IDB-IIC Federal Credit Union
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Home Equity Loans

We offer two Home Equity Loans allowing you to take advantage of the equity you have built in your home. To assist you in deciding which one fits your needs, please refer to the information below.

Loan Rates

Home Equity Line of Credit

Our Home Equity Line of Credit is a revolving line of credit secured by the equity in your primary residence located in Maryland, Virginia or the District of Columbia. Maximum limits are based on the amount of your equity.   You may want to consider a Home Equity Line of Credit if you are looking for:

  • A reserve of funds for unexpected situations such as new heating system, refrigerator or other emergency needs;
  • A plan to pay-off the balance in a short period, since you only payback what you use of the available balance, and
  • An interest-only payment option during a “draw” period allowing you to borrow up to the approved limit whenever you need funds, and make interest-only payments.

Apply Today

Apply for a Loan

Or, just contact our Lending Department* to get started.

Loan Type Maximum Loan-to-Value
Ratio
Credit Limit
Primary Residence - First Deed 80% Up to $1,000,000 (1)
Primary Residence - First Deed 75% $1,000,001 - $1,250,000 (2)
Primary Residence - Second Deed
(First Deed Held by C.U.)
80% Up to $500,000 (3)
Primary Residence - Second Deed
(First Deed Held by C.U.)
75% Up to $500,000 (4)

Primary Residence - Second Deed
(First Deed Held by other Lender)

75% Up to $250,000 (5)

(1)Maximum credit limit is the lesser of $1,000,000 or 80% of property value.

(2)
Maximum credit limit is the lesser of $1,250,000 or 75% of property value.

(3)
Maximum credit limit is the lesser of $500,000 or 80% of property value less the first deed of trust loan with the Credit Union. The total of both loans shall not exceed $1,000,000.

(4)Maximum credit limit is the lesser of $500,000 or 75% of property value less the first deed of trust loan balance with the Credit Union. The total of both loans shall not exceed $1,250,000.

(5)
Maximum credit limit is the lesser of $250,000 or 75% of property value less the first deed of trust loan balance with another lender. The total of both loans shall not exceed $750,000.

 


Residential Second Deed of Trust

This program provides a low-cost quick alternative to utilize the equity in your home for remodeling, debt consolidation or other reasons. You can save time and money by using your property tax assessment to determine the amount you can borrow. You may utilize tax assessment value in lieu of an appraisal for loans up to $250,000 where the ratio of total debt on the property to the value is less than 50%.

  • This loan allows you to pay off higher revolving debt at a lower interest rate and often lower monthly payments.

    Eligibility
    Members with equity in owner occupied residential property located in Washington DC, Maryland or Virginia.

    Limits
    The maximum you can borrow on a second deed of trust is shown in the table below:


    Prior Lienholder
    Maximum
    Loan-to-value ratio
    Maximum
    Loan Amount
    Maximum
    Total Debt On Property
    Credit Union
    80%
    $250,000
    $1,000,000
    Other Financial Institutions
    75%
    $250,000
    $750,000

     

     

Apply Today

Apply for a LoanOr, just contact our Lending Department* to get started.

 

 
National Credit Union AdministrationYour savings federally insured to at least $250,000 and backed by the National Credit Union Administration, a U.S. Government agency.