Competitive Omaha Home Equity Loan Rates from a Trusted Lender
Work with us to get approved now for your home equity loan from an Omaha lender you can trust. Get the most competitive rates that will give you peace of mind for the future. Our experienced loan officers will help you determine which product is best for you. Find out how quickly you can get approved today.
About our Omaha Home Equity Loans & Lines of Credit
How Home Equity Loans Work
A home equity loan is a way to obtain money using your home as collateral. Essentially, it's a second mortgage on your home that gives you a lump sum of money to use for things like home renovations, emergency expenses, and more. Since you're using your home as collateral, you're able to receive low fixed rates.
Advantages of Home Equity Fixed-Rate Loans
- Lower interest rates than other common loan options
- Fixed rates with predictable payments
- One of the best loan options for large sums of money
- Great for large projects that you'll complete at once (such as a bathroom renovation)
How Home Equity Line of Credit Work (HELOC)
A HELOC is similar to home equity loans in most ways, except you're not receiving a lump sum, nor is it a fixed rate. Instead of getting a loan for a specific amount, you get approved for an amount you can borrow on an as-needed basis. You can pay off what you've borrowed, and then borrow again, making a HELOC a very flexible loan option.
Advantages of HELOC
- Borrow when you need it
- Pay off your current balance at any time and borrow again
- Flexiblity in how the funds are used
- Great for homes that need ongoing repairs
Home Equity Line of Credit
Our Omaha Home Equity Line of Credit, or HELOC, is a line of credit using the equity in your primary residence. The rate is variable and based on Wall Street Journal Prime Rate plus a margin of 1% - 2.5%. The APR can change every January and July. The draw period is five (5) years and the maximum repayment term is ten (10) years.
|Combined Loan to Value (LTV)||Line Amount||Annual Percentage Rate (APR*)|
Variable Rate – minimum Annual Percentage Rate (APR) is 4.50%. Maximum APR is 18.00%. The HELOC APR may vary after consummation & adjusts every January 1 and July 1. The APR is based on the Wall Street Journal Prime Rate plus a margin of 1 – 2.50%. Draw period is 5 years. Repayment period is 10 years. Appraisal will be required. Property insurance is required. Consult your tax advisor for deductibility of interest. Subject to credit approval. Other restrictions may apply. Payment example: $20,000 for 10 years at 4.50% APR, monthly payments would be approximately $207.32.
This product is a fixed term and a fixed rate using the equity in your primary residence.
|Combined Loan to Value (LTV)||Term||APR as low as*||Approx Loan Payment**|
|80% LTV||60 months||3.99% APR||$368.23|
|80% LTV||120 months||4.99% APR||$212.04|
|80% LTV||180 months||5.49% APR||$163.33|
|90% LTV||60 months||4.99% APR||$377.32|
|90% LTV||120 months||5.49% APR||$216.96|
|90% LTV||180 months||5.99% APR||$168.69|
Appraisal will be required. Property insurance is required. Consult your tax advisor for deductibility of interest. Subject to credit approval. Other restrictions may apply. Take 0.50% off the stated rates for having a Kellogg Midwest FCU (KMFCU) checking account, direct deposit and automatic loan payments from a KCU account.
*APR = Annual Percentage Rate.Other restrictions may apply. Based on credit worthiness.
** Loan payment estimates based on a $20,000 loan.
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