Sovita offers two home equity loan types
Traditional Second Mortgage
Borrow a specific amount to be repaid over a set period with equally low monthly payments and a fixed interest rate.
Home Equity Line of Credit
Borrow the amount you need, up to your approved limit, as you need it. Your payments are based on the amount of your last loan advance.
To apply for a Home Equity Loan, call our Loan Department at (800) 369-2786, (810) 720-8300, (810) 664-5351 or e-mail loans@sovitacu.org
The interest rates for home equity loans are typically lower than interest rates for personal loans, and the interest you pay may be tax-deductible**. Consider a Home Equity Loan for home improvements or repairs, college tuition and expenses, vacation or wedding expenses or to consolidate high-interest rate debt.
** Please consult your tax advisor about your particular situation.
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