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Home Equity Loan

Ideal for a major one-time expense.

Home Equity Loan

Ideal for a major one-time expense.

A home equity loan from Sandia Area can give you low fixed rates and affordable payments.

  • Immediate cash for large purchases
  • Low fixed rate
  • No closing costs up to $150,0001
  • Rates as low as 3.99% APR2 Fixed
  • Interest is usually tax deductible3

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As a homeowner, you can turn the equity in your home into cash when you need to eliminate credit card debt, remodel the kitchen, buy a car or take care of other financial obligations. Upon acceptance, you receive a lump sum of money to use for these projects or debt payments. The loan is repayable over a fixed term. A home equity loan gives you a secure locked-in rate and a consistent monthly payment. The interest may even be tax deductible.3 Then, you can use your funds for things like:

  • Debt consolidation
  • Refinance a home equity loan from another institution
  • Buying a car
  • Other expenses - expected or unexpected.

 

 


All loans subject to qualification and require Sandia Area membership. New Sandia Area loans only. Annual Percentage Rates may change at any time without notice.

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 1.00% origination cost plus 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. New Sandia Area loans only. Your home determines your maximum loan amount and is used to secure your home equity loan (or second mortgage).

2 Rates are accurate as of 8/18/16 and 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, so your rate may differ. Closed End Home Equity Loan is a fixed rate at 3.99% up to 85% LTV for 120 months and $200,000. Max LTV is 85%. 1st Lien Mortgage Equity Loans may not exceed 85% LTV. 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 1.00% origination cost plus 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. Home Equity Loan example: monthly payment of $203 on a $20,000 loan for 120 months at 3.99% APR with an owner occupied property.

3 Consult your tax advisor about deducting the interest you pay from your taxes.

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505-292-6343 ext 5
800-228-4031 ext 5


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