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Need some extra cash now? You have until June 30th, 2024 to tap into your home's equity with no closing costs!*


If you already own a home, now is a great time to use the equity that you might have built up.  Equity is the difference between how much the home is worth and how much you owe on the mortgage. FedChoice offers both Home Equity Loans and Home Equity Lines of Credit - not sure which one is right for you?^ Take a look below for a quick recap!

One Time Cash

A home equity loan might be best if you plan to use the money for a one-time occasion such as a home repair, purchasing a car, paying for your daughter’s wedding, or consolidating debt. 

Line-of-Credit You Can Draw On

If you plan to use the money periodically and not all at once, you may want to look at a home equity line-of-credit. It's a great option if you’re doing a remodeling project and the contractor will be paid in several installments or you’ll be making tuition payments at the beginning of each semester. A home equity line-of-credit is a credit line much like a credit card, giving you the flexibility to borrow what you need when you need it.

With interest rates on the rise, our Home Equity Loans and Lines of Credit are one of the smartest ways to spend. And better yet, you pay no closing costs through June 30, 2024.

Apply Today!

*No Closing Costs: So long as your Home Equity Line of Credit or Home Equity Loan application is submitted prior to June 30, 2024 at 11:59PM, FedChoice Federal Credit Union will cover all closing costs when your loan is open for three years. If the loan is closed before three years, the member will be required to reimburse FedChoice for all costs paid on their behalf. The cost of required property insurance, however, must be covered by the member. For qualified home equity line of credit applications, the offer is valid with a minimum initial draw of $10,000. Failure to meet the minimum initial draw will result in removal of the promotion. For qualified home equity loans, the offer is valid with a minimum loan amount of $10,000. Closing costs will vary depending on the loan amount but typically do not exceed $2500.00. Closing costs may vary depending upon the amount of the loan, terms, property value, etc. FedChoice will cover closing costs not including property insurance.

^HEL/HELOC: All loans subject to credit approval. Loan approval is subject to an evaluation of applicant credit, income, and property valuation. This offer is not guaranteed if your account is not in good standing as defined within our Membership Account Agreement and if you do not meet our credit criteria, including providing acceptable property for collateral. Must be owner occupied primary residence on properties located in all 50 states and US territories. May be a first or second lien, no pre-payment penalty. Homeowner’s insurance required. Minimum loan amount $5,000 for home equity loans; $10,000 for Home Equity Lines-of-Credit (HELOCs). Maximum $500,000 for home equity loans/HELOC Classic; $250,000 maximum HELOC Gold. On average, closing costs may vary depending upon the amount of the loan, terms, property value, etc. Consumer home equity products only. Complete applications must be received by 11:59 pm on 6/30/2024. No exceptions will be made or considered. FedChoice NMLS #399841. For Home Equity Loans or advanced HELOCs - Interest will continue to accrue until the first payment has been received, which is due within 30 days of settlement. First lien Smart Choice Home Equity Fixed Rate loans are limited to a maximum loan to value of 80%. Maximum Combined Loan to Value (CLTV) is 90% for second liens. Variable rates for HELOCs are subject to change without notice. For Home Equity Lines of Credit current rates range from 8.00% APR to 18.00% APR. Variable rates are subject to increase throughout the 10-year draw as well as during the 15-year repayment periods (the full term of the loan). For Home Equity Loans current rates range from 7.74% APR to 11.24% APR. Visit fedchoice.org for current rates and further information. FedChoice Federal Credit Union expressly reserves the right to terminate this offer at any time without further notice provided to you.

The Consumer Financial Protection Bureau has published an informative brochure to help you understand the differences between home equity loans and home equity lines-of-credit so that you may determine which product will best suit your needs. Click here.


The Home Mortgage Disclosure Act (HMDA) requires that we make data available for review that we are required to collect about our residential mortgage lending. The data includes geographic distribution of loans and applications; pricing, ethnicity, race, sex, and income of applicants and borrowers; and information about loan approvals and denials. Inquire at this office regarding the locations where HMDA data may be reviewed. To receive a copy of this data, please send a written request to FedChoice Federal Credit Union, 10001 Willowdale Road, Lanham, MD 20706, Attention: Lending Services.