Converting Equity to Cash

Converting Your Home's Equity into Cash

A home will most likely be your largest investment. In today's market, can you convert your home's equity into cash?

How to Calculate Your Home's Equity

As a homeowner, it is important to understand how to calculate your home's equity.

  • How much will your home appraise for?

  You can use sites like Zillow for a quick estimate

  • How much do you owe on your 1st Mortgage?

Appraisal Value - Mortgage Balance = Home Equity

What Can You Use a Home Equity Loan for?

While you can use a Home Equity Loan for whatever you'd like, most people use it for:

  • Home Improvements
  • Debt Consolidation
  • College Tuition

Home Equity Loan Options

There are two types of Home Equity Loans offered at Rogue Credit Union.

  • Home Equity Line of Credit
  • Single Advance Home Equity Loan

Home Equity Line of Credit or HELOC, is similar to a credit card, where a borrower has an available line of credit that they can withdraw funds from. These loans typically have a variable interest rate.

With a Single Advance Home Equity Loan, homeowners get a lump sum of funds to use. These loans typically have a fixed interest rate.

Rogue Credit Union offers Home Equity Loans at up to 95% of your home's appraised value.

If you're interested in capitalizing on your home's value with a Home Equity Loan, apply online or stop by a branch today!