When you choose a Home Equity Loan from ECU, you will receive tremendous amount of flexibility. Use equity in your home to fund college or medical expenses, renovate your home, dream vacation, purchase a boat or RV, or consolidate high interest debt. No matter what your borrowing needs are, your home's equity can provide a low interest solution.

• Home Equity Loans are a great option for those who prefer a low, fixed rate and anticipated monthly payments. A Home Equity Loan is a smart way to finance a specific purchase.


• Home Equity Line of Credit, or HELOC, is the best for those who prefer the flexibility of an open-ended line of credit with a variable interest rate. As you make payments, the money becomes available again for other uses. It's a great option when you have ongoing borrowing needs.

HELOC's allow the borrowers to access their equity (limit) at their own discretion when they need it and the amount they need. a traditional home equity loan allows an advance only once every 12 months. Minimum advance on HELOC is $4,000.

*TX HELOC's have rules that limit advances when a borrower reaches 50% of value.

Example of a Typical Home Equity Loan

Origination Date: 4/1/2000

Amount Financed: $50,000.00
(The amount of credit provided to you or on your behalf.)

.Annual Percentage Rate: 8.9%
(The cost of your credit as a yearly rate.)

Finance Charge: $20,086.48
(The dollar amount the credit will cost you.)

Total of Payments $70,086.48
(The amount you will have paid after you have made all payments as scheduled.)

Your payment schedule

95 Payments of $730.10 Monthly beginning 5/1/2000
1 Payment of $726.98 on 4/1/2008