CorePlus Credit Union logo
Search Menu

Learn how to qualify, apply, and use CorePlus Equity Builder loans to your advantage.

Equity Builder Loans: Boost Your Home Equity and Build Financial Freedom

There are many benefits to Equity Builder Loans, including:

  • Increased home equity
  • Improved financial security
  • Tax benefits

How Equity Builder Loans Work

Equity Builder Loans are a type of loan that can help you increase the equity in your home. This can be a great way to build wealth and improve your financial security. Equity Builder Loans are available to borrowers with a variety of credit scores and income levels, making them a good option for many homeowners.

Equity Builder Loans are typically second mortgages, meaning that they are subordinate to your first mortgage. This means that the lender will foreclose on your home if you default on your first mortgage, even if you are still making payments on your Equity Builder Loan. However, Equity Builder Loans typically have lower interest rates and fees than first mortgages, making them a more affordable option for many borrowers.

Benefits of Equity Builder Loans

There are many benefits to Equity Builder Loans, including:

  • Increased home equity: Equity is the difference between the value of your home and the amount you owe on your mortgage. By taking out an Equity Builder Loan, you can increase the equity in your home and build wealth.
  • Improved financial security: Home equity is a valuable asset that can be used to secure loans or lines of credit, or to pay for unexpected expenses. By increasing your home equity, you can improve your financial security and peace of mind.
  • Tax benefits: Interest paid on Equity Builder Loans may be tax-deductible, which can save you money on your taxes.

How to Qualify for an Equity Builder Loan

To qualify for an Equity Builder Loan, you will typically need to meet the following requirements:

  • Pay a $500 upfront appraisal fee
  • Have at least 10% equity in your home
  • Maximum loan amount of $75,000

How to Apply for an Equity Builder Loan

Click here to apply for a CorePlus Equity Builder Loan. You will need to provide information about your income, debts, and assets. We will then review your application and contact you as we work to approve you for a loan.

How to Use Equity Builder Loans

Equity Builder Loans can be used for a variety of purposes, including:

  • Down payment on a new home
  • Home improvements
  • Consolidation of high-interest debt
  • Education expenses
  • Medical expenses
  • Business expenses

This loan requires a $500 upfront appraisal fee, with no other fees or costs, it can be in either first or second lien position. This product allows for funds to be taken out for renovation projects that will be completed by licensed contractors, allowing for up to 90% LTV of the property’s after improved value. Funds will be held by the credit union and disbursed directly to contractors as needed, final completion of work will be verified prior to the final disbursement of funds. Further qualifications include the requirement of the borrower to have at least 10% existing equity in the property, prior to the renovations. Limited to 1-4 unit, owner occupied homes not listed for sale, residentially zoned properties located in Connecticut or Rhode Island, with a maximum loan amount of $75,000. Rates listed above are for 800 minimum credit score.

Home Equity Builder

  • Increased home equity
  • Improved financial security
  • Tax benefits

Rapid Refi Mortgage

  • Low Fixed Rates
  • Flexible Terms
  • Low Closing Costs

Rapid Reno Refi

  • Flexible Terms of 10 to 20 Years
  • Borrow up to 80% of Your Home’s “After Improved” Value
  • Low Fixed Rates
  • Low Closing Costs
July 21st, 2024

Current Rates

Checking As high as 4.00 % APY

Savings As high as 4.00 % APY

Share Certificates As high as 5.00 % APY

Personal Loans As low as 7.99 % APR

Vehicle Loans As low as 6.99 % APR

Home Equity Loans As low as 6.25 % APR