Equity Home Improvement Loans

From now until June 30, 2011 we have home improvement loans for up to 107% combined loan-to-value.

Fix that leaky roof, re-stucco your home or buy new appliances with an Equity Home Improvement Loan. Apply before June 30, 2011 and you will be entered to win a $500 DNCU Gift Card. For more information call (505) 455-HOME or apply online.

What is the difference between a Home Equity Loan and a Home Equity Line of Credit?

A home equity loan is a loan based on the equity in your home. It is paid off over a set amount of time, with a fixed interest rate and the same payment each month. Once you get the money, you cannot borrow further from the loan.

A home equity line of credit (HELOC) works like a credit card because it has a revolving balance. You will have more flexibility than a fixed-rate home equity loan. With a HELOC you don't have to go through an application process every time you need a loan, you can withdraw money as you need it. You can borrow as much as you want, as often as you want (up to your credit limit) for 5 years. There's one application and one approval - for a continuous line of credit. As you pay off the principal, you can use the credit again, like a credit card.