Your home equity is a valuable asset that can be used to your advantage! Home equity products refer to financial products that allow homeowners to access the equity they have built up in their homes. When the value of your home increases, it can positively impact your home equity.
Both of these products leverage the equity you have built up in your home, providing you with the opportunity to utilize your home’s value to achieve your financial goals. If you’re dreaming about improving your home, financing your child’s wedding, buying some big-ticket item, or simply want to consolidate high-rate debt in to one manageable payment, a Home Equity Loan or Line-of-Credit from Metco is a great option.
Our knowledgeable team can assist you in determining the best home equity product for your financial needs. We will guide you through the application process and explain the terms and conditions associated with your options. We value your trust in us and are committed to providing you with the guidance and support you need to make the best financial decisions for your situation.
Rates, terms and offers subject to change Without notice. Loans offered with qualified credit. Contact the credit union for full details and disclosures. *Appraisal is borrower’s responsibility, if required. **Consult a tax professional. Equal Housing Opportunity. Federally insured to at least $250,000 by the NCUA.
A HEL (home equity loan) is a loan that lets you borrow a one-time lump sum based on the equity in your home, using your home as collateral.
A HELOC (Home Equity Line of Credit) is a line of credit you can draw from as needed, using your home as collateral.
At Metco Credit Union, we evaluate this on a member-by-member basis, but generally at least 15–20% equity is required.
Common uses include renovations, debt consolidation, or large expenses—home equity funds can be used for just about anything, depending on your needs.
Home equity loans usually have fixed interest rates, while HELOCs typically have variable interest rates.
Typically, a few days to a few weeks depending on documentation.
Yes, an appraisal is typically required to determine your home’s current value and available equity.
At Metco Credit Union, our lending team reviews your complete financial picture—including credit, income, and debt—when evaluating HELOC eligibility.
In some cases, interest may be tax-deductible when funds are used for qualified home improvements—please consult a tax advisor for guidance.
Yes, though terms vary.
A HELOC is a separate line of credit in addition to your mortgage, while a cash-out refinance replaces your existing mortgage with a new, larger loan.
At Metco Credit Union, we review your earnings to help assess your ability to repay the loan.
Yes. The loan is secured by your home.
With a HELOC, you typically have a draw period where you may pay interest only, followed by a repayment period that includes both principal and interest. A HEL usually has fixed monthly payments from the start.
Please complete our secure online loan application to apply for a HEL or HELOC.
