Home Equity Products

You’ve got a plan. Your home can fund it.

Plan to remodel a bathroom? Update your kitchen? Add a new outdoor entertaining space? The equity in your home can provide the money you need to make it happen.

We have options:

Home Equity Lines of Credit (HELOC)—works like any other variable line of credit. You can draw on the pre-approved amount over time as you need it. And you’ll only pay interest on the amount you actually borrow. The interest rate may change over time as the Federal Reserve issues interest rate increases or decreases.

Features of a CU of NJ HELOC:

• Great low rates
• Repayment up to 15 years, with interest only on what you borrow
• Borrow as little as $5,000 and as much as $500,000
• Loan amounts up to 100% of your home’s value minus your first mortgage and any other liens on this property

Home Equity Loans—sometimes referred to as a Second Mortgage, this is a lump sum loan with a fixed rate and term of repayment.

Features of a CU of NJ Home Equity Loan:

• Great low rates
• Terms up to 20 years, so your monthly payment will fit well within your budget
• Borrow as little as $5,000 and as much as $500,000
• Loan amounts up to 100% of your home’s value minus your first mortgage and any other liens on this property