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Closure for New Year’s Day

Please be advised that our offices will be closed on Wednesday, January 1^st in observance of New Year’s Day.

We will reopen on Thursday, January 2^nd with regular business hours 618-457-3595.

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Home Equity Loan

Use the value in your home

Apply for a Home Equity Loan today. No application fee needed.

Apply Now

Available in these Regions

GET IN TOUCH

Debt consolidation, remodeling, and more

A Home Equity Loan provides you with a lump sum of cash you can use to remodel your home (and increase its value) or for another expense. Since this secured loan comes with a low rate, you might also consider using it to consolidate debt or make an investment. In addition, getting this loan through OAS FCU guarantees excellent service from our experienced loan officers

Low, fixed rate loans with generous repayment terms up to 30 years
Borrow up to 80% of your home’s equity
No prepayment penalties
Loan interest may be tax-deductible (check with your tax adviser)

Rates Important Information Questions

Use the value in your home

Apply for a Home Equity Loan today. No application fee needed.

Apply Now

Interested in buying a home? While the process can seem overwhelming, we make it all manageable with a variety of loans at extremely competitive rates.

Home Equity Line of Credit

A Home Equity Line of Credit (sometimes called a HELOC) is the loan that has it all.

Rates

Home Equity Line of Credit

Interest Rate*	Term
4.75% - 9.75%	Up to 15 years

* This is a variable rate and subject to change any time; an increase in rate might affect your payment amount. OAS FCU lists rate ranges that are applied during loan evaluation. Based on the results of your credit evaluation and the analysis of your repayment ability, your rate will be within this range, you might be approved for a smaller loan than you requested, and/or certain other conditions may apply; your loan might also be denied. The maximum annual percentage rate of a Home Equity Line of credit is 18%.

FAQs

There can be many benefits to using the equity in your home to borrow money, some of which may include:
- Potential tax benefits: Home equity and mortgage interest payments are often tax-deductible. Consult your tax advisor whether this will be the case for your loan, and for other information.
- Lower monthly payments: Interest rates on home equity financing are typically lower than on credit cards or other personal loans, which could mean lower monthly payments for you.
Yes. Closing fees on a home equity loan are similar to standard mortgage fees (3% to 5%). You will also have to pay an appraisal fee to determine the current value of the home. This valuation will determine the amount you can borrow.
Getting a home equity loan is much like getting a first mortgage; you need to be approved based on the amount of equity in your home and your credit-worthiness. Our loan officers will be happy to analyze your case and give you the best advice.
Terms vary, but you can borrow up to 80 percent of your home's current equity (or current market value of your home minus the principal amount owed on your first mortgage, plus any other liens). A current appraisal is required to determine the amount of equity you have in your home, and in turn, how much you can borrow.
Also known as second trust or second mortgage, is a loan that uses the equity you have in your home as collateral. The entire loan amount is given to you in a lump sum and you make fixed monthly payments, just like your regular mortgage.

Important Information about our Home Equity Loans

OAS FCU dos not lend on:

Mobile homes
Co-ops or time-shares
Properties that are currently listed on the market for sale (except special Bridge Loans)
Commercial property or property used for commercial purposes, even if a residence is part of the property
Undeveloped property (land only)
Properties with more than 4 units
Properties that are currently under major construction/renovations. Property must be fully livable, with no safety issues. (Examples: no missing rails from stairs/decks, no open walls with wires showing, missing kitchen appliances/counters, missing bath fixtures or unfinished pool).

The minimum Second Trust Home Equity Loan amount is $125,000. The maximum amount of a Home Equity Loan Closed-end (Second Trust) from OAS FCU is 80% of the home´s equity; equity is defined as the value of the property, minus the outstanding balance(s) of any existing loans secured by the same property. Some exceptions might be made to this rule under special circumstances.

The applicant will pay the costs associated with the Home Equity Second Trust Loan which include: one discount point (1% of the loan amount), credit report, flood certification, settlement/closing, property ownership and encumbrances search, property search, and recording. OAS FCU will attempt to establish value of the property through an independent method. However, if an appraisal is required, that cost will be paid by the applicant(s). Property insurance is required for this loan.

OAS FCU will consider all Home Equity Loan Closed-end (Second Trust) applications for members on their primary residency properties located in the continental US, except Texas and Alaska. Interest paid on Second Trust Loan a may be tax deductible; consult a tax advisor for further information regarding the tax deductibility of interest and charges.

Special (Balloon) Equity Loan: this is a fixed rate loan. The rate will depend on your property type, type of occupancy, Combined Loan to Value (CLTV), credit history and repayment ability. Other terms and conditions apply; contact our Lending Department to obtain information.

We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.