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 5.25%APR† for 12 months

30-Due-in-15 Home Equity Loan

 
  • Lower monthly payments during the first 15 years
  • An affordable rate to achieve your financial goals
  • Loan amount up to $600,0001
  • Appraisal fees vary according to loan amount and lien position

Home Equity Loans

 
  • Borrow anywhere from $25,000 to $600,000 2
  • Pay back your loan over 5, 10 or 15 years 
  • Borrow up to 75% of your home's appraised value, minus the balance on your first mortgage
  • Fixed rates as low as 6.875%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 Credit

 
  • Rates as low as 7.250%APR* and may increase or decrease as the Prime Rate** changes.
  • Access a line between $25,000 and $600,000 with a variable-rate draw period of 10 years with interest-only payments3, 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 75% 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
Get Started
Apply nowContact RE Team View RatesView Rates for Home Equity Loans and Lines of Credit
*APR = Annual Percentage Rate.
**The current prime index is 7.00% (as of 10/8/2026).

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 $600,000 with a maximum combined loan-to-value (LTV) of 75%. Investment properties are not eligible.

2Home Equity loan maximum loan amount is $600,000 with a maximum combined loan-to-value (LTV) of 75%.

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 allowed during the repayment period. Payments and rate can adjust quarterly and 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. 

The minimum credit line amount is $25,000 and maximum is $600,000. Monterra Credit Union will pay customary closing costs on lines up to $250,000 in second-lien position secured by a primary residence. 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. 

4Consult your tax advisor. 

†Offer valid through 12/31/26. The special rate of 5.25%APR is only for twelve (12) months on a new Home Equity Line of Credit (HELOC) only. After twelve (12) months, the rate reverts to the APR indicated on your loan agreement. 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. Current prime index is 7.00%, effective (as of 10/8/2026). The maximum APR that can apply is 15.00% or the maximum permitted by law, whichever is less. HELOCs are only available in California on owner occupied, investment, and vacation or second homes. Property insurance is required.