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Home Equity Lines and Loans - The Solution for Many Needs 

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Home equity loans & home equity lines of credit can be the solution to many financial needs, These loans allow you to use the money/equity you’ve already paid into your home. Consider a home equity product for any of these reasons and more! 

  • Home improvement project
  • Finance a large purchase
  • Pay medical expenses
  • Consolidate existing debt
  • Even use funds towards the purchase of another house (keep in mind you'll have to disclose this as a purpose, and the additional payments will need to work with your ratios.) 

Refinancing an existing home equity line or loan (HELOC/HEL) can get you a lower rate, or access more funds! Best of all they’re available in most states.

  • $5,000 min, $400,000 max, borrow up to 90% combined loan-to-value at a low rate with various terms **
  • Potential tax advantages (please consult your tax advisor)
  • Closing costs waived for home equity lines or loans of $15,000 or higher**

Please note: MIT FCU does not finance property in a trust or an investment property, or offer home equities in Texas.

Wondering which choice is right for you? Answer some simple questions to help with your decision. 


A Side by Side Comparison

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 20 years to repay.
  • During the draw period, the minimum monthly payments are interest only.***

Apply for a Home Equity Line of Credit     

Home Equity Loan

  • 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 with fixed payments and a low rate, and you’re letting the value you’ve built in your home pay for your needs.

Apply for a Home Equity Loan    

Home Equity Loans
Effective Date: Monday, March 27th, 2023
TermLoan to Value Ratio**APR*Payment/$1000
5 Years 80% 6.50% $19.57
10 Years 80% 6.75% $11.48
15 Years 80% 7.00% $8.99
20 Years 80% 7.25% $7.90
5 Years 90% 6.75% $19.68
10 Years 90% 7.00% $11.61
15 Years 90% 7.25% $9.13
20 Years 90% 7.50% $8.06

The loan payment does not include insurance and taxes and the payment may be greater.


Home Equity Lines
Effective Date: Monday, March 27th, 2023
Repayment PeriodLoan to Value Ratio**APR*
Monthly Adjustable 80% LTV
Up to 15 Years 80% 7.75%
Up to 20 Years 80% 8.00%
Monthly Adjustable 90% LTV
Up to 15 Years 90% 8.00%
Up to 20 Years 90% 8.25%

With the exception of Texas.

*APR = Annual Percentage Rate. The rates shown above are based on a highly qualified credit candidate. Rates (and margins for Home Equity Lines of Credit) may vary based on individual creditworthiness. Real Estate Home Equity Lines of Credit are indexed to the Prime Rate published in the “Money” section of The Wall Street Journal. For monthly adjustable Home Equity Lines of Credit, the APR can change on the first day of each month and is established ten days prior to the first day of the month. Rates are subject to change without notice. The maximum APR on Home Equity Loans and Lines of Credit is 18%.

**Based on your home’s appraised value and combining all liens on the home including the proposed HELOC/HEL (limit of $400,000.00). All MIT FCU Home Equity Loans and Lines of Credit are secured against the member’s residence and take 1st, 2nd or, in certain cases 3rd, lien position on the property. Home Equity applications require income verification, real estate tax bill, property deed, and mortgage or home equity statement, if applicable. MIT FCU will pay all closing costs should applicant borrow $15,000.00 or more and the loan is not repaid within the first 24 months. If the loan is repaid within the first 24 months, then the reimbursement of closing costs would apply. MIT FCU does not finance property in a trust or an investment property, or offer home equities in Texas.

*** The minimum payment will not reduce the balance of your loan. Any amount paid above the minimum payment will reduce the balance. 

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