HOME EQUITY LOANS AND LINES OF CREDIT

Benton County Schools CU offers Closed-end Home Equity Loans and Home Equity Lines of Credit (HELOC). Using the equity in your home is a great way to finance home improvements, education expenses, or even vacations. In many cases the interest paid is tax deductible (consult a tax advisor to be sure).

General Policy Information:

Loan Value:80% of Real Market Value from most recent Property Tax Statement.
OR
85% of Independent Appraised Value by a credit union approved appraiser

Documents required from member to begin processing
Application
Most recent Property Tax Statement
W2’s or current pay stubs (last 2yrs tax returns if self
Employed)
First Mortgage Balance Statement (if applicable)
Homeowners Insurance Policy

FEES AND CHARGES:
You must pay certain fees to third parties to open a Home Equity or HELOC plan. These fees generally total between $0.00 and $1,000.00. If you ask, we will provide you with an itemization of the fees you will have to pay third parties. There are no transaction fees to use the HELOC account, annual fees to keep it open, or any other fee associated with the use of this account. BCSCU does not charge loan origination or application fees.