UTFCU’s Home Equity Loan is considered a traditional first or second lien mortgage and is desirable if you need a one-time specific amount of money. It's a great option for homeowners who have enough equity established in their home to tap into for expenses such as home improvements, bill consolidation or even to purchase new furniture.
What Is a Fixed-Rate Home Equity Loan?
A Fixed-Rate Home Equity Loan is a second mortgage with a fixed rate, which means that your monthly payments will not change over the life of the loan. As opposed to a Home Equity Line of Credit, a Home Equity Loan will give you a one-time sum which is paid out at closing.