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Use the equity in your home.

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

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 (HELOC)1.

  • Fixed rate and variable rate2 options
  • Easy access to your line via online banking
  • No closing costs3
  • Low annual fee4
  • Potential tax advantages5

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

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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 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 an any time and the member pays interest only on the portion used at any time. Home equity loans are a fixed rate product, and 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 loan 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

1Program rates, terms and conditions are subject to change without notice. All loans are subject to credit approval and collateral review. Rate may vary, based on credit qualifications. 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 year(s) ("the draw period"). Not a guarantee of credit. 2 This Plan has a variable rate and the annual percentage rate (APR) and corresponding periodic rate and minimum payment can change as a result. The APR does not include costs other than interest. The APR is based on the value of an index, plus a margin. The index is the highest rate of interest identified as the 'Prime Rate' in the 'Money Rates' section of the Wall Street Journal. We will use the index value as of the last business day of the month preceding a rate change on the 5th day of the following month. To determine the APR that will apply to your account, we add a margin based on your creditworthiness to the value of the index and then round to the nearest 0.125%. Ask us for the current index value, margins and APR. After you open an account, rate information will be provided on periodic statements that we send you. 3The credit union will pay for the standard closings costs of a property evaluation or AVM. Customary closing costs only. All other closing costs will be the responsibility of the borrower(s). The credit union will pay for the standard closing costs of a Scope evaluation or AVM (automated valuation model), flood determination, lender's title and recording of the mortgage. The member is responsible for any other charges, if applicable. If the line is paid in full and closed within 24-months of opening the plan, you must reimburse the amount paid by the credit union. The maximum APR imposed would be 6 percentage points over the initial rate. Property insurance is required until the sum owed is paid in full and the line is closed. If the property is located within a flood zone, flood insurance will be required. Interra Credit Union’s NMLS #623379. 4The line is subject to a $50 annual fee on its anniversary date. 5Consult your tax advisor regarding the deductibility of interest.