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Tap into your Home's Equity

Use your home's value to fund future projects, dream vacations, and more.

Apply now

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.

 

Rates as low as

6.50% APR1

  • Competitive rate 
  • Flexible repayment terms

 

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

Home Equity Loan Rates
Effective Date: Friday, December 6th, 2024
ProductTermLoan to Value RatioCredit ScoreAPR1Estimated Monthly Payment per $1000Apply 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.

Home Equity Line Rates
Effective Date: Friday, December 6th, 2024
Draw PeriodRepayment PeriodLoan to Value RatioCredit ScoreAPR1Apply 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.

Apply now

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.

mortgage

At credit unions, members are owners; we answer to them, not investors. Each member has equal ownership.

mortgage

Thanks to the CO-OP branch network, you can access over 30,000 fee-free ATMs and over 5,000 branch locations nationwide.

mortgage

Credit unions are not-for-profit cooperatives that give back to their members with great savings rates and lower loan rates.

mortgage

Throughout the history of U.S. credit unions, taxpayer funds have never been utilized to rescue a credit union.

mortgage

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.)

Your Mortgage

Financial Wellness

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What's the Best Way to Use a Home Equity Loan?

A home equity loan, or a HEL, can be a fantastic way to source extra funds during a falling-rates environment. 

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All You Need to Know about HELOCs

If you’re a homeowner in need of some cash, look in your own home. You can tap into your equity through a home equity line of credit, or a HELOC.

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All You Need to Know About Home Equity Loans

Many take out a home equity loans to finance home improvements, tuition, unforeseen costs, and more. Here’s all you need to know about home equity loans. 

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