Your Home. Your Equity. Your Possibilities.
Borrow up to 100% of Your Home’s Value Minus Your First Mortgage Balance, up to $250,000
The equity in your home could be the key to reaching your next financial goal. With a Home Equity Loan or Line of Credit from FRFCU, you can turn the value you’ve built into funds for what’s next.
With competitive rates and flexible options, FRFCU makes it easier to put your home’s value to work for you.
Uses of Home Equity
Debt Consolidation
Pay off high-interest credit card or other debt at a lower rate.
Home Improvements
Renovate or upgrade your home to increase its value and comfort.
Large Purchases
Make the big ticket purchases you’ve been dreaming of come to life.
Emergency Fund
Enjoy peace of mind knowing you can cover unexpected expenses.
Tuition Payments
Invest in your education or the education of a loved one.
Investment
Explore opportunities for a second home or real estate investment.
Fixed Rate Home Equity Loan
Unlock the value in your home with a Fixed Rate Home Equity Loan from Financial Resources FCU. Get a one-time lump sum at a competitive fixed rate, perfect for consolidating debt, funding home renovations, or covering major expenses with predictable monthly payments.
- One-time advance loan with a fixed rate and fixed monthly payments
- Borrow up to 100% of your home’s value, minus your First Mortgage balance, up to $250,000
- Terms available from 7 to 20 years
- No application fees, no closing costs, and no annual fees
- State-specific taxes and/or fees are the responsibility of the borrower(s)
- Lower your rate by 0.25% if this Home Equity Loan is in the first lien position (this usually means there isn’t another Mortgage, Home Equity, or lien on the property and this loan is in the priority position over all other liens)
Home Equity Line of Credit
Get the flexibility you need with a competitive rate Home Equity Line of Credit from Financial Resources FCU. Access funds whenever you need them during the 10-year draw period — perfect for ongoing projects, unexpected expenses, or consolidating debt.
- 25-year term with a 10-year draw period
- Borrow up to 100% of your home’s value, minus your First Mortgage balance, up to $250,000
- No application fees and no closing costs
- The APR adjusts monthly to the current Prime Rate as listed in the Wall Street Journal, plus or minus a margin based on individual credit circumstances and services with the credit union, but never lower than 3.00% APR
- Certain states impose a Mortgage Recording Tax at the time a Mortgage is recorded, and can vary from state, county, and locality
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Home Equity Line of Credit Rates
| Term | Relationship Premium Annual Percentage Rates As Low As |
|---|---|
| 25 years with a 10 year draw period | Valid for qualified Home Equity Lines of Credit up to 80% LTV (Loan to Value); then the APR adjusts monthly to the current Prime Rate* as listed in the Wall Street Journal Money Rates section, plus or minus a margin based on individual credit circumstances and services with the Credit Union, but never lower than 3.00% APR. *As of 12/11/2025, the Current Prime Rate is 6.75%. |
Home Equity Loan Rates
| Term | Relationship Premium Annual Percentage Rates As Low As | Monthly Payment per $1,000 Borrowed |
|---|---|---|
| 7 Year Fixed Rate | 6.49% | $14.84 |
| 10 Year Fixed Rate | 6.75% | $11.48 |
| 15 Year Fixed Rate | 6.875% | $8.92 |
| 20 Year Fixed Rate | 6.99% | $7.75 |
About Financial Resources Federal Credit Union
At Financial Resources Federal Credit Union (FRFCU), we’re more than a place to borrow. We’re a financial partner dedicated to helping you make confident decisions about your money and your future. As a member-owned, not-for-profit credit union, we put people first, offering personalized service, competitive financial solutions, and guidance designed around your goals, not outside shareholders.
For more than 100 years, FRFCU has been serving individuals, families, and businesses throughout New Jersey. Our commitment is simple: provide the trusted advice, personal attention, and financial resources our members need. When you choose FRFCU for your home equity needs, you’re choosing a partner who understands that your home is one of your most important financial assets, and who is invested in helping you make the most of it.
Frequently Asked Questions
What home equity options does Financial Resources FCU offer?
