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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

A special promotion is underway for members with an existing HELOC loan, as well as new HELOC loans opened September 1, 2020, through December 31, 2020. You'll get a low 2.99% APR6 on all new advances made during the promotional advance period, September 1 - December 31, 2020, with this great rate in effect on those advances until December 31, 2021.7 New HELOC loans must close on or before December 26, 2020, to be able to take advances during the promotional period before it ends on December 31, 2020.

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 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

1Program rates, terms, and conditions are subject to change without notice. All loans are subject to credit approval and collateral review. The 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. 2This 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; however, the loan is subject to a minimum rate of 3.5% APR. 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 closing costs of a property evaluation or Automated Valuation Model (AVM), flood determination lender's title and recording of the mortgage. The borrower(s) 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, in closing costs, 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 $75 annual fee on its anniversary date. 5Consult your tax advisor regarding the deductibility of interest. 6Program rates, terms, and conditions are effective as of July 21, 2020, and are subject to change without notice. The 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 August 31, 2020, a fixed rate as low as 4.5% and a variable rate as low as 3.75% based on credit score. 7Interest on outstanding balances prior to September 1, 2020, 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 promotional balance and then to any previously outstanding balance through December 31, 2021. Effective January 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.