Drawable Funds
Make as many draws at any amount from your line of credit and only pay interest on the overall amount drawn.
No lender origination fees
Members 1st does not charge origination fees for Home Equity Loans, which helps minimize your out-of-pocket expenses.
No Appraisal or Title Fees
Members 1st does not charge appraisal or title fees, which makes our Home Equity Loans affordable with little to no upfront costs.2
Flexible Rates and Terms
Fixed or variable rate options with terms up to 20 years allows you to decide the right monthly payment for your budget.
Easy Application
Complete your application and submit any necessary documentation entirely online without having to visit a branch.
HOW IT WORKS
With a HELOC, you’re using the available equity in your home and then borrowing against it. Your house is used as collateral for the line of credit. As you repay your outstanding balance, the amount of available credit is replenished, much like a credit card. This means you can borrow against it more than once if you need to, and you can borrow as little or as much as you need throughout your draw period (typically 10 years) up to the credit limit you establish at closing. At the end of the draw period, the repayment period (typically 20 years) begins.
A HELOC can be used for a variety of things. It can be a great way to invest in your home to increase value such as building an extra room, upgrading or rennovations. Other options include, paying off higher interest debt or even college tuition. The interest rate is often much lower since this is considered a secured loan.
HOME EQUITY CALCULATORS
Heloc Facts
HELOC (Variable Rate)
Interest rate
Variable rates as low as 9.25% APR*
Loan term
10-year draw period with 15-year repayment
Account Type
Variable rate line of credit. Funds can be redrawn as payments are made during the draw period. Unused draw periods maybe extended upon request.
Minimum Loan Amount
$20,000
Payment Options
Payments during the draw period are lowered based on a 30-year repayment duration. After the draw period expires, payments are based on a 15-year repayment. (Speak with a loan officer for precise payment information.)
HELOC (Fixed Rate)
Interest rate
Fixed rates as low as 9.49% APR*
Loan term
5-year draw periods with a 10-year repayment
Account Type
Fixed rate line of credit. Funds can be redrawn as payments are made during the draw period. Unused draw periods maybe extended upon request.
Minimum Loan Amount
$20,000
Payment Options
Payments during the draw period are lowered based on a 10-year repayment duration. After the draw period expires, payments are based on a 10-year repayment. (Speak with a loan officer for precise payment information.)
Rates And Resources
Rates
APR* as low as
Rates
Home Equity Line of Credit
15 Years
9.49%
Fixed Rate
9.49%
Fixed
Home Equity Line of Credit
25 Years
9.25%
Variable Rate
9.25%
Variable
Home Equity Basics
Home Valuations
1. Line of Credit must remain open for the first 12 months to avoid pre-payment penalties.
2. Low repayment plan based on 360-month repayment duration while in draw period. After the draw period, the payment transitions to revised repayment duration based on the repayment plan for your loan.
3. Consult your tax advisor. Members 1st Credit Union does not provide tax advice.
4.*APR = Annual Percentage Rate. Variable rates are subject to change based on the monthly average rate of the 6-month Treasury-Bill. The APR cannot increase more than 6% above the initial rate that would have been in effect without the discount. Rates and terms are subject to change. Members 1st utilizes drive-by and computer appraisals for valuations. Members have the option of purchasing their own full appraisal. Low repayment plan based on 360-month repayment duration while in draw period. After the draw period, the payment transitions to revised repayment duration based on the repayment plan for your loan.
This page contains disclosures that have been provided for your information. Please print or retain a copy for your own records. Members 1st Credit Union will acquire a security interest in your dwelling. The loss of the dwelling may occur in the event of default. Under certain conditions, Members 1st Credit Union may terminate the plan and require payment of the outstanding balance in full in a single payment and impose fees upon termination; prohibit additional extensions of credit or reduce the credit limit; and, as specified in the initial agreement, implement certain changes in the plan. You may receive, upon request, information about the conditions under which such actions may occur.

We do business in accordance with the Fair Housing Act
(The Civil Rights Act of 1968, as amended by the Fair Housing Amendments Act of 1988)The Fair Housing Act protects people from discrimination when they are renting or buying a home, getting a mortgage, seeking housing assistance, or engaging in other housing-related activities.
Who is protected?
It is Illegal to Discriminate Against Any Person Because of Race, Color, Religion, Sex, Handicap, Familial Status, or National Origin
- In the sale or rental of housing or residential lots
- In advertising the sale or rental of housing
- In the financing of housing
- In the provision of real estate brokerage services
- In the appraisal of housing
- Blockbusting is also illegal
How to Report Housing Discrimination
Anyone who feels he or she has been discriminated against may file a complaint of housing discrimination:
1-800-669-9777 (Toll Free)
1-800-927-9275 (TTY)
www.hud.gov/fairhousing
U.S. Department of Housing and Urban Development
Assistant Secretary for Fair Housing and Equal Opportunity
Washington, D.C. 20410