Whether you have been dreaming of an updated kitchen, an epic family vacation, or want to simplify your life by consolidating debt—the equity in your home can help you get there.

With home equity loans from Kern Schools, the options are endless. Plus, under certain conditions and depending upon current tax laws, the interest may be tax deductible. Consult your tax advisor for more information.

APPLY ONLINE

You can also apply by visiting our Home Loan Center or calling
(661) 833-7926 or (800) 221-3311 (if outside of Bakersfield).

Home Equity Loan Types and Rates

Powerhouse Loan

Our Powerhouse Loan is ideal for Kern Schools Members who are planning large, fixed expenses and know the exact amount needed to borrow against the equity in their home. The Powerhouse Loan offers features such as:

• Low fixed rate for the life of the loan
• One-time, lump-sum distribution of loan amount
• No prepayment penalty

Home Equity Line of Credit: HELOC*

Are you planning to make big renovations to your home? Prepare for unexpected expenses with a secure Home Equity Line of Credit. You can borrow against the equity in your home through a variable rate line of credit.

• Competitive rates
• Flexible terms
• No transaction fees
• No annual fees
• Low $100 real estate processing fee to open plan


Rates Effective As Of 2/01/2017. ALL RATES, TERMS AND CONDITIONS SUBJECT TO CHANGE. Rates and terms will vary based on the credit worthiness of individual applicants.

Loan Type Annual Percentage Rate Maximum Term** Maximum Loan-To-Value
Powerhouse 80 6.000% 20 Years 80%
Powerhouse 85 5.000% 15 Years 85%
Powerhouse 90 4.000% 10 Years 90%

**Payment Example: A $35,000 loan at 6.035% would have 240 monthly payments of $250.75. Property must be owner occupied. A full appraisal may be required based on the loan amount or combined loan to value.



Rates Effective As Of 2/01/2017. ALL RATES, TERMS AND CONDITIONS SUBJECT TO CHANGE. Rates and terms will vary based on the credit worthiness of individual applicants.

Loan Type Adjustable+ Annual Percentage Rate Max Repayment Max Loan Amount Draw Period
Heloc Equity I 4.042% 15 Years Up to 80% CLTV First 8 Years
Heloc Equity II+ 4.027% 25 Years Up to 75% CLTV First 10 Years

The above Annual Percentage Rates were calculated using a loan of $35,000.

Interest only loan, balloon payment will result at maturity of the loan.

+Additional information about our Adjustable Rate Mortgage (ARM)-The APR, interest rate, and principal and interest payment are subject to increase/decrease and will change after the loan is closed due to market-driven changes to the index. The APR cannot increase more than 2% per year, and not more than 6% over the life of the loan. However, the APR will never exceed the maximum rate allowed by law, which is currently 18%.

*Property must be owner occupied. Hazard insurance is required on the property being used as collateral. Interest may be tax deductible, consult your tax advisor for more information. A full appraisal may be required based on the loan amount or combined loan to value.

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How Much Home Can You Afford?

Use our online mortgage calculators to find a payment that you’re comfortable with, or easily compare loan options and payments with our free online Loan Consultant. Stop by our Home Loan Center today and talk with an experienced loan professional about what option best fits your needs.

Mortgage Calculator