The following formula will give you an estimate on available equity in your home:

Current estimated value of your home$ 
Multiply this amount by the percentage (70% and 80%)X%
 = 
Subtract all mortgages & liens owed 
This equals the estimated home equity available= 

Member Checklist of Documents to include with your Application:

    • Last mortgage statement from your existing home loan lender & any other mortgage balances you may owe. The statement should include name, address, and account number of your mortgage company.
    • Copy of current hazard/fire insurance policy (must list La Loma FCU as loss payee prior to loan funding & maintain throughout loan term).
    • Copy of current flood insurance, if applicable (must list La Loma FCU as loss payee prior to loan funding & maintain throughout loan term).
    • Attached Confidential Information Statement
    • Income Verification – last 2 paycheck stubs (if self-employed, most recent years tax return)
    • Copy of 1st mortgage note to verify loan product type (Fixed or ARM)

* The annual percentage rate (APR) may increase or decrease during the term of the agreement. Property insurance is required. The rate cap is 18%.