UNDERSTANDING HOME EQUITY
Adulting is hard – from house projects to your kids’ college tuition or even medical bills, life moves pretty fast. So, let us help you manage it by leveraging the equity in your home. Don’t know what that is? We can help with that, too.
TAKE ADVANTAGE OF LOW INTEREST RATES AND FLEXIBLE TERMS
as low as:
as low as:
*APR = Annual Percentage Rate at 80% loan to value. Rates effective December 1, 2022. Minimum loan amount of $5,000.00 is required. $5,000.00 in new money is required when refinancing an existing Members 1st Home Equity Loan. Sample terms: If you borrow $30,000 at 5.99% APR for a 10-year term, your estimated monthly payment may be $332.98. If you borrow $30,000 at 6.74% APR for a 15-year term, your estimated monthly payment may be $265.31. Interest rates are based on creditworthiness and your home’s loan-to-value. Primary residence only. Property insurance is required. Pennsylvania and Maryland residences only. For non-members, you’ll be required to join Members 1st to meet eligibility requirements.
**100% financing is available on a primary residence and excludes rental properties. Sample terms: If you borrow $30,000 at 14.49% APR for a 20-year term, your estimated monthly payment may be $383.78. Other restrictions or conditions may apply. Rates are subject to change without notice. Consult your tax advisor for tax deduction information.
We do business in accordance with the Federal Fair Housing Law and Equal Credit Opportunity Act.
Explore the Possibilities
Using home equity to make home improvements can come with significant tax advantages. Since home equity loans offer lower interest rates than many student loans and credit cards, they can be a smart way to fund a college education, finance a wedding or consolidate high-interest debt.
Member Value Protection
When you apply for your Home Equity Fixed Rate loan, you can choose to add Member Value Protection (MVP). This coverage will cancel your monthly payments in case of death, disability, or involuntary unemployment—without penalty, added interest, or dings to your credit report.
Not Sure? Let's Talk.
Borrowing against the equity in your home is a big decision. But don't stress - we'll be with you every step of the way. Apply online and we'll reach out to go over your options.
Rates As Low As
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Thinking of using a home equity loan to buy a car? Compare your options and see how much you could save.
GET INSPIRATION FROM OUR MEMBERS
Our Dream Kitchen
Patty and Bryan used their home equity loan to give their home quite the transformation! Upgrades to their family room, kitchen and dining room have made a significant impact on the functionality of their home for the whole family. They now have the perfect gathering place to make memories for years to come.
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Keeping the Peace
When Christine realized her house wasn't big enough for her growing family, she used the equity in her home to keep the peace by turning an old “man cave” into the perfect “mom cave”, upgrading the family kitchen, and renovating her kids' room—all made possible with a Members 1st Home Equity Loan.
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A Backyard Oasis
Matt and Kia figured why have a big backyard if you don't utilize the space? They used the equity in their home to build a pool. But these grandparents can't take all the credit. This idea came from their granddaughter who had dreams of swimming in her very own, private swimming pool.
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Common Questions
A home equity loan is a fixed-rate loan that lets you borrow a lump sum of money at a specific annual percentage rate for a specific amount of time. Your payments remain consistent throughout the length of your loan. With a home equity line of credit, you have a variable rate loan which means your interest rate can change over time and your payments may fluctuate.
There are several online home valuation websites that may provide value estimates. These estimates give a general idea of value, but do not replace an actual appraisal. When you apply and are approved for a home equity loan or Home Equity Freedom Line of Credit with Members 1st, a home appraisal is completed that provides an accurate current market value.
We can help you make an informed decision as to which loan product is best for your individual situation and financial goals. Talk to one of our experts today.
Resources
Home Equity Loan Types Explained
We all keep lists, either written down or in our heads, of our goals and dreams for the future.
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House Hunting Tips
Searching for homes can be stressful, whether you are a first-time homebuyer or looking for a new house. There are a lot of things to know, like how much you should offer, what you need to do to be approved to purchase and even what you want in your next home. Going in with a plan can make things a lot easier.
Read More
The Impact of Student Loan Debt on Your Financial Wellness
To understand how your student loans impact your overall financial wellness, you need to understand which loan options exist and how to incorporate them into your current financial plan.
Read More
LET'S SEE WHAT'S POSSIBLE
Wondering how the equity in your home can help you? Complete your application online, and an associate will be in touch to discuss your borrowing options and schedule an appraisal to determine your exact qualifying terms.
Apply NowNot a member yet? Become one today.
Becoming a member is far easier than you imagine, and we've got a number of flexible ways to get started. Learn more about how you can join our faM1ly of half a million members strong.