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Introductory Rate

Low fixed 6-month introductory rate

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A Members 1st Home Equity Line of Credit allows you to tap into the equity in your home for any purpose you want. Add a solar system, remodel a kitchen, or even consolidate other high-interest rate debt into one low monthly payment. With a Home Equity Line of Credit you draw funds from your line of credit as needed.

Drawable Funds

Make as many draws at any amount from your line of credit and only pay interest on the overall amount drawn.
Credit Line

No lender origination fees

Members 1st does not charge origination fees for Home Equity Loans, which helps minimize your out-of-pocket expenses.
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No closing costs

Members 1st does not charge closing costs, which makes our Home Equity Loans affordable with little to no upfront costs.2
Two people celebrating all the money they've saved with no closing costs.

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.
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Easy Application

Complete your application and submit any necessary documentation entirely online without having to visit a branch.
Easy Application

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.

Heloc Facts

HELOC (Variable Rate)

Interest rate

Variable rates as low as 3.990% 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 5.990% 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.)

Resources

Get the answers to your home equity questions.

Home Valuations

Rates

Fixed and variable rates to meet your needs.

Home Equity Loan Rates

APR* as low as

Home Equity Line of Credit

15 Years

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5.990%

Fixed

Home Equity Line of Credit

25 Years

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3.990%

Variable

View Rate Sheet

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. Maximum financing is 80% combined loan-to-value. After 6-month fixed introductory rate of 3.99% APR expires, the APR is a variable rate and 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.

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.

Apply now or speak with one of our loan officers at (800) 303-3838.
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