HOME EQUITY LOANS
Owning your home has proven to be a great investment. Now is a great time to take advantage of it.
Opportunity is here in Montana with rising property values. Your home’s equity is a smart choice you can use to make purchases now, or invest for the future. In addition to making home improvements, a HELOC or Home Equity Loan gives you the financial power to do what you want with your money. It may be the perfect way to purchase a new vehicle or RV, go on that dream family vacation, or pay for the kids' college.
Using The Equity in Your Home
Borrow Against
Your Home’s Equity
Use Funds
How You Want
Competitive
Rates
Multiple Loan
Options
Easy Application
Process
Local Lending
Decisions
Home Equity Options
Home Equity Loan
A Home Equity Loan is similar to your mortgage in that it is based on the value of your home. It is ideal if you have a large, one-time expense, or if you want to consolidate debt and focus on paying it off. This loan product is a great way to plan for your goals because you know exactly how much you need.
Benefits:
- Borrow a specific, one-time dollar amount against the available equity in your home
- Make predictable, fixed-rate monthly payments
- Choose a loan term that works for you
Home Equity Line of Credit
A home equity line of credit (HELOC) lets you borrow funds when you need them, up to your available credit line. With this revolving line of credit, you can borrow, repay, and borrow again. Much like a credit card, the credit amount becomes available again as the outstanding balance is repaid. This can be useful if you’re planning a major project with multiple expenses or if you want ongoing access to funds for emergencies. HELOCs feature flexible repayment options.
Benefits:
- Variable Rate
- Flexible Terms
Do more with your home equity and RMCU
Reach out to one of our local lenders today and find out why our members love working with us. We’re here to help you get the most out of your home; and the best part is, we’re not a bank!
Home equity loans and lines of credit approvals are valid for 60 days from the credit report date.
The amount of your loan or line of credit is determined based on the amount of equity in the house and whether the Combined Loan to Value (CLTV) is over or under 80%
With an interest only HELOC, you pay only the monthly interest during the draw period. Once the draw period is complete, you begin to repay the principal. This can typically minimize the size of your monthly payments initially. However, the loan payments on an interest-only HELOC could increase significantly once the draw period ends and the repayment for principal begins.
Home Equity & Mortgage Team
Emmie Kleppelid
Real Estate Loan Officer
406.447.5336
Belgrade / Bozeman / Butte / Helena
ekleppelid@rmcu.net
nmls# 1512405
Kelly Topinka
Home Equity Loan Officer
406.582.6624
Belgrade / Bozeman / Butte / Helena
kelly.topinka@rmcu.net
nmls# 217148
Toni Lake
Senior Real Estate Loan Officer
406.447.1109
Belgrade / Bozeman / Butte / Helena
toni.lake@rmcu.net
nmls# 1744443