Home Equity Loan & Lines of Credit

At Call Federal, our mission is to serve our members, not outside stockholders. This member-centric approach enables us to offer competitive rates on loans, higher rates on deposits, and fewer fees to our members in the Greater Richmond metro area. We also strive to provide a streamlined and hassle-free experience.

Advantages of a Call Federal Home Equity Loan:

• Not-for-Profit Benefits: As a credit union, we reinvest our revenue back into our membership, delivering enhanced value.
• Competitive Rates and Lower Fees: Benefit from favorable loan rates and reduced or no fees on select accounts.
• Personalized Support: We take the time to understand your unique financial situation, working with you to improve your credit and secure the financing you need.
• Transparent Communication: We ensure all terms, conditions, and any applicable restrictions are clearly explained, fostering trust and confidence.

By choosing a Call Federal Home Equity Loan, you’re partnering with a financial institution dedicated to your success, offering practical solutions and exceptional service.

Please contact us to discover how we can assist you and your family in securing an affordable payment, enabling you to leverage your home equity to achieve your dreams.

Choosing between a Call Federal Interest-Only HELOC, a traditional HELOC, or a Home Equity Loan depends on your financial goals and how you plan to use the funds. Here’s a quick guide to help you decide:

HELOC:
Ideal for ongoing expenses like home projects or unexpected costs, a HELOC provides a revolving line of credit with a set limit. You can withdraw funds as needed during the draw period and pay interest only on the amount you use. It offers maximum flexibility for evolving needs.

Home Equity Loan:
Best for fixed expenses such as major renovations or debt consolidation, a Home Equity Loan gives you a lump sum upfront. With a fixed interest rate and term, you’ll have consistent monthly payments, making it easier to budget.

Interest-Only HELOC:
Perfect for home improvement projects, large purchases, or managing debt, this option lets you make interest-only payments during the initial draw period. It provides immediate financial relief and flexibility while preserving cash flow.

Let us help you determine the right solution for your unique situation—contact Call Federal today!

Call Federal’s Home Equity Loans and Lines of Credit (HELOCs) offer several advantages to help you achieve your financial goals:

• Competitive Rates: By using your home’s equity as collateral, you can secure lower interest rates compared to traditional loan options.
• Flexible Options: Choose between fixed-rate Home Equity Loans for predictable payments or variable-rate HELOCs for ongoing access to funds, allowing you to select the structure that best suits your needs.
• Versatile Use: Utilize the funds for various purposes, such as consolidating debt, financing home improvements, or managing unexpected expenses, giving you the freedom to allocate resources as you see fit.
• Transparent Process: Benefit from a clear and cost-effective loan process with no application fees or prepayment penalties, ensuring you understand all terms and conditions.
• Complimentary Financial Coaching: Access free financial coaching to make informed decisions about leveraging your home equity, empowering you with the knowledge to manage your finances effectively.

These benefits reflect Call Federal’s commitment to providing practical financial solutions and exceptional service to its members.

Call Federal can lend up to 100% combined loan to value (CLTV) on home equity loans and lines of credit.  CLTV simply means, we take any balance you may have on a mortgage (if applicable), plus your home equity loan or line amount and divide that by the appraised value of your property. The maximum CLTV approval may vary based on factors such as creditworthiness, collateral conditions, lien position, and other qualifying factors.  For personalized information regarding your eligibility and loan terms, please contact Call Federal directly.

An Interest-Only Home Equity Line of Credit (HELOC) is similar to a traditional HELOC in that it provides homeowners with a revolving line of credit secured by the value of their home. The key difference lies in how payments are structured.

With an Interest-Only HELOC, you are only required to pay the interest on the amount you borrow during the initial draw period, giving you greater financial flexibility. This can result in lower monthly payments upfront, but it’s important to plan for repayment of the principal balance after the draw period ends.

This option is ideal for homeowners looking to manage short-term expenses or projects while maintaining control over their cash flow. If you’d like to explore how this type of financing could work for you, contact us today!