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Home Loans


Home Equity
Lots of good reasons to use your Home Equity


Equity is the difference between the fair market value (appraised or assessed) of your home and your outstanding balance. An American Lake Credit Union 'Home Equity Loan' is a powerful financial tool for many reasons:

  • Unlike credit cards or other loans, interest paid on your Equity Line of Credit may be tax deductible (check with your tax advisor to determine allowable deductions).
  • The interest charged on an Equity Line of Credit is lower than most credit cards, department store cards and other installment loans.

How To Calculate Your Equity

Example:

Your Home's Assessed Value

 

$100,000

Times your Assessed Value

x

80.00%

Sub Total

 

$80,000

Less your mortgage loan balance

-

$55,000

Your available equity

 

$25,000



     

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government National Credit Union Administration, a U.S. Government Agency.
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