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Home Equity Loan
A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral.
These loans are sometimes useful to help finance major home repairs, medical bills, or college education.
Westar offers two types of home equity loans at very low interest rates.
- Members may finance up to 80% of the equity in their homes
- The interest on the money borrowed may be tax deductible
- No application fee or annual fees
- No closing costs (Restrictions may apply, contact the office for details)
Fixed Rate Home Equity Loan
This is the answer when you need a one-time disbursement.
You will have regular fixed payments structured over a period of years.
Upon completion of those payments, your home equity loan will be paid in full.
| Term |
APR |
Approximate paymentper $1000 financed |
| 60 Months |
3.49% |
$18.19 |
| 84 Months |
4.49% |
$13.90 |
| 120 Months |
4.74% |
$10.48 |
| 180 Months |
5.24% |
$8.04 |
Home Equity Line-of-Credit
A home equity line of credit is a line of revolving credit, similar to a credit card.
It allows you to use as much (or as little) of the credit line as you like, up to an approved dollar amount.
You have 10 years to access the credit line.
Once this period has ended, you must stop borrowing and repay the loan within 15 years.
| Variable Rate Home Equity |
| Prime Rate + 0 (Minimum of 4.00% APR [F]) |
Notes
The variable rate for Home Equity Loans is Prime Rate + 0% (Minimum Rate 4.00% APR).
The current rate in use is 4.00% APR. An [F] after
the rate indicates that the floor (minimum) rate is in effect.
Rates are effective 05/17/2013 and subject to change without notice.
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