Ready to get started on a remodel? Or, maybe you want to consolidate some bills. You may be surprised by how much equity your home has accrued over a short time. Sound can help you turn your home into a resource that works for you. We have three fixed rate equity loan solutions that may be right for you:
| Example Payments | |
| Amount Used | Monthly Payment |
| $20,000 | $116 |
| $40,000 | $232 |
| $60,000 | $348 |
We also have variable rate Home Equity Lines of Credit available.
Borrow from your
home's equity** and
turn it into that new kitchen, that family vacation, or anything
else you've been dreaming about. One of the best parts is that
your interest costs are usually
tax-deductible.***
Ready? Applying is easy. Choose the option that works best for you.
Soon your home will be working for you!
Home Equity |
Term |
APR♦ Range |
Fixed Home Equity |
||
Up to 80% LTV |
Maximum 5 Years |
4.99% - 6.74% |
Up to 80% LTV |
Maximum 10 Years |
5.49% - 7.24% |
Up to 80% LTV |
Maximum 15 Years |
5.99% - 7.74% |
80% - 90% LTV |
Maximum 5 Years |
6.24% - 6.99% |
80% - 90% LTV |
Maximum 10 Years |
6.74% - 7.49% |
80% - 90% LTV |
Maximum 15 Years |
7.24% - 7.99% |
30/7 Home Equity Loan |
||
Up to 80% LTV |
Max. 7 years, (payments amortized over 30 years) |
5.69% - 7.44% |
| Even though payments are amortized over 30 years the loan's
term is 7 years. After 7 years you can simply rewrite the loan with Sound (or another
lending institution) or pay the loan off in full. |
||
* This loan has a balloon payment feature, and the minimum monthly payments will not pay the loan in full by the maturity date. At the maturity date, a member will have to pay the entire outstanding balance from their own resources, or by taking a loan with either Sound Credit Union or another lending institution. Homeowners insurance required. A $295 early closure fee is applied when the loan is closed within the first 36 months. Subject to credit approval. Your rate and credit limit will be determined based on individual credit worthiness including income, debt ratio, employment and equity in your home. Must be a Sound Credit Union member to participate. Membership at Sound Credit Union requires a savings account with a minimum balance of $25. Equity in your home is based on tax assessed value or appraised value. Example payments based upon a 5.69% Annual Percentage Rate. Rates subject to change without notice.
**Up to 90% of appraised value for Fixed Home Equity and 30/7 Home Equity; and up to 90% for Home Equity Lines of Credt
***Consult your tax advisor.