Frequently Asked Questions

What is “equity”?

Equity is the difference between the appraised value of your home and what you still owe on your mortgage. Equity is the part of your home’s value that belongs to you, not your lender, because you paid for it. You can borrow against this equity in your home and use the money for whatever purpose you choose — improve your home, buy a vehicle, pay college tuition, consolidate other loans, or take a vacation.

Home Equity Loan vs. Personal Loan

With a home equity loan, your home serves as the collateral. With a home equity, you may be able to deduct the interest you pay from your taxable income. Consult with your tax advisor concerning the deductibility of interest. These are benefits you do not get with a personal loan.

How much can I borrow?

You can get a WCTFCU home equity loan for as little as $5,000. Contact us to determine the maximum amount of equity against which you may borrow.

How is the interest rate determined?

The rate is fixed and fully disclosed at the time you take the loan.