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What does your home equity loan look like?

Interra's Home Everything Special.1

  • Use your existing HELOC or open a new one by June 25, 2024.2
  • Advances posted from April 1 to June 30, 2024, will receive the special introductory rate of 4.49% APR3 until December 31, 2024.
  • No closing costs!5
  • Low annual fee!6

Hurry and get started today because Interra’s Home Everything Special only lasts until June 30, 2024. (Remember, advances must be completed by June 30, 2024.)

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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 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. The Home Equity Lines are 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 the standard closing costs 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, as applicable. 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 10 years (“the draw period”). Not a guarantee of credit. 2New HELOC loans must close on or before June 25, 2024, in order for advances to be completed during the promotional period. New HELOC loan requests can take up to 3 weeks after a complete application is submitted. 3Programs, rates, terms and conditions are effective as of April 1, 2024, and are subject to change without notice. The Annual Percentage Rate (APR) of the variable rate 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 credit score of 700 at 8.50% APR, the highest the rate could increase to during the life of the loan would be 14.50% APR. The rate is subject to increase and decrease. The variable rate line is subject to a minimum rate of 3.50%. 4Interest on outstanding balances prior to April 1, 2024, 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 December 31, 2024. Effective January 1, 2025, the rate on any remaining promotional balance outstanding will go back to the regular rate disclosed in the borrower's HELOC open-end credit plan. 5The credit union will pay for the standard closing costs of a property valuation/AVM, flood determination, junior loan title policy or METIC only, and recording of the mortgage. The borrower(s) is responsible for any non-standard charges, such as regular lender’s title (1st liens may require), appraisal, 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. 6The line is subject to a $75 annual fee on its anniversary date.