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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
Home Equity Loans
- Borrow anywhere from $25,000 to $400,000
- Pay back your loan over 5, 10 or 15 years
- Fixed rates as low as 6.875% APR 1
- Budget confidently with a monthly payment that won't change
- Interest paid on a home equity loan may be tax-deductible; consult your tax professional for full details
Home Equity Lines of Credit
- Rates as low as 8.750% APR*1 and may increase or decrease as the Prime Rate² changes. LIMITED TIME OFFER: Special low-rate of 6.99%APR*2 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 a adjustable-rate repayment term of 15 years for any remaining balance
- 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 days²
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.
¹APR = Annual Percentage Rate. Rates and terms shown are accurate as of 07/11/2023. 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 8.500%. 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.
¹APR = Annual Percentage Rate. Rates and terms shown are accurate as of 07/11/2023. 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 8.500%. 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.
²The special rate of 6.99% APR is 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 March 31, 2024. Monterra approves, closes and funds in an average of 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’s control.
Monterra Credit Union NMLS #416747.
Monterra Credit Union NMLS #416747.
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