Home Equity Loan

Second Mortgage-Home Equity Loan (not a line of credit)

Owner Occupied

Maximum loan to be granted for home improvement or other investments is $300,000. The collateral must be a one to four unit owner occupied dwelling within Santa Barbara or adjacent counties. The credit union will pay appraisal fees. The member will pay title insurance, recording, escrow, document and reconveyance fees. The maximum combined loans may not exceed 70% of the appraised value.

• Example second mortgage for 10 years at 6.25% A. P. R. has 120 monthly payments at $11.23 per $1,000 borrowed.
• Example second mortgage for 15 years at 6.75% A. P. R. has 180 monthly payments at $8.85 per $1,000 borrowed.
• Example second mortgage for 20 years at 7.25% A. P. R. has 240 monthly payments at $7.90 per $1,000 borrowed.

NMLS # 810491

See our Loan Rates

For more information contact the Loan Department at 805-682-2467.