Home Equity Line of Credit

Access cash when you need it and get the flexibility to use funds over time.

Home values in New Mexico have increased by more than 40% over the past five years.* As a homeowner, you can leverage the equity in your home into a low-rate Home Equity Line of Credit from Sandia Area! Interest rates on a home equity credit line are typically lower than a standard credit card.

• Cash for any reason
• Ongoing access to available credit
• No closing costs up to $150,000¹
• Rates as low as 9.00% APR²

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What is a Home Equity Line of Credit?

The Sandia Area Home Equity Line of Credit is much like a credit card or any other type of open-ended credit. You can borrow money as needed, up to the credit limit, for a period of five years.

Your Home Equity Line of Credit is perfect for ongoing expenses and can be used for things like:

• Home renovations
• Educational costs
• Start-up business expenditures
• Medical expenses
• Unexpected expenses

Forms Required

• Copy of Original Warranty Deed
  • This is the document that proves you own your home/property. You will find this with your property records, likely in a Title Company Folder that was provided to you when you closed on your home purchase.
• Copy of Original Owner's Title Insurance Policy
  • This is an insurance policy you received when you purchased your home/property that protects you against loss resulting from a defect in the Title. You will find this with your property records, likely in a Title Company Folder that was provided to you when you closed on your home/propert purchase.
• Copy of Homeowner's Insurance Policy or Declaration Page
  • This is a type of property insurance that protects your interest in losses thay may occur in respect to your home (fire, theft of contents, etc). Your insurance agent will be able to provide you with a copy of your policy. The declarations page shows limits of coverage for various categories.
• Verification of Income
  • Regulations governing real estate lending make it necessary for us to obtain verification of income. Please provide us with your last two pay statements. If you are self-employed, please provide us with your last two years of signed tax returns.

*According to https://www.zillow.com/nm/home-values/. Loans and terms subject to credit approval. 1. Closing costs associated with this product are waived for loans up to $150,000 in Greater Albuquerque and surrounding area on their primary residences with clean title history. Loans over $150,000 or outside of Greater Albuquerque and surrounding area are subject to cost of property appraisal, flood certification, recording fees, and title insurance, which generally range from $1,467 to $1,600. Borrower is responsible for homeowners insurance and, if required, flood insurance. 2. Annual Percentage Rate (APR) effective as of 12/16/2022. Rates are subject to change without notice. New Sandia Area loans only. Annual Percentage Rate (APR) on approved credit. Rates are based on an evaluation of credit history and lien position. "As low as" rate assumes excellent credit history. Your rate may differ.