Planning a dream vacation, home remodel or something else?
Make use of your home’s equity today!
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. 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 credit limit, and pay your balance down monthly, with no penalty for early payoff. A fixed rate HELOC is a 15-year loan, with a draw period up to 10 years, giving you the remaining time to pay off the balance.
Unlike other HELOCs, 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.
For your best rate, always Check with Metro First!
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
Mortgage Loan Officers
Ready to get the process started? Reach out to one of our Mortgage Officers
*For well-qualified borrowers, the Fixed Rate HELOC offers a 5.75% APR throughout the 5-year draw period on the revolving balance. After 60 months, the rate becomes variable and is tied to the Prime Rate as published in the WSJ. As of March 11, 2024, the Prime Rate is 8.50%, and the lowest variable rate is the floor rate of 5.00% (with a maximum APR of 15.00%). All rates mentioned are accurate as of March 11, 2024, and are subject to change without notice.
Advertised APR is based on an 80% CLTV, owner-occupied single-family residence, and qualifying credit. Higher APRs may apply for different terms.
Advertised rates include a 0.50% discount when you use automatic payments. If, for any reason, automatic payments stop during your HELOC, you will lose the 0.50% rate reduction, leading to a 0.50% increase in the APR. If you choose not to enroll in automatic payments, your rates will start 0.50% higher than advertised.
A $250 processing fee and appraisal fees up to $600 may apply. A balloon payment may be required at the end of the repayment period if the entire outstanding balance is not paid in full. Other restrictions may apply. The minimum credit line is $10,000.
Membership in Metro Credit Union is required.