Financial Resources FCU offers home equity financing options designed to help you access the value you’ve built in your home. Whether you’re looking to consolidate debt, make home improvements, cover a major expense, or pursue another financial goal, our Home Equity Loans and Lines of Credit provide flexible ways to put your equity to work.
What is the difference between a home equity loan and a home equity line of credit?
A Home Equity Loan provides a lump sum of money upfront with a set repayment schedule, making it a good option when you know how much you need to borrow. A Home Equity Line of Credit (HELOC) provides a revolving line of credit that you can draw from as needed, giving you flexibility to borrow, repay, and access available funds over time.
How can I use a home equity loan or line of credit?
Home equity financing can be used for a variety of needs, including home improvements, debt consolidation, large purchases, education expenses, unexpected expenses, or other financial goals. Your available options may depend on your individual financial situation.
How much can I borrow with a home equity loan or line of credit?
The amount you may be able to borrow depends on factors such as the value of your home, the amount of equity you have, your existing mortgage balance, and your overall financial situation. Our lending team can help you understand how much you may qualify for.
What should I consider before choosing a home equity option?
Consider your financial goals, how much you need to borrow, and whether you prefer a lump sum or ongoing access to funds. A Home Equity Loan may be a better fit for a specific, one-time expense, while a HELOC may offer more flexibility for expenses that occur over time. Our lending team can help you review your options and choose the solution that best fits your needs.
Home Equity Loans & Lines of Credit
- Approval and Availability: All loans and lines of credit are subject to credit approval. Rates and terms may change at any time without notice.
- Eligibility Note: Not everyone qualifies. You must meet Financial Resources FCU membership requirements and credit qualification standards.
- Geographic Restrictions: These products are not available in Puerto Rico or the states of Alaska, Hawaii, or Texas.
- Higher Borrowing Options: Programs allowing borrowing above 80% loan-to-value (LTV) are available. Contact us for details and applicable rates.
Rates & Discounts
- Your Annual Percentage Rate (APR) depends on your credit history, the amount of equity in your home, and your relationship with the credit union.
- We offer a 0.30% rate reduction (Relationship Premium) if you have qualifying services with us. This includes:
- 0.10% for an active checking account (requires one of: monthly direct deposit of at least $500, at least 5 FRFCU cash card transactions in the prior month, or an active Bill Pay account).
- 0.10% for an existing consumer loan (excludes Credit Builder loans and Personal Lines of Credit).
- 0.10% for a FRFCU Mortgage or Investment Account.
- If you don’t have any qualifying relationships, add 0.30% to the displayed rate.
- Payment examples do not include taxes or insurance premiums.
Home Equity Line of Credit (HELOC) Specifics
- The rate is variable and adjusts monthly based on the current Prime Rate (published in The Wall Street Journal) plus a margin determined by your credit and relationship with us.
- The rate will never drop below 3.00% APR and cannot exceed the maximum allowed under federal law (currently 18.00% as extended by NCUA through September 10, 2027).
- A $49 annual fee applies on each anniversary of opening the line.
- Rates can change without notice.
Fees & Taxes
- State Mortgage Recording Taxes: In certain states/counties (AL, FL, GA, KS, Orleans Parish in LA, MD, MN, NY, OK, TN, VA), a tax applies when the mortgage is recorded. This can range from 0.10% to 2.175% of the loan/line amount (or $1 to $21.75 per $1,000 borrowed), depending on location. If your property is in one of these areas, we’ll notify you of the exact amount, and the loan/line will advance funds to cover it.
- Prepayment Rules: No prepayment penalties apply. However, if you pay off the loan or line and release the lien within the first 12 months, you’ll reimburse us for third-party closing costs we paid (up to a maximum of $195).
- Appraisal & Title Costs (for larger amounts):
- No fees for amounts up to $250,000.
- For amounts over $250,000: A full appraisal may be required (at your expense; typically $535–$635).
- For amounts over $500,000: Title insurance is required (at your expense; typically $1,000–$3,000).
Other Requirements
- Taxes & Insurance Not Included: Shown payments exclude property taxes and insurance.
- Insurance Requirement: You must keep property insurance in force on the home at all times during the loan/line term.