Home Equity

How can I apply for a home equity loan?

Call our Loan Application Center at (602) 433-LOAN, submit an online application directly from any Home Equity product page or visit a branch.

How is my interest rate determined, and what is the maximum dollar amount that I can borrow?

These figures are determined by several factors, including the product you are applying for, the amount of equity available in your property, your current credit score and your monthly income amount in relation to monthly debt. View current rates.

If I have two existing liens on my property, can I apply for a new home equity loan?

Yes. However, you would have to pay off and close one or both of your existing liens in order to ensure that Desert Schools is in the proper lien position.

How do I pay off my home equity loan or line of credit?

Home equity pay off requests must be submitted in writing; simply fax your payoff request to (602) 634-2110. Regardless of the age of the loan or line of credit, you will be charged a $35 reconveyance fee (or the appropriate fee based on the county your property is located in) to process and record a lien release. If your loan or line of credit is less than two years old, additional reimbursement fees may apply, per the loan documents you signed at closing. For questions, call the Consumer Loan Servicing department at (602) 433-7179 from 9 am to 6 pm, Monday through Friday or 9 am to 5 pm Saturday.

Who can I call regarding my approved application for a home equity loan or line of credit?

If you applied and received conditional approval, you should be contacted within two business days from the application date. If this time has passed, you may call the Home Equity Processing department at (602) 335-4589 from 9 am to 7 pm, Monday through Friday, or 9 am to 5 pm on Saturday for an update.

Who can I call regarding a closed or disbursed home equity loan or line of credit?

For questions regarding pay offs, call the Consumer Loan Servicing department at (602) 433-7179 from 9 am to 6 pm, Monday through Friday, or 9 am to 5 pm Saturday. For all other questions (e.g. rates, balance, or payments), call the Member Assistance Center at (602) 433-7000 from 8 am to 7 pm, Monday through Friday, or 8 am to 5 pm Saturday.

How long after signing my documents will my home equity funds be available to me?

By law, Desert Schools is required to give you three business days after closing (called a rescission period) to change your mind about taking the loan. Once this period has passed, your home equity loan/line of credit will be activated by the end of the fourth business day.

Can I change the payment due date on my home equity loan or line of credit?

No. Once funds are disbursed, the due date remains the same each month for the life of the loan or line of credit.

How can I make a payment on the principal balance of my home equity loan or line of credit?

Any accrued late fees and/or daily interest will always be satisfied first. However, if you make an additional payment on the same day your normal minimum payment is applied, the entire amount of the additional payment should go toward your principal balance.

Is the interest on my home equity loan or line of credit tax deductible?

In many cases the interest paid on a real estate loan or line of credit is tax deductible, but this depends on your individual financial situation. Consult your tax advisor for details.

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