How Home Equity Loans Work | Understanding Home Equity and How to Build It

How Home Equity Loans Work with First Alliance Credit Union.
How Can I build Equity in My Home?
1. Paying Down Your Mortgage: Each month, you chip away at the amount you owe, which increases your equity.
2. Home Improvements: Simple updates can raise your home’s value significantly. Think kitchens, bathrooms, and energy-efficient upgrades.
3. Market Appreciation: Home values tend to rise over time. On average, they go up about 3% per year.
4. Larger Down Payment: Putting down a larger down payment when you buy your home increases your immediate equity.
Unlock Your Home's Equity
Put the equity in your home to work and save money with a low interest rate Home Equity Loan or Line of Credit from First Alliance Credit Union: www.firstallia...
Talk with a Home Lending Advisor Today
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What Do I Need to Apply For a Home Equity Loan or Line of Credit?
You’ll typically need:
1. Good Credit Score: A good credit history to assure the lenders that you can repay the loan.
2. Sufficient Equity: Usually at least 15-20 percent of your home’s value.
3. Income Documentation: Proof of steady income like pay stubs or tax returns.
4. Property Appraisal: To determine your home’s current market value.
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