We offer home equity loans and lines of credit throughout most of the continental U.S. in amounts up to $250,000 (on your primary residence only). The maximum loan or line of credit is 90% of the current value of your home less the amount you currently owe on your first mortgage (subject to a review of your credit and debt ratio).

What's the Difference?
A Home Equity Loan gives you all of the funds at once, at a fixed interest rate, for a certain period of time. This means your monthly payment is fixed over the life of the loan. Congressional offers terms of 5, 7, 10, and 15 years.

A Home Equity Line of Credit allows you to draw funds as you want to, up to an approved limit. Your monthly payment is based upon the amount you actually use. This flexibility can come in handy if you don't need all the funds at once. The term is 10 years, which means you access the funds for this period and must pay off the amount you used before the 10 years expires.

Save Money with a Congressional Loan
Congressional Home Equity Loans and Lines of Credit have:

• No application fees
• No annual fees
• No points
• No prepayment penalties (home equity loans)

We offer several different home equity plans (and will even pay your closing costs on some home equity lines of credit). In the Washington, D.C. area, closing costs range from $500 to $900 on a $50,000 home equity loan or line of credit. You can include all closing costs (except the cost of the appraisal and flood research fee) in your loan or initial advance. Adequate homeowners insurance (and flood insurance if applicable) on a property securing a home equity line of credit or loan is required.

The Reason for the Loan is Up to You
Use your Home Equity Loan or Line of Credit to pay for:

• Home improvements
• Tuition
• Wedding
• Vacation
• Car purchase
• Orthodontia
• Any reason!

Real estate loans tend to have lower interest rates than other types of loans. With this in mind, plus the potential tax savings, using a home equity loan or line of credit may offer the greatest value.