one lump sum at closing, which you can begin using right away. With KEMBA’s competitive home equity loan rates, you can make your money go farther.
Use it to:
If you are planning a big purchase and need the funds all at once, a home equity loan is the right way to go. A home equity loan is based on the equity of your home, and the funds are conveniently dispersed in one lump sum, and your payments will begin based on the term of your home equity loan. Since the funds are distributed all at once, the interest rate on the home equity loan is fixed.
If you want access to a line of credit that can be used when you need it, a home equity line of credit (HELOC) may be a better option. With a HELOC, you can draw the funds as you need to them to pay for the various phases of a remodeling project or as you need them for other expenses, and you only make payments on the dispersed portion of the line of credit. Since the funds are not distributed but rather drawn on, the interest rate on a HELOC is variable.
Ready to get started? Apply online for a KEMBA home equity loan and get an online approval or referral to a member services representative for follow up.
At KEMBA Financial Credit Union, we offer traditional mortgage loans and home equity loans for Central Ohio residents, as well as a full suite of traditional banking products and services with competitive rates and low fees.
It’s easy to become a KEMBA member! To learn how, call us at 614.235.2395, option 4, or visit one of our ten local branches in Pickerington, Gahanna, Bellefontaine, Clintonville, Grove City, Hilliard, Powell, Reynoldsburg, Westerville or Whitehall. Our dedicated associates will help you navigate your individual financial situation, and you can find out why we’re a better way to bank.