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Personal Banking - Frequently Asked Questions
Home Equity Options
1. Home Equity Basics
1.1 What is home equity?1Home equity is the value of your house minus the mortgage and any other liabilities secured against your home. As your home's value increases, so does your equity, because you would have more cash after selling the house and paying off your mortgage.
1.2 What are the benefits of borrowing against my home equity?If you need access to cash, borrowing against your home equity may have tax advantages (consult your tax advisor) and may offer a lower interest rate than other options, such as credit cards or personal loans.
1.3 How can I use the funds from a home equity line of credit?Once the account is funded, you can use funds for any personal, family, or household need. Consolidating debt, financing home improvement projects, and paying for a child's education are common reasons why people tap into home equity. Read more about using your home equity.
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2. Home Equity Line of Credit
2.1 What is a home equity line of credit?1A home equity line of credit is a form of revolving credit with a specific credit limit. To access your available credit limit, just write a check for $500 or more. You begin making payments only on the amount of the line you've used. Click here to apply online.
2.2 Can I get a home equity line of credit for a rental or vacation property?Yes. You can secure a line of credit on a one-to-four unit rental property or a one-unit vacation home. Click here to apply online.
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3. Home Equity Process
3.1 How do I apply?1Call 1-866-UB-LOANS or apply online for a home equity line of credit or a rental or vacation property line of credit.
3.2 How can I get a discount on my interest rate?Save 0.25 percent on the interest rate when you set-up automatic payments from your Union Bank checking or savings account. If you or we terminate the automatic payments, the interest rate will be increased by 0.25 percent and the monthly payment will increase accordingly.
3.3 Does a home equity line of credit constitute a lien on my home?Yes. Union Bank will take a deed of trust on your home.
3.4 What happens if I sell the house before the line of credit is paid off?You will need to pay any outstanding balance in full.
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