You’ve put a lot into your home.

Get a little more out of it with a Home Equity Loan.

Choose the loan that’s right for you.

Remodel your kitchen. Build an addition. Or consolidate your debt. These loans offer competitive rates and a chance to achieve whatever goals you have in mind.

Home Equity Loan

  • Fixed rate and payment for term of loan
  • Terms up to 240 months. 240 months requires first lien position.
  • Maximum loan amount is computed at 85% of appraised value
  • Appraisal required

Download Our Home Equity Checklist

Terms Maximum Amount** Rate APR*
60 Months 85% of Appraised Value 6.500%* 6.500%*
84 Months 85% of Appraised Value 6.625%* 6.625%*
120 Months 85% of Appraised Value 6.875%* 6.875%*
180 Months 85% of Appraised Value 7.125% 7.125%
240 Months 85% of Appraised Value 7.375% 7.375%
Rates Effective January 10, 2024

*Rate requires $10,000 new money borrowed and auto pay from a cfsbank Checking Account for 60, 84 and 120 months term only.
**Maximum loan amount not to exceed 85% of appraised value only when cfsbank is the senior lien. Maximum loan amount not to exceed 80% of appraised value when another lender is the senior lien.

Above APR assumes a $100,000 loan amount for term stated. Monthly payment example: 240 monthly payments of $7.98 per $1,000 borrowed at 7.375% Interest Rate with a corresponding 7.375% APR. The above payment example does not include payment for taxes and property insurance and the actual payment obligation will be greater. Other rates and terms available.

  • Interest may be tax deductible, please consult your tax advisor.
  • Rates subject to change without notice.

Preferred Home Equity Line of Credit

  • Access to the Line of Credit is as easy as writing a check
  • Competitive variable interest rate
  • Appraisal required

 

Home Equity
Term Minimum Amount Maximum Amount** Rate APR*
240 Months $10,000 85% of Appraised Value 8.50% 8.50%
Rates Effective January 10, 2024

*  Annual Percentage Rate
** Maximum loan amount not to exceed 85% of appraised value only when cfsbank is the senior lien. Maximum loan amount not to exceed 80% of appraised value when another lender is the senior lien.

Monthly Payment Example: If you made only the minimum monthly payment and took no other credit advances, it would take 20 years to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 8.24%. During the draw period, you would make 120 monthly payments of $68.67. During the repayment period, you would make 119 monthly payments of $122.60, followed by a final payment of the entire balance of principal and interest. This payment example does not include the amount of taxes, insurance, etc. (escrow account).

  • Preferred Home Equity Line of Credit (HELOC) ANNUAL PERCENTAGE RATE (APR) assumes a $10,000 loan amount. This is an open-end variable rate loan based on Prime Rate as published in the Wall Street Journal (WSJ Prime Rate) on the last business day of the month. As of 07/27/2023, the WSJ Prime Rate is 8.5%.  The current ANNUAL PERECENTAGE RATE for a Preferred HELOC is WSJ Prime Rate less 0.26% or 8.24%. This is a variable rate loan and the interest rate/APR may increase. Monthly payments vary based on account balance, interest rate/APR and minimum payment requirements.
  • Minimum APR is 2.99% (floor) and Maximum APR is 18.00% (ceiling).
  • Minimum loan amount is $10,000 and maximum loan amount is $150,000.
  • Interest may be tax deductible, please consult your tax advisor.
  • Annual Maintenance Fee of $50.00.
  • Rates subject to change without notice.