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Home Equity Loans and Lines 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 6.99%APR† for 6 months
Home Equity Loans
- Borrow anywhere from $25,000 to $400,000
- Pay back your loan over 5, 10 or 15 years
- Borrow up to 70 percent of your home's appraised value, minus the balance on your first mortgage1
- Fixed rates as low as 7.250% APR 2
- Budget confidently with a monthly payment that won't change
- Interest paid on a home equity loan may be tax-deductible3; consult your tax professional for full details
- Appraisal fees vary according to loan amount and lien position
Home Equity Lines of Credit
- Rates as low as 8.000% APR*1 and may increase or decrease as the Prime Rate² changes. LIMITED TIME OFFER: Special low-rate of 6.99%APR† for 6 months
- 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 interest2
- 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†
1Loan limits are determined by combined loan-to-value (CLTV) and are available up to 70 percent, depending on loan criteria.
2APR = Annual Percentage Rate. Rates and terms shown are accurate as of 2/29/24. The minimum periodic payment for line of credit is interest-only for the first (10) ten years ('draw period') followed by fully-amortizing payments to repay the balance over the final (15) fifteen 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 current prime index is 7.750%. 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.
3Tax deductibility depends on your individual situation. Consult your tax advisor.
Monterra Credit Union NMLS #416747.