NEWRetire Your First Mortgage
Lower the Rate on Your Home Loan with our Fixed Rate First Lien Second Mortgage
If you’re ready to retire soon, Delaware Alliance Federal Credit Union can ensure you don’t miss the refinancing wave. We’ll help you lower your monthly payments today and the amount you pay over the life of the loan with lower rates on your balance of up to $75,000. We offer rates as low as 3.75% APR with terms of up to five years.*
Home Equity Loans
If you own your home, chances are you have some equity built up. It may be time to put that equity to work. By borrowing against it, you can use that money to make home improvements, consolidate bills, pay college tuition, take a family vacation and more. Since your home is your collateral, you can get great rates, plus a possible tax deduction! (Ask your tax adviser for details.)
The credit union offers two types of home equity programs: lines of credit and closed-end second mortgages. With either option, you can borrow 70% of your home’s value minus your outstanding mortgage, up to $50,000.
Home Equity Lines of Credit
Home equity lines of credit, or HELOCs, let you draw on your loan as needed and repay as you go. With this type of loan you can pay for recurring expenses or for several high ticket items you don’t plan to buy at the same time. You have up to 15 years to repay what you borrow. This loan has a variable rate
Fixed Rate Second Mortgages
Traditional closed end second mortgage loans require you to borrow the entire loan amount at the get-go, which makes them good for a single large expense. You can repay the loan in either five, seven or 10 years. You enjoy a fixed rate
and predetermined payment amounts.