For a one-time major expense, a Home Equity Loan that is disbursed in one lump sum is the way to go. Pay it off whenever you’d like before then, as there is no prepayment penalty. Borrow up to 80% of your home’s equity, a maximum of $150,000, and put it to work for you.
Unlike a fixed-rate loan, a line of credit gives you a replenishing cash reserve that can amount to as much as 80% of your home’s equity, up to $100,000. This option is a better choice for long term projects, or just as backup funds for needs as they arise. Line of credit funds are accessible by CU Online home banking and MacLine voice response, as well as by regular telephone requests. Payments are based on a 20-year term, but like all our loans, can be paid off early without penalty and interest is charged only on the declining balance.
Unlike other loans, the interest you pay on a home equity lending product may be tax-deductible. Consult your professional tax advisor to find out what the possible tax advantages would be in your case.
Calculate how much you could borrow with a home equity loan or line of credit using 80% of your home’s equity:
For example, let’s say your home’s current appraised market value is $200,000 and your outstanding mortgage balance is $110,000. Eighty percent of $200,000 would be $160,000. Subtract $110,000 from that and you have the amount you can borrow: $40,000.
When you get a home equity loan or line of credit, you use the deed to your home as collateral. Be sure to exercise caution in using the funds or you may find yourself in over your head and at risk of losing your home. The consequences of defaulting on a home equity loan are obviously worse than those for failing to pay many other debts.
D.C. Teachers Federal Credit Union currently has two job positions open: FT/Teller and P/T Staff Accountant. Please click the Learn more link to read more about the positions and how to apply!…Learn more Career Opportunities
Please be advised that the Credit Union performs month end maintenance each month on the last business day of the month. During this period Online Banking and Voice Response System will be…Learn more Credit Union Month End Maintenance
Please take a look https://www.equifaxsecurity2017.com/ (opens in new window) The company has found no evidence of unauthorized activity on Equifax’s core consumer or commercial credit reporting databases. Equifax has established…Learn more Equifax Update
D.C. Teachers’ Federal Credit Union is committed to accessibility and digital inclusion. Our goal is to conform with Web Content Accessibility Guidelines (WCAG) 2.0 Level A and AA Success Criteria…Learn more Web Accessibility Statement
(Caller hears greeting) If this is your first time calling — you will have to enroll in the system by pressing the star (*) key. Otherwise which of these…Learn more New Voice Banking Member Enrollment Information
Please be advised that the D.C. Teachers’ Federal Credit Union will be launching its new Visa Debit EMV (Chip) card beginning in March. All members who currently have the Visa…Learn more New Visa Debit EMV (Chip) Cards will be Issued in March, April and May 2018
Equifax has established a dedicated website, www.equifaxsecurity2017.com, to help consumers determine if their information has been potentially impacted and to sign up for credit file monitoring and identity theft protection.…Learn more Important Information From EQUIFAX
The District of Columbia Teachers’ Federal Credit Union is proud to announce the unveiling of our new website along with a new Internet and voice banking service. Changes to Your…Learn more Welcome To Our New Website
This fraudulent attempt to capture account information is done with an automated SMS/text message referring to themselves as CO-OP Mobile. The text message requests members to enter their account information…Learn more New Phishing Scam
Monday and Thursday from 10AM until 4:30PM. Friday from 10AM until 5:30PM.
The branch closes from 11AM – Noon for lunch and closed Tuesday and Wednesday.