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Home Equity Line of Credit (HELOC)

Make Use of the Equity in Your Home!

A home equity line of credit (HELOC) allows you to borrow money against the portion of your home that you own (equity) - the amount your home is currently valued at, minus the amount you have left on your mortgage and other existing liens. At Metro Credit Union, we offer multiple HELOC options for up to 90% of the equity of your home. You can use a HELOC for a dream wedding, home renovation, debt consolidation, and more - the choice is yours!

Once approved, your HELOC works like a revolving line of credit. You can borrow from your credit line when you want for as much as you want, up to your limit, and pay your balance down monthly, with no penalty for early payoff. As you make payments towards your outstanding balance, your available credit is replenished allowing you to borrow up to the limit when needed. 

HELOCs are 15-year loans, with draw periods ranging from 5-10 years, giving you the remaining time to pay off the balance. Metro offers multiple HELOC types, including, Flex, Fixed Rate, and Variable Rate options. In addition to quick application turnaround, we offer low closing costs and easy access to funds through online banking.


The Flex HELOC offers the best of both worlds by allowing the option to continue as a variable rate product or lock in the existing balance at a fixed rate up to four times throughout the life of the loan. This gives you confidence and stability if rates fluctuate in the future. 

Fixed Rate HELOC

This product offers the ability to have an open line of credit at a fixed interest rate. Unlike the Flex HELOC, you do not have to draw funds from it to have a fixed rate. You can borrow the money you need at the same rate throughout the draw period. In times when interest rates are likely to rise over the next few years, this option ensures your rate will not increase during the draw period.

Variable Rate HELOC

This traditional option has no locked rates.  This product has a variable rate; meaning the rate will increase or decrease over time based on market fluctuations. In addition, the Variable Rate HELOC allows you the flexibility to draw funds for up to 10 years.

HELOC Product Comparison

Which product is right for you?

 DetailsFixed HELOCFlex HELOCVariable HELOC
 Maximum Loan-to-Value90%90%90%
Minimum Required Credit Limit$10,000$10,000$10,000
Term15 years15 years15 years
Draw Periodup to 10 yearsup to 10 yearsup to 10 years
Interest RateFixed rate during draw period
Variable rate after draw period
Variable rate with options to lock at a fixed rate and term up to four timesVariable rate

Loan Rates

Home Equity Calculator

*Calculators are for general education only, not representative of Metro Credit Union offerings. Results are estimates based on user input and are not financial advice or guarantees. Consult a Metro Credit Union advisor for personalized advice. Metro Credit Union disclaims accuracy and liability for calculator use.

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