HOME EQUITY LINE OF CREDIT
If you’re a homeowner, you’re building equity that you can leverage for upgrades or other financial needs.
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.
Get up to $100,000
Receive maximum financing of $100,000.
Enjoy low minimum monthly payments during your draw period.2
Consult your tax advisor for potential tax-deductible interest.3
Get approved for your HELOC within 24 hours.
Set it and forget it. Never miss a payment again with automatic payments from your Members 1st or other checking account.
No application, processing, or early payoff fees.1
Home Equity Loan Rates
Home Equity Line of Credit
15 YearsApply Now
Introductory for the first 6 months
Home Equity Line of Credit
25 YearsApply Now
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. 6-month introductory offer is available for a limited time and subject to change. Minimum financing is $20,000 and maximum financing is $100,000 at 80% LTV. After 6-month fixed introductory rate of 3.99% APR expires, the APR is a variable rate and subject to change based on the month-ly 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.
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.