Fixed-Rate Home Equity Loans
- Loan amounts from $5,000 to $1,500,000
- Terms up to 20 years
- Borrow up to 95% of your home’s value
- Fixed monthly payments
- For the homeowner who needs a consistent and manageable monthly payment.
Home Equity Loans
If you have built up equity in your home, apply now to use that equity to get a loan for home improvements, school tuition, bill consolidation or even a vacation. American Heritage has a variety of Home Equity Loan programs to match your needs and financial status.
Gold Home Equity Line of Credit
- Credit line from $10,000 to $1,500,000
- Borrow up to 95% of your home’s value
- 5-year draw period
- Principal and interest payments (based on a variable rate)
- Minimum withdrawal amount is $1,000
- Enjoy the flexibility to use and repay available funds for a longer draw period.
Platinum Fixed-Rate Home Equity Line of Credit
- Unique Fixed-Rate HELOC
- Gain peace of mind with fixed monthly payments
- Borrow up to 95% of your home's value
- 3-Year Draw Period
- 5-Year, 10-Year, & 15-Year repayment options
- Variety of line of credit amounts starting at $5,000 to $1,500,000
- Payments Won’t Start Until the Line is Utilized
- Fixed monthly payments will help you budget better as you spend and repay funds.
Interest-Only Home Equity Line of Credit
- Credit line from $10,000 to $1,500,000
- Borrow up to 95% of your home’s value
- 3-year draw and interest-only period
- The lowest monthly payments (based on a variable rate)
- Low origination fee
- Minimum withdrawal amount is $1,000
- Only pay interest on the funds you use during the draw period and benefit from lower monthly payments.
Product Comparison Table
| PRODUCT TYPE | LOAN AMOUNT RANGE | DRAW PERIOD | TERM PERIOD | % BORROWED OF HOME VALUE | MINIMUM WITHDRAWAL AMOUNT |
|---|---|---|---|---|---|
| Fixed Rate Home Equity Loans | $5,000-$1,500,000 | n/a | up to 20 yrs | 95% | n/a |
| Gold Home Equity Line of Credit | $10,000-$1,500,000 | 5 yr | n/a | 95% | $1,000 |
| Platinum Fixed-Rate Home Equity Line of Credit | $5,000-$1,500,000 | 3yr | 5, 10, 15 yrs | 95% | n/a |
| Interest-Only Home Equity Line of Credit | $10,000-$1,500,000 | 3yr | n/a | 95% | $1,000 |
For a full list of Home Equity Loans terms and Annual Percentage Rates (APRs) please visit our Rates page here.
Learn
Learn
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For the seasoned homeowner, researching how to fund your next big project or life event can bring up a variety of complicated terms. Many of these terms are presented together, but they often work very differently from one another. In this article, we compare a Home Equity Line of Credit (HELOC) to refinancing your existing mortgage. To learn how each option works and when you would want to choose one over another, continue reading.
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Home Equity Loan vs. Home Equity Line of Credit (HELOC)
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In an effort to help our members better understand both options, our team is reviewing the differences between a home equity loan and a home equity line of credit — both of which are potential options for those wanting to borrow on their home equity.
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Whether you are a first time home buyer or just want to freshen up your current house, decorating a home can be exciting, inspiring, and often times, expensive. The good news is that if you plan ahead and follow some of our budget-friendly tips, you can continue to pinch your pennies and still turn your house into a Pinterest-worthy home.
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SAFE Act
In compliance with stipulations required under the SAFE Act, American Heritage Federal Credit Union, AMHFCU, is hereby listing the unique identifier information, also known as the NMLS#, for AMHFCU below:
AMHFCU | #433838
Bryan Eichenbaum | #1447517, Marylou Denzler | #449095, Paul M Fox | #449146, Angela D Poe-Mason | #449073, Amanda Michalczyk | #527975, Matt Lista | #449176, Nicole Zieminski | #925529, Daniel DiMartini | #1180834, Arlene Calamaya | #800200
*Annual percentage rates on these products are determined by an evaluation of applicant credit, collateral valuations, length of term and other considerations. Your rate may vary from the rate shown.
Annual Percentage Rate for the Gold Home Equity Line of Credit Rate is as low as 51 basis points below the highest prime rate as published in the Money Rates Section of the Wall Street Journal in effect on the last business day of each calendar month of each year. Rate cannot fall below 3.74% APR or exceed 14.99% APR. Minimum Payment Example: If you made only the minimum monthly payment and took no other credit advances it would take 10 years 1 month to pay off a credit advance of $10,000 at an Annual Percentage Rate of 3.74%. During that period, you would make 120 payments of $100.00 and one (1) final payment of $2.25. Maximum Rate and Payment Example: If you had an outstanding balance of $10,000, the minimum payment at the maximum Annual Percentage Rate of 14.99% would be $139.89. This annual percentage rate could be reached at the time of the 1st payment. Rates on these products are determined by an evaluation of applicant credit, collateral valuations, length of term and other considerations. Your rate may vary from the rate shown. Homeowners Insurance and Flood Insurance, if applicable is required. Closing costs may apply for certain non-owner-occupied properties and interest-only loans. Recording fees may apply in certain counties.
Annual Percentage Rate for the Interest Only Home Equity Line of Credit is as low as 25 basis points below the highest prime rate as published in the Money Rates Section of the Wall Street Journal in effect on the last business day of each calendar month of each year. Rate cannot fall below 3.99% APR or exceed 15.49% APR. There is an origination fee of $100. Minimum Rate and Payment Example: If you made only the minimum monthly payment and took no other credit advances it would take 7 years 7 months to pay off a credit advance of $10,000 at an Annual Percentage Rate of 3.99%. During that period, you would make 36 payments of $30.61 to $33.89, followed by 54 payments of $200.00 and one (1) final payment of $155.19.Maximum Rate and Payment Example: During the draw period, if you had an outstanding balance of $10,000, the minimum payment at the maximum Annual Percentage Rate of 15.49% would be $131.56. This Annual Percentage Rate could be reached at the time of the 1st payment. The Interest Only Home Equity Line of Credit has a term of 276 months and provides for the payment of interest only for the first 36 months of the term and payments of principal and interest for the remaining 240 months of the term. During the interest only period, principal is not reduced and your payment may vary monthly depending on the number of days in the month. At the end of this period, your monthly payment will increase, possibly substantially, because you will be required to pay down the outstanding principal. The minimum payment during the remaining 240 months is $200.00. Always consider paying more than the minimum payment to pay down the principal. Rates on these products are determined by an evaluation of applicant credit, collateral valuations, length of term and other considerations. Your rate may vary from the rate shown. Homeowners Insurance and Flood Insurance, if applicable is required.
LTV = Loan to Value
DP = Drawing Period; A = Amortization