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 / Loans / Home Loans / Home Equity Loan
 

Home Equity Loan

Low Fixed Loan Rates

Improve Your Home, Consolidate Debt or Even Further Your Education

Delta Community Credit Union’s Home Equity Loan is considered a traditional second mortgage. It’s a loan that is secured by your home and uses it as collateral.

What Is a Home Equity Loan?

A Home Equity Loan is a fixed rate loan that is secured by your home and enables you to use a portion of your equity through a single payout. It's a great option for homeowners who have enough equity established in their home to tap into for expenses such as home improvements, bill consolidation or even to purchase new furniture.

Several Home Equity Loan Options

  • Home Equity Fixed – 5 Year
  • Home Equity Fixed – 10 Year
  • Home Equity Fixed – 15 Year

Credit Union Home Equity Loan Benefits

  • Fixed home equity loan rates
  • Quick access to funds
  • Available for primary and secondary residences
  • No prepayment penalty

Who is this product right for?

Someone who is interested in using the equity in their home for a specific project and would like fixed payments for the life of the loan.

Home Equity Line of Credit

If you’re exploring lending options using the equity in your home, you may also want to check out our Home Equity Line of Credit. Once you understand the similarities and differences of Home Equity Loans and Lines, you’ll be able to decide which is best for you.

Find the Best Home Equity Loan That Fits Your Needs

Want to remodel your kitchen? Finance a college education? Consolidate debt? Whatever your goals may be, Delta Community Credit Union’s Home Equity Loans is here to get you there.

View Our Home Equity Loan Rates and More:

Who is this product right for?

Someone who is interested in using the equity in their home for a specific project and would like fixed payments for the life of the loan.

Related Articles

  • What is a Home Equity Line of Credit (HELOC)
  • What is a Home Equity Line of Credit?
    A Home Equity Line of Credit is a revolving line of credit secured by the equity in your home. This loan allows you to have a line of credit based on the equity in your property. Advances of credit may be used for whatever you desire.

    Delta Community CU offers first and second mortgages in the following states:

    • Alabama
    • California
    • District of Columbia (DC)
    • Florida
    • Georgia
    • Indiana
    • Kentucky
    • Maryland
    • Minnesota
    • New York
    • North Carolina
    • Ohio
    • South Carolina
    • Tennessee
    • Texas
    • Utah
    • Virginia
    *Delta Community CU may approve loans greater than $250,000.




  • Joint owner apply for home equity loan
  • Can a joint owner on a 1st Mortgage apply for a Home Equity Loan? If so, does the joint owner on the 1st Mortgage already need to be a member with Delta Community CU? In order for the joint property owner to be able to apply for a Home Equity Loan, they will have to be on the Mortgage Deed and they have to be a member of Delta Community CU with their own Primary Savings Account. All property owners are required to sign closing documents.

  • Adding person to Home Equity Loan without being a joint owner
  • Can the person who is on a deed be included on the Home Equity Loan without becoming a joint owner?

    Yes, a person on a deed can be included on the Home Equity Loan without becoming a joint owner on the member's account.

  • Adding on to Home Equity Loan
  • How can I add additional funds to my existing Home Equity Loan? To apply for an increase and add more money to your existing Home Equity Loan, you may apply online. For additional information about Home Equity loans, click here. You may always submit your questions online by sending a secure message from your Secure Email within Online Banking located under Alerts and Notifications or call 1-800-544-3328 or 404-715-4725.





  • FAQs about Applying for a Mortgage
  • 1. In what states does Delta Community CU offer mortgage loans?
    We offer first and second mortgages in the following states:


    Alabama Indiana North Carolina Utah
    California Kentucky
    Ohio Virginia
    District of Columbia Maryland South Carolina
    Florida Minnesota Tennessee
    Georgia New York Texas

    To apply for a mortgage in another state locate a credit union in your state at www.creditunionsonline.com.

    2. On what properties does Delta Community CU offer mortgage loans?
    We offer both first (purchase or refinance) and second (home equity) mortgages on the following properties:

    • Single family residence
    • Duplex/multi-unit building
    • Planned Unit Development (PUD) - subvision
    • Condominium
    • Townhouse

    The occupancy types are:
    • Primary residence
    • Second or vacation home
    • Investment Properties

    3. What types of mortgage loans are not offered at Delta Community CU?
    We do not currently offer FHA loans, construction loans, VA loans or "rehab" loans.


    4. What types of structures will Delta Community Credit Union finance with a mortgage loan? Loans are available on the following types of structures:

    • Single family residences
    • Duplex/Multi unit buildings
    • Planned Unit Developments (PUD) subdivisions
    • Condominiums
    • Townhomes
    • Land/Lot for future building of residence

    We do not offer mortgage loans on mobile homes.


