Home Equity

Home Equity

Your Legacy Federal Credit Union has two home equity products available: a Home Equity Loan and a Home Equity Line of Credit.

We will help you determine the current market value of your home and then compare it to the outstanding principal on your loan, if you still owe on your mortgage. Whatever is left, you may be able to borrow against with one of the two home equity products. A Home Equity Loan is a fixed-rate, closed-end loan that is disbursed to you in one lump sum. A Home Equity Line of Credit is an open-end, revolving loan that you can use as you need it (much like a personal line of credit or a credit card).

How do I access my Home Equity Line of Credit?
There are 3 ways to access your Home Equity Line of Credit:

  1. We'll give you checks to write for stuff you need and the money will come from your Home Equity Line.
  2. You may access the line via our Online Banking to transfer to another account.
  3. Or you can visit one of our friendly tellers to withdraw from the loan in person.

What can I use this for again?

  • Home repairs or improvements
  • Debt consolidation
  • College funding
  • Big wedding
  • Once-in-a-lifetime vacation
  • Motorcycle, RV or boat
  • Classic car
  • Any big purchase where you might need a great rate and possible tax deductibility*


Your Legacy Federal Credit Union’s Home Equity Line of Credit includes a variable interest rate and a small set-up fee. Some lenders’ home equity line of credit product includes an annual fee. Ours does not.

Convenient electronic forms of repayment are available with either loan product.

*The interest on this loan may be tax deductible. Consult your tax advisor for deductibility of interest.

Please call or contact us to further explore the benefits of a home equity loan or line of credit. Both provide opportunity to put money back in your pocket in the form of interest savings and lesser fees.

Home Equity Line of Credit: Variable Rate up to 80% Loan to Value 4.25% Annual Percentage Rate, 81%-90% Loan to Value 5.25 Annual Percentage Rate, No Closing Costs!

Home Equity 2nd Mortgage: Fixed Rate up to 85% Loan to Value 0-5 Years 3.99% Annual Percentage Rate, 6-10 Years 5.49% Annual Percentage Rate, 11-15 Years Annual Percentage Rate, Plus Closing Costs.

Rates Effective 11/7/17

Home Equity Disclosure