Spokane
Home Equity Loans
affordable home quity loans from canopy credit union
Tap into your home’s potential with a home equity loan from the trusted home equity lenders at Canopy Credit Union. The real estate market in Spokane is changing rapidly and homes are becoming more than just a safe space to call your own. Your home may be an untapped source of cash flow. If you’ve accrued equity in your home, you may be qualified for a home equity loan.
Home equity financing enables you to access funds that you can use to remodel your home, pay off bills, or even use toward large expenses like college tuition. Home equity loans differ from home equity lines of credit because they are set amounts that you pay down each month versus a line of credit you can use.
what are home equity loans and how do they work?
A home equity loan enables homeowners to borrow money from a qualified lender such as Canopy Credit Union, by leveraging the equity in their property.
Home equity is the difference between your home’s current market value and the amount of money that you still owe on your mortgage. For example, if your home is valued at $400,000 and you owe $200,000 on your mortgage, you will have accrued $200,000 in home equity.
Here’s an overview of the lending process and what you can expect when working with a Canopy CU home equity lender:
Choose the type of home equity loan you need
Using our online loan application system, you’ll enter information about your home and the amount you wish to borrow. You’ll also have an opportunity to choose the term length of your home equity loan.
Tell us about yourself
Next, we’ll ask for your personal information (including your financial background and employment status) as well as other key information our loan officers will need to process your application.
Review your home eq loan options
One of our home equity lenders will review your application and contact you to discuss your terms, rates and other options. We’ll take the time to understand your unique financial situation and find the loan that best fits your needs.
- home equity loan requirements
Before applying for a home equity loan you will need to know if your home has accumulated equity. A qualified home equity lender from Canopy Credit Union will be able to help you understand your home’s current value and how that compares to the amount of money you owe on your mortgage. If you have accrued enough equity in your home the next step is to apply for a home equity loan with a term of 96, 120 or 180 months.
- our home equity loan calculator
Ready to find out how much you could borrow using the equity in your home? We make calculating your home equity loan potential quick and easy. When you’re done, be sure to apply online to find the home equity loan terms that best suit your needs.
apply for a home equity loan online
Applying for a home equity loan from Canopy Credit Union is a stress-free 3 step process. We offer home equity term loans for 96, 120 or 180 months.
You can complete your loan application online through our secure home lending portal. After you submit your application online, our friendly and knowledgeable Spokane lending team will contact you to discuss your options.
hear from these happy borrowers
We don’t like to brag, but we have the best credit union members in town! We’re proud to offer flexible and fair equity loan rates to our Spokane area members. Just read what some of these satisfied members have to say about their experience with Canopy Credit Union!
I’m a new member to Canopy and my experience was outstanding. They were having a loan special so I applied. The service I received from Tina was prompt and easy! I applied for the loan, got a call the next day. It was the easiest process I’ve ever experienced with a financial institution and getting a loan.
– Dillon K. | ☆☆☆☆☆
I recently had the opportunity to work with Sara Cooley – she was my member advocate for two loans. The communication and timeliness for the processing of these loans was amazing. Sara made this process so much easier and less stressful than I had anticipated and I am so grateful.
– Ellen O. | ☆☆☆☆☆
I recently applied for a loan through Canopy and Sara C. made the process incredibly easy and quick! She was available for any questions I had or clarifications needed and I felt confident with my information and finances in her hands. As a former big-bank employee myself, I can honestly say this is the best experience I’ve had with banking!
– Victoria B. | ☆☆☆☆☆
home equity loan FAQs
Borrowing is a big decision and we understand that you may have questions about the home equity loan process. Here are answers to some commonly asked questions. If you can’t find an answer to your question below, contact one of our friendly home equity financing experts for personalized assistance.
A home equity line of credit or HELOC is a revolving line of credit that uses the equity of your home as collateral. HELOCs are most commonly used when you need access to your home's equity over the next six years. Whereas, a home equity loan is a close-ended loan. As you pay off a home equity loan, the balance decreases and you receive your funds when you are approved for the loan. Home Equity Loans and HELOCs can be used for home improvement, debt consolidation or other large expenses like college tuition.
We’ve made applying for a home equity loan easy with our self-guided online application system. You’ll enter information about the type of loan you’d like, provide details about your personal and financial background, and one of our loan officers will contact you to discuss your equity loan options.
With Canopy Credit Union you can now borrow up to 90%* of your home’s value.
*90% Loan to Value on 2nd position liens only and for qualified borrowers. Speak with a loan officer to find out more.
In addition to having sufficient equity in your home, you will also need to have a credit score in the ‘good’ to ‘excellent’ range to qualify for a home equity loan with Canopy Credit Union. Our loan officers will review your whole financial picture and provide you with guidance on the right loan for you.
Yes, the funds from your home equity loan can be used to buy another home. We advise that you consider your options carefully and how an additional mortgage might impact your financial health.
our latest articles
home equity loan resources
By exploring these additional resources, you can gain a comprehensive understanding of home equity loans and make an informed decision that aligns with your financial goals.
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