Home Equity Line of Credit (HELOC)

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.

Which product is right for you?

HELOC table 2

Financial Calculators

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 $100 processing fee and appraisal fees up to $500 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.

As of November 23, 2022, our lowest rates for each HELOC product are as follows and based on an 80% CLTV.

Fixed Rate HELOC     5.79% APR (draw period)
Flex HELOC                5.79% APR (fixed rate/locked rate), 5.00% APR (Variable)
Variable HELOC         5.99% APR


Lower introductory rates may be available for well qualified borrowers. Higher interest rates apply to longer fixed terms, higher CLTVs, non-owner-occupied properties, or non-qualifying credit. Rates are subject to change. Rates assume a .50% discount for making automatic payments. If for any reason automatic payments stop during the course of the HELOC, the HELOC will no longer be eligible for the .50% rate reduction and the APR will increase by .50%. If you don’t elect automatic payments our rates will start at .50% higher than the aforementioned rates.

Please call, stop by, or visit us online for the most current rates.

Metro Credit Union- Your Local Advantage ®

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If you are a current customer that uses our online banking platform, please select "Current User Application".  If you are new to Metro or have never used our online banking platform please select "New User Application" to apply.