Ohio Operating Engineers Federal Credit Union's Home Equity Loan establishes a 15-year term. Use your home equity loan for any reason.
+ Our Home Equity Loans are a fixed rate product and are based on the amount of equity in your home.
+ The maximum amount to borrow is $40,000.
+ Borrow up to 80% Appraised Home Value.
+ All loans are true simple interest calculated loans which is better for the borrower. Should you wish to pay off the loan early, refinance, or make additional payments, having a simple interest calculated loan means a larger portion of your initial payments are applied to the outstanding balance vs. the interest owed. Our members are able to see their outstanding balances reduce faster than a loan processed with compound interest like many banking institutions calculate.
+ To open your account and apply for a loan, a minimum deposit of $95.00 is required.
+ All borrowers are required to maintain a deposit balance of $50.00 during the term of their loan.
+ There is a $650.00 fee for open this loan which
is paid to Corporate Settlement Solutions for loan
processing plus federal, State and local compliance.
The fee can be added to the loan balance, if desired.
+ There is no early payoff penalty.
To apply for a loan, click here.
Loan requests are normally answered in 48 hours upon receipt of loan application.