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Home Equity Loan
Put the equity in your home to work however you want.
A low-interest Home Equity Loan gives you a lump sum of cash to pay for renovations and other significant expenses.
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Home Equity Loans Offer These Benefits
What You Need to Know About Our Home Equity Loan
Once you’ve gained home equity, you can leave it sitting there until you sell or you can leverage it now to pay for improvements and meet other expenses.
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term
**Rate
***apr
10 Year
As low as 7.900%
8.049%
7 Year
As low as 7.250%
7.451%
5 Year
As low as 6.900%
7.172%
*The interest rate, annual percentage rate (APR), origination fees, discount points and closing costs are subject to change without notice. **Your APR will vary based on your final loan amount, credit history, loan to value, margin, and finance charges..
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FAQs About Our Home Equity Loan
Is a Home Equity Loan a secured or unsecured loan?

Answer: When you get a Home Equity Loan, your home serves as collateral so it is a secured loan. Home Equity Loans are sometimes called a second mortgage because you borrow against your home like your first mortgage.

Secured loans (like a home loan or auto loan) can offer lower rates than unsecured credit cards and unsecured personal loans.

You can reach out to a member of our team to make sure you can comfortably afford your Home Equity Loan and stay on top of your payments. Then you can get started on that to-do list!

What's the difference between a Home Equity Loan and a Home Equity Line of Credit (HELOC)?

Answer: Both a Home Equity Loan and a HELOC let you borrow against the value that is stored in your home because you have paid down your mortgage and/or your home has gained market value.

Here’s how these popular home equity products are different:

  • A Home Equity Loan gives you a lump sum payment and you make equal monthly payments, often with a fixed interest rate, so you always know what you owe.
  • A HELOC gives you a line of credit like a credit card, and you can use as much or as little of the funds as you like, so your payment amounts may be different each month.
  • A Home Equity Loan may suit you if you have one major expense to pay at once, while a HELOC is ideal for ongoing projects and expenses.

What can I use my Home Equity Loan for?

Answer: You can use your Home Equity Loan for a wide range of purposes, including:

  • Home renovations, improvements, and remodeling
  • Upgrading or repairing your appliances
  • Purchase or repair of a vehicle
  • Weddings, vacations, and other life celebrations
  • Vacations and weekend getaways
  • Medical and dental bills
  • Consolidation of high-interest credit cards and loans
  • An emergency or rainy day fund to use only when needed

How can I work out if I have enough home equity?

Answer: You’ll need about 20% home equity to qualify for a Home Equity Loan, so here’s a simple way to see how much equity you might have in your home:

  • Find out the current market value of your home.
  • Subtract your current mortgage balance.
  • The amount you have left is the dollar value of your home equity.
  • For example: $300,000 home value – $225,000 mortgage balance = $75,000 home equity.
  • To turn that figure into a percentage, divide your home equity by the market value of your home.
  • For example: $75,000 / $300,000 = 25% equity.

To protect you against shifts in the housing market, you can’t usually borrow the full amount of your current home equity.

More Home Loan and Financing Options
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*Your APR will vary based on your final loan amount, credit history, loan to value, margin, and finance charges.**The interest rate, annual percentage rate (APR), origination fees, discount points and closing costs are subject to change without notice.
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