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Enjoy the benefits of a SECU Home Equity Loan.
A home equity loan provides a one-time sum that is repaid over a set term with a fixed interest rate. The payment and interest rate remain the same over the lifetime of the loan.
- Money savings with a low fixed rate
- Tax savings via tax deductible interest (see your tax advisor)
- No closing costs means more money in your pocket**
- A monthly payment that fits your budget via loan terms up to 20 years
- Easily track and manage your account with 24/7 online access (via Online Banking)
- Save time and enjoy the added convenience of scheduling the loan settlement at your home or office - even during the evening or on a weekend
|Loan Type||SECU's Rate*||Maryland Bank Average||SECU Beats The Average By:
|Home Equity (5YR / 80% LTV)||4.490%||6.086%||36%
^Data is supplied by Datatrac Inc. as of 3/26/2015.
Rate shown is the average for the 10 largest banks in Maryland for A+ credit 80% combined loan to value for new customers without any other relationship to the bank. Actual rates may be different.
*APR=Annual Percentage Rate. Rates are subject to change without prior notification. SECU will advance the closing costs on any primary or second home with a loan amount of $300,000 or less, regardless of credit score and/or the number of SECU Home Equity loans the member has had. Closing costs generally range from $850 to $1,000 on a $20,000 loan or line of credit. If loan or line of credit is paid off within 24 months or original note date, closing costs must be reimbursed to SECU by borrower. Adequate property and flood insurance required, if applicable. Consult your tax advisor for deductibility of interest.
Fixed Rate Loans: Rates indicated are the lowest rates. Actual APR may vary based on application, credit history and other factors.
Published rates and terms based on primary or secondary homes. Other rates and terms available for investment properties. This page is updated regularly. SECU is an Equal Housing Lender.
** SECU advances costs for appraisals, credit reports and closing costs on your SECU Home Equity Loan or Line of Credit (primary/secondary residence only) on loan amounts less than $300,000. Closing costs generally range from $850 to $1,000 on a $20,000 line of credit. If line of credit or loan is closed within 24 months of original note date, closing costs must be reimbursed to SECU by borrower.
Error Resolution and Information Requests
You have certain rights under Federal law related to resolving errors and requesting information about your loan account. In order to provide us with notice of an error on your loan account, or to request information about your loan account, please send us a written notice that contains (i) your name, (ii) your loan account number, and (iii) information concerning the error you believe has occurred or the information you are requesting about your loan. This written notice must be sent to the following address: SECU P.O. Box 2092, Glen Burnie, MD 21060.