Tap into your Home's Equity
Use your home's value to fund future projects, dream vacations, and more.
One solution for many needs.
Use the money you've already paid into your home51 for renovations, college tuition, unexpected emergencies, and more.
You can also refinance an existing home equity loan or line (HEL/HELOC) to get a lower rate, access to more funds, or use funds towards purchasing another house53.
What's the difference between a line and a loan?
Home Equity Line of Credit
- Access funds via e-Branch or special HELOC checks
- Draw on your HELOC for a set number of years (5 or 10 year draw period offered), then have up to 10 years to repay
- During the draw period, the minimum monthly payments are interest only52
- HELOC maximum: $400,000
Home Equity Loan
- Fixed payments and low rate
- Receive your funds in a lump sum
- Fixed-rate for the term of the loan
- Great way to consolidate debt or pay for a large expense
- HEL maximum: $400,000
Rates Table
Product | Term | Loan to Value Ratio | Credit Score | APR1 | Estimated Monthly Payment per $1000 | Apply Now |
---|---|---|---|---|---|---|
Home Equity Loans | 5 Years | 80% | 760+ | 6.50% | $19.57 | Apply now |
10 Years | 80% | 760+ | 6.75% | $11.48 | Apply now | |
15 Years | 80% | 760+ | 7.00% | $8.99 | Apply now | |
20 Years | 80% | 760+ | 7.25% | $7.90 | Apply now | |
5 Years | 90% | 760+ | 6.75% | $19.68 | Apply now | |
10 Years | 90% | 760+ | 7.00% | $11.61 | Apply now | |
15 Years | 90% | 760+ | 7.25% | $9.13 | Apply now | |
20 Years | 90% | 760+ | 7.50% | $8.06 | Apply now | |
Annual Percentage Rate (APR) for 1-4 family, owner occupied primary residence and second/vacation homes with max loan-to-value 90%. Rate subject to change at any time. The APR is variable-rate and may increase after consummation. The maximum APR that may apply is 18%. No closing costs if the line is for $15,000 or more. However, if the line is closed within the first 24 months, fees for title search, credit report, flood certificate, valuation, recording and closing will be repaid by the borrower. If line is less than $15,000, the borrowers will pay closing costs ranging from $30 to $4,000. Property insurance is required. Please consult a tax advisor regarding the deductibility of interest and charges. Subject to credit approval. |
Draw Period | Repayment Period | Loan to Value Ratio | Credit Score | APR1 | Apply Now |
---|---|---|---|---|---|
5 Year Draw Period | 10 years | 80% | 760+ | 7.75% | Apply now |
10 Year Draw Period | 10 years | 80% | 760+ | 8.00% | Apply now |
5 Year Draw Period | 10 years | 90% | 760+ | 8.00% | Apply now |
10 Year Draw Period | 10 years | 90% | 760+ | 8.25% | Apply now |
Annual Percentage Rate (APR) for 1-4 family, owner occupied primary residence and second/vacation homes with max loan-to-value 90%. Rate subject to change at any time. The APR is variable-rate and may increase after consummation. The maximum APR that may apply is 18%. No closing costs if the line is for $15,000 or more. However, if the line is closed within the first 24 months, fees for title search, credit report, flood certificate, valuation, recording and closing will be repaid by the borrower. If line is less than $15,000, the borrowers will pay closing costs ranging from $30 to $4,000. Property insurance is required. Please consult a tax advisor regarding the deductibility of interest and charges. Subject to credit approval. |
We'll be with you every step of the way
With flexible repayment terms, you can repay what you borrow at a pace that works for you. Plus, you'll have peace of mind knowing you have access to the funds you need when you need them.
Please note: MIT FCU does not finance property in a trust or an investment property, offer home equities in Texas, or properties that are currently undergoing construction or renovations.50
FAQs
FAQs - Mortgages, Closing, & Beyond
The Credit Union Difference
We are not a bank, and that's an advantage for our members. As a credit union member, here's how you benefit.
At credit unions, members are owners; we answer to them, not investors. Each member has equal ownership.
Thanks to the CO-OP branch network, you can access over 30,000 fee-free ATMs and over 5,000 branch locations nationwide.
Credit unions are not-for-profit cooperatives that give back to their members with great savings rates and lower loan rates.
Throughout the history of U.S. credit unions, taxpayer funds have never been utilized to rescue a credit union.
Credit union deposits are insured up to $250,000 by the National Credit Union Administration (NCUA), a federal government agency.
Calculate Your Estimated Borrowing Capacity Using A Home Equity Line of Credit (HELOC)
Depending upon the market value of your home, outstanding mortgage balance, credit history and other factors, you may qualify for a HELOC. Monthly payments on a HELOC are variable as they fluctuate with interest rate changes. Use this calculator to estimate your borrowing capacity on a HELOC. (Subject to underwriting guidelines, including limits on maximum loan to value.)
Financial Wellness
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