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: Home equity FAQ :

Q: What is a Home Equity Loan?
A: Home equity loans are designed to enable a current homeowner with or without a current mortgage to obtain funds depending upon the current equity available in their personal residence based upon the Fairbanks North Star Borough tax assessment or current appraisal. These funds may generally be used for any purpose such as debt consolidation, college funding, medical bills etc.

Q: How can I apply for a Home Equity Loan?
A: Come to any of our branches to pick up a Home Equity Loan package or contact the Spirit of Alaska Loan Department at 459-5971 or email info@spiritofak.com

Q: What is a Home Equity Line of Credit?
A: HELOC, or Home Equity Line of Credit, allows you revolving access to funds based on the equity in your home and your good credit. Unrestricted use of funds makes it possible to use for anything you choose when you choose. Interest payments may be tax deductible. (See your tax advisor.) No appraisal is needed and minimal closing costs apply. Contact the credit union for additional details.

Q: How can I apply for a Home Equity Line of Credit?
A: Come to any of our branches to pick up a packet or contact the Spirit of Alaska Loan Department at 459-5971 or email info@spiritofak.com