Make use of the equity in your home!
A Home Equity Line of Credit allows you to borrow money against the portion of your home that you own (i.e. equity); the amount your home is currently valued at, minus the amount you have left on your mortgage and other existing liens. Metro Credit Union offers multiple HELOC options for up to 90% of the equity of your home.
Once approved, your HELOC loan works like a revolving line of credit. You can borrow 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. 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, NEW Fixed Rate, and Variable Rate options.
The Flex option is a variable rate line of credit that allows you to "lock" your balance at the current rate up to four times during the life of the loan. This allows you to save money on your outstanding balance should interest rates go down in the future.
Fixed Rate HELOC
This new product offers the ability to have an open line of credit at a fixed rate. Unlike the Flex HELOC, you do not have to draw funds from it in order 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, but has a smaller minimum required limit of just $5,000, while the Flex and Fixed Rate HELOCs require more equity in your home to qualify. This is a great option if you have less equity, and are looking for a smaller loan amount.
Mortgage Loan Officers
Ready to get the process started? Reach out to one of our Mortgage Officers
Use these calculators to give yourself an estimate of the equity you may have in your home, and repayment amounts based on the amount you're looking to use.
Home Equity Line of Credit
Line of Credit Payoff
HELOCs are subject to credit approval. A $250 processing fee and appraisal fees up to $600 may apply. The lowest variable APRs are the floor rates of 5.00% and 6.00% for owner and non-owner-occupied properties, respectively. The maximum APR is 15.00%. Membership in Metro Credit Union is required.
Please call, stop by, or visit us online for the most current rates.
*The 5-year Fixed Rate Home Equity Line of Credit (HELOC) has a 5-year draw period followed by a 10-year repayment period. Well-qualified borrowers receive a fixed rate of 5.75% APR for the duration of their 5-year draw period. Advertised APRs are based on a 90% CLTV, owner-occupied single-family residence, and qualifying credit. Advertised APRs are current as of August 15, 2023, and are subject to change. After 5 years, the rate becomes variable and is tied to the Prime Rate. As of August 15, 2023, the Prime Rate is 8.50% and the lowest variable rate would be the floor rate of 5.00% (maximum APR 15.00%).
Advertised rates assume a .50% discount for making automatic payments. If for any reason automatic payments stop during the term of the loan, the loan will no longer be eligible for the .50% rate reduction and the Annual Percentage Rate will increase by .50%.
A $250 processing fee and appraisal fees up to $600 may apply. Offer is subject to credit approval. Other restrictions may apply.