Rates effective May 1, 2022; subject to change.
Rates as low as 4.49% APR*
If you need financing for home improvements, school tuition, debt consolidation or other reasons, a Home Equity Loan is the loan to Live Your Life.
*APR = Annual Percentage Rate. Home Equity Loan / 2nd Mortgage Loan available to qualified borrowers. Loan to Value (LTV) is calculated by dividing the total indebtedness secured by the home by the value of the home. 4.49% APR is fixed for 7 years with 7 year full amortization. Balloon payment is required for amortizations longer than 15 years. Maximum amortization period of 20 years. Maximum LTV for 4.49% rate is 80%. Rate is dependent on borrower’s credit history. Rates and terms subject to change. Payment of $13.93 per $1,000 borrowed is required, based on a 7 year amortization. Closing costs vary by state and may range between $130 or higher. Please consult your tax advisor for deductibility. Rates are based on other account relationships and services used at Altra, term, personal credit history, loan to value and property type. 4.49% rate includes discount for Altra Checking, direct deposit and eStatements.
The right choice if you have a one-time need for funds and want the security of a fixed rate
A Home Equity Loan is also called a Second Mortgage, though you can get a Home Equity Loan if you do not have a mortgage on your home. If you currently have a mortgage, you have the option to select a different Financial Institution for your Home Equity/Second Mortgage loan.
If you currently have an Equity/Second Mortgage Loan and have an additional need for funds, contact one of our Financial Service Representatives to ask about refinancing that loan at Altra.
Altra Home Equity options include fixed and variable rate loans with flexible terms. In some cases, you can borrow up to 100% of the available equity in your home for home improvements, debt consolidation, education or other major purchases.
As an added bonus, the interest you pay on a Home Equity Loan may be tax deductible; please consult your tax professional for further information.