Skip to main content

Use the equity in your home.

Do almost anything with Interra's Home Equity Line of Credit.

A special promotion is happening now for Interra members with an existing Home Equity Line of Credit (HELOC)1 or new HELOC loans opened July 1, 2021, through September 30, 2021.

  • Advances from July 1 – September 30, 2021, only will receive a promotional or introductory rate of 2.79% APR2 on those advances until June 30, 2022.3
  • No closing costs4
  • Low annual fee5

Act Now!

Remember, this promotional rate is available only for advances posted to the line of credit account from July 1, 2021, through September 30, 2021. Advances made prior to July 1 and on or after October 1, 2021, are not eligible for this special rate. New HELOC loans must close on or before September 25, 2021, to be able to take advances during the promotional period before it ends on September 30, 2021.

Tap into the equity in your home to remodel a kitchen, consolidate debt, pay for school, finance your new business, or do almost anything with Interra's Home Equity Line of Credit.

It's easy to apply; just click on the button below. For more information, please call Interra or visit any office.

Apply Now

What is the difference between a home equity loan and a home equity line of credit?

Home equity loans are set amount for an intended purpose that amortizing similar to a traditional mortgage or automobile loan. A Home Equity Line of Credit is a loan that operates very similar to a revolving credit card where the balance is available for use during a set length of time and can be used anytime and the member pays interest only on the portion used at any time. Home equity loans are typically a fixed-rate product. The Home Equity Lines can be either fixed or variable rate and normally billed at interest-only payments.

How do you qualify for a home equity line of credit?

Qualification for a Home Equity Line of Credit is determined by the difference between the home’s value and current mortgage indebtedness (equity), the member’s capacity for the payment planned (debt ratio), and their current credit history. The combination of these factors determine the final loan features available.

Are there closing costs on a home equity line of credit?

There are closing costs associated with a home equity loan, but they are not collected at the closing. These fees become due and payable only if the loan/line is closed within 24 months of origination.

Calculate a HELOC Payment
1All loans are subject to credit approval and collateral review. Rates may vary based on credit qualifications and not all borrowers will qualify for the lowest rate. Home Equity Line of Credit is a revolving line of credit offered to qualified borrowers. You can obtain advances of credit for 5 or 10 years (“the draw period”). Not a guarantee of credit. 2Program rates, terms, and conditions are effective as of July 1, 2021, and are subject to change without notice. Annual percentage rate (APR) of the variable rate program HELOC is based on the Prime Rate as published in THE WALL STREET JOURNAL, plus a margin; the maximum the APR can increase is 6% above the initial non-promotional rate, if applicable. For example, if you opened a HELOC with a 700 credit score at 4% APR, the highest the rate could increase to during the life of the loan would be 10% APR. The rate is subject to increase and decrease. The variable rate line is subject to a minimum rate of 3.50%. As of July 1, 2021, fixed rate as low as 4.50% and variable rate as low as 3.50% based on credit score. 3 Interest on outstanding balances prior to July 1, 2021, will continue to accrue at the regular rate of either Prime or Prime plus a margin, if applicable. Loan Payment Information: When you make a payment, any principal payment will apply first to the lowest promotional balance and then to any previously outstanding balance through June 30, 2022. Effective July 1, 2022, the rate on any remaining promotional balance outstanding will go back to the regular rate disclosed in member’s HELOC open-end credit plan. 4 The credit union will pay for the standard closing costs of a property valuation, flood determination, junior loan title policy, and recording of the mortgage. The borrower(s) is responsible for any non-standard charges, such as regular lender’s title, deed preparation and/or deed recording fees, if applicable. These fees generally total between $250 to $900. If the HELOC is paid in full and closed within 24-months of opening, you must reimburse the amount paid in closing costs by the credit union. Property insurance is required until the sum owed is paid in full and the line is closed. If the property is located within the flood zone, flood insurance will be required. Interra Credit Union’s NMLS #623379. 5The line is subject to a $75 annual fee on its anniversary date.