    5. What type of first mortgage products does Delta Community CU offer?
    We offer the following types of first mortgages:

    Fixed Rate Mortgages-

    • 10-15-20 or 30 year terms with or without origination fee
    • Land/Lot Loans 5 and 10 year terms

    Adjustable Rate Mortgages

    • 3/1 year term ARM
    • 5/1 year term with or without origination fee ARM
    • 7/1 year term with or without origination fee ARM
    • 10/1 ARM
    • 3/1 Helper ARM
    • First Time Homebuyer 5/1 ARM

    First Time Home buyer Mortgages- No Origination Fee

    • 15, 20, 30 year terms
    • 5/1 ARM
    • 7/1 ARM
    • 10/1 ARM

    Jumbo loans

    • For properties over $417,000

    6. What type of second mortgage products does Delta Community CU offer? We offer the following types of second mortgages:

    Home Equity Fixed Rate

    • 5 10 or 15 year terms

    Home Equity Line of Credit (Not available in Texas due to state laws)

    Purchase Money Second Mortgages (first mortgage must be with Delta Community CU)

    • 5-10-15 year terms


    7. Where can I determine what my monthly payment and closing costs would be on a mortgage loan?

    Estimated monthly payment and closing costs for a first or second mortgage can be found by using our online Loan Consultant. Click here.

    8. On what day of the month is my first mortgage payment due?
    First mortgage payments are due on the 1st of every month. They are not considered late until after the 15th.

    9. How do I lock the interest rate on my application in process?
    You may lock in an interest rate with an online mortgage loan application or you may contact your Home Loan Specialist. If you do not know the Home Loan Specialist who has been assigned to your loan, click here for our Home Loan Specialists contact information.
    10. When will an appraisal be completed on my home and how much are the appraisal fees?
    Once an appraisal is ordered by Delta Community CU, the appraiser will call to make an appointment to appraise your home.
    Appraisal fees vary depending on the type of appraisal request and the size of the property to be appraised. Contact you Home Loan Specialist for further details. Click here for our Home Loan Specialists contact information.


    11. If I previously applied for a home loan. can I use the same Login ID and Password when applying for another loan?

    Each new mortgage loan application requires its own Login ID and Password

    12. I cannot remember the Login ID and Password to sign into my mortgage loan in progress.

    If you have forgotten your Login ID or Password, contact your Home Loan Specialist. If you do not know the Home Loan Specialist who has been assigned to your loan, any Home Loan Specialist can assist you. Click here for our Home Loan Specialists' contact information.

    13. I just submitted an application and would like to add or remove my spouse as a borrower.
    The Home Loan Specialist assigned to your pending mortgage loan would have to make any changes to the application. Click here for our Home Loan Specialists contact information.

    14. Do I receive a lower interest rate if I enter my mortgage application online?
    Online applications for mortgages do not receive a lower interest rate.

    15. How do I obtain a pre-approval letter?
    When you are pre-approved, you can log into your pending application online and print a pre-approval letter.



    16. I have applied for a mortgage loan and received my initial disclosures, but I have questions. Who should I contact?
    The Home Loan Specialist assigned to your loan application can answer questions about your initial disclosures. Click here for our Home Loan Specialists contact information.


    17. Are appraisal fees refundable if I do not qualify for the loan or wish to withdraw my application?
    Appraisal fees are not refundable.

    18. Do you offer a First-Time Home-Buyer program?
    Delta Community CU offers a First-Time Homebuyers loan product. Contact one of our Home Loan Specialists for details. Click here for a list of Home Loan Specialists and their locations.

    19. What is the minimum score needed to be considered for a for a mortgage loan? The minimum credit score differs depending on the loan product you choose and the loan to value (LTV) ratio.



    20. What is the contact information for the Real Estate Services?

    Mailing Address:

    Real Estate Services

    P.O. Box 3289

    Peachtree City, GA 30269


    Physical Address:

    Real Estate Services

    315 North Highway 74

    Peachtree City, GA 30269

    FAX Number: (770)-632-8829 - Servicing

    To contact our Home Loan Specialists by email click here.

    21. Does Delta Community CU sell my information to other companies after I close my mortgage for solicitations? It is the policy of Delta Community Credit Union to hold member information in confidence, subject to applicable legal requirements. It is the policy of Delta Community Credit Union not to sell member information for use by non-affiliated third parties. When you close on a mortgage, documents are required to record the transfer of ownership of a property. Since this is a matter of public record some third parties will scan such recordings, and use your name and address, along with Delta Community CU as the lien holder to send solicitations to you.


    22. Do I have to be a member of the credit union to apply for a mortgage loan? You do not have to be a member to make an application for a mortgage loan, but you must become a member prior to the closing of your loan.





Apply Now for Your Home Equity Loan

Apply for a Home Equity Loan and you might even receive an instant approval based on your credit report.

Have Home Financing or Other Mortgage Questions?

Contact us at 1-800-544-3328 to speak to one of our Home Loan Specialists that is closest to you. We look forward to speaking with you soon.

 

Who is this product right for?

Someone who is interested in using the equity in their home for a specific project and would like fixed payments for the life of the loan.


Important Notice: You are accessing a secure site with confidential information which is restricted to authorized persons only. Unauthorized access or use is not permitted and constitutes a crime punishable by law. Violators will be prosecuted to the fullest extent of the law.
1-800-544-3328