)
Home Equity Loans and Line of Credit
Harness your home equity
Your home's equity can power your next dream with a Home Equity Loan or Home Equity Line of Credit (HELOC).
Your home's equity holds the key
Choose to receive funds in a lump sum loan or as a line of credit
Use to consolidate debt, take on home improvement projects, address expenses or more
Various terms are available
Opt for fixed or variable rates
Limited Time HELOC Offer: Special low rate of 6.49%APR† for 6 months
30-Due-in-15 Home Equity Loan1
- Lower monthly payments during the first 15 years
- An affordable rate to achieve your financial goals
- Loan amount up to $400,000
- Appraisal fees vary according to loan amount and lien position
Home Equity Loans2
- Borrow anywhere from $25,000 to $400,000
- Pay back your loan over 5, 10 or 15 years
- Borrow up to 70% of your home's appraised value, minus the balance on your first mortgage
- Fixed rates as low as 7.125%APR*
- Budget confidently with a monthly payment that won't change
- Interest paid on a home equity loan may be tax-deductible4; consult your tax professional for full details
- Appraisal fees vary according to loan amount and lien position
Home Equity Line of Credit3
- Rates as low as 7.750%APR* and may increase or decrease as the Prime Rate** changes.
- Access a line between $25,000 and $400,000 with a variable-rate draw period of 10 years with interest-only payments, followed by an adjustable-rate repayment term of 15 years for any remaining balance
- Make a principal payment at any time without penalty
- Borrow up to 70 percent of the appraised value of your home, minus the balance on your first mortgage1
- Appraisal fees vary according to loan amount and lien position
- Easy access to your credit line - by check, phone, or online
- Interest payable only on the amount of credit you use
- Tax deductible interest4
- Use your HELOC for projects, paying off other debts, major purchases or keep it in place as a safety net
- Pay interest only on the funds you use during your draw period
- Get access to the funds in as little as 15 days
**The current prime index is 7.500% (as of 2/11/2025).
Rates and terms apply to a Home Equity Loan and/or a Home Equity Line of Credit for the most qualified applicant. Conditions and restrictions apply. Rates vary for second, vacation, or investment homes. A Home Equity Loan and/or a Home Equity Lines of Credit is only available in California on owner occupied, investment, and vacation or second homes.
1The 30-Due-in-15 Home Equity loan maximum loan amount is $400,000 with a maximum combined loan-to-value (LTV) of 70%. Investment properties are not eligible.
2Home Equity loan maximum loan amount is $400,000 with a maximum combined loan-to-value (LTV) of 70%.
3The minimum periodic payment for line of credit is interest-only for the first ten (10) years ('draw period') followed by fully-amortizing payments to repay the balance over the final fifteen (15) years. No draws will be allowed during the repayment period. Payments and rate can adjust monthly. Payments will increase if rates increase. At the end of the draw period, your required monthly payments will increase because you will be paying both principal and interest.
Line of credit rate is calculated using an index plus a margin. The index used is the Prime Rate as published in the Wall Street Journal. The minimum credit line amount is $25,000 and the maximum is $400,000. Monterra will pay customary closing costs on lines up to $250,000 in second lien position. Borrower is responsible for closing costs on lines in first lien position or over $250,000 and any escrow fees resulting from changes to title. Borrower is responsible for closing costs on a line of credit in first lien position and investment properties.
4Tax deductibility depends on your individual situation. Consult your tax advisor.
†The promotional rate is applied only for 6 months on a new Home Equity Line of Credit (HELOC) or on a new draw from an existing HELOC. Not all existing HELOCs with an available draw are eligible for this special rate offer. After 6 months, the rate reverts to the APR indicated on your loan agreement. Offer expires 5/31/2025. Monterra CU approves, closes and funds in an average of fifteen (15) days for loan amounts up to $250,000 that do not require an appraisal. There is no guarantee your loan will fund in the time stated due to circumstances outside of Monterra CU’s control.Monterra Credit Union NMLS #416747.