Unlocking Your Home’s Hidden Potential: Surprising Uses for a Home Equity Line of Credit
Minute Read
(Edited by Shauna Scarnato)
When most people hear "Home Equity Line of Credit" (HELOC), they think of home renovations—but that’s just one of many possibilities. At Members 1st, our Home Equity Freedom Line of Credit offers flexibility to help you do much more!
Ways You Can Use a HELOC:
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Consolidate and pay down high-interest debt
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Purchase a secondary home or rental property
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Take that dream vacation you’ve been planning
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Cover college tuition or other education-related expenses
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Pay for a wedding—yours or your child’s
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Fund an adoption (check out how the Logan family used a HELOC to grow their family!)
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Manage unexpected medical or veterinary bills
A HELOC is issued based on the equity you’ve built in your home. It typically provides a lower interest rate and flexibility to use the funds as needed. Whether you prefer accessing the full amount at once or in smaller increments over time, we are here to guide you through the process.
HELOC Frequently Asked Questions
Am I eligible?
Any Pennsylvania, Maryland or New Jersey resident who is a homeowner with built-up equity in their home can apply for a HELOC. Please note that HELOCs are available to individuals only—businesses are not eligible.
What information do I need to apply?
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Property details: address, purchase price and property type
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An estimated property value
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Amount you would like to borrow
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Personal and contact information
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Employment and income details
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Information about all financial accounts and debts
Completing the application only requires a few minutes of your time, and you can expect to hear back from our team within three business days.
How do I get a property value estimation?
The easiest way to get a rough idea of your home’s estimated value is to search your address on Google and look at sites like Zillow or Redfin. When you apply, our HELOC team will arrange for a professional valuation to determine your eligibility.
What makes the Home Equity Freedom Line of Credit different?
Our Freedom Line of Credit has a dual-purpose feature that allows you to use it as a line of credit and a fixed loan*. You can borrow as you go, like a credit card, and only pay interest on what you use. Or, if you prefer steady monthly payments, you can lock in up to three fixed term loans at one time. It’s flexible and easy to manage—so you can use your funds in the way that works best for you.
If you are ready to apply and live in Pennsylvania or Maryland, head over to the HELOC page on our website. New Jersey residents must apply in-person at a branch. Still have questions? Don’t hesitate to reach out to our home equity team at (800) 283-2328 (option 3, then 1) or stop by any of our branch locations. We are always happy to help.
*Fixed-Term Option: You may lock in all or a portion of your line as a fixed-term loan up to three fixed terms at one time. Terms available from one year to 15-year maximum. Minimum $5,000 to lock-in. Fixed-term APR may vary based on term chosen. Your first fixed-term lock option is free and subsequent lock options are subject to a $100 processing fee. Balances you choose to lock in at the fixed rate of interest must be repaid in substantially equal monthly payments of principal and interest. The total monthly payment under the Line of Credit will include repayment of the total of all advances under the Line of Credit to date, in addition to and including the advance(s) for fixed-term lock option(s).
Fees: Members 1st FCU may pay all closing costs in conjunction with the Line of Credit agreement. If the credit union is paying any closing costs on your behalf in connection with the opening of your Account and your account is paid in full and closed within 36 months, you will be required to reimburse us all third party fees paid on your behalf upon closing your account.
