What are some features of RCU's Home Equity Loans and Lines of Credit?
Redwood Credit Union offers both fixed and variable rate second mortgages. Some of the perks of these offerings are:
- The interest on Home Equity Loans may be tax deductible – talk to your tax advisor for details.
- A Home Equity Loan may be able to help you lower your interest rate by lowering your loan-to-value ratio.
- RCU can finance up to 85% of the appraised value for fixed home equity loans and home equity lines of credit (minus any first mortgage loan balance) on owner-occupied dwellings up to $500,000.
- For non-owner-occupied dwellings, RCU can finance up to 80%, fixed or line of credit, (minus any first mortgage loan balance) up to $300,000.
- Redwood Credit Union offers rate discounts for automatic payments and has programs available without prepayment penalties on Home Equity Loans.