If you are a home owner and have built up some equity in your home (the difference between what you owe on the home and what your home is worth), you can put this equity to work for you by borrowing against that equity to pay for things like remodeling, wedding expenses, educational expenses or the consolidation of several debts. The amount members can borrow depends on two major items, the ability to repay and the equity in your home. For example, a member may be able to borrow up to 80% of the appraised value of their home minus any outstanding first mortgage balance.
The following is an example of how this works:
The following is an example of how this works:
| Appraised value |
$150,000 |
| Multiply by |
x .80 |
| = |
$120,000 |
| Minus 1st mortgage |
$60,000 |
| Maximum line of credit |
$60,000 |
There are two major benefits to this type of borrowing. Because the loan is secured by your home, the interest rate that is charged for this type of loan may be less than that of other consumer loans. As well, often times, the loan interest paid on this debt is tax deductible on your income taxes where interest paid on other types of loans like personal loans, credit cards or auto loans are not.
The Credit Union offers two types of Home Equity Loans:
- Home Equity Line of Credit Loans
- Home Equity Fixed 2nd Mortgage Loans
Nationwide Mortgage Licensing System (NMLS)
As required by federal law, First Bristol FCU employees who originate residential mortgage loans are registered in the Nationwide Mortgage Licensing System (NMLS). Here is a list of registered employees and their NMLS registration numbers.
| Name |
NMLS ID# |
| Mark Cornacchio |
451600 |
| Peter Kelley |
451599 |
| Jose Tintone |
451604 |
| Theresa Neumann |
451603 |
| Deborah Marin |
451605 |
| Erin Marin |
1628282 |
| Kelly Thaxter |
1736778 |