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Home Equity Lines and Loans

Your solution for many needs

Home Equity Loans & Home Equity Lines of Credit can solve many financial needs, allowing you to use the money/equity you've already paid into your home 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 house4Our HEL/HELOCs offer flexible repayment terms, so you can pay back 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.

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What's the difference between a loan and a line?

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


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 only3

Home Equity Loans
Effective Date: Wednesday, April 17th, 2024
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: Wednesday, April 17th, 2024
Repayment PeriodLoan to Value Ratio**APR*
Monthly Adjustable 80% LTV
Up to 15 Years 80% 8.50%
Up to 20 Years 80% 8.75%
Monthly Adjustable 90% LTV
Up to 15 Years 90% 8.75%
Up to 20 Years 90% 9.00%


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.

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%.

2 Based on your home’s appraised value and combining all liens on the home including the proposed HELOC/HEL (minimum $5,000, maximum 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.

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

4 Must disclose purchase, subject to approval.

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