Home Equity Loans and Lines of Credit
Home Equity Line of Credit, Fixed or Variable Rates Available -
Apply today for a Home Equity Line of Credit! or Get Pre-Approved
We may loan funds on the equity in your home for whatever purpose you choose. We may loan up to 80% of the appraised value of your home. We have offices in Findlay and North Baltimore, Ohio and also serve the surrounding areas. (Click here to see if you live in our membership area) Your Home Equity Loan can be the only mortgage or a 2nd Mortgage.
Home Equity Line of Credit: A Home Equity Line of Credit, or HELOC, is a revolving line of credit you may draw against up to 7 years from the date opened, much like a credit card. Home Equity Lines of Credit can be a variable or fixed rate beginning with the Prime Rate which is adjusted according to the LTV (Loan to Value). Checks are available with this option.
Rates Effective May 1, 2013 and subject to change without notice.
Here are some reasons to take advantage of the Equity in your Home with a Home Equity Line of Credit or Home Equity Loan:
- Make home improvements
- Take a dream vacation
- Pay for college
- Consolidate bills
- And More!
~Subject to certain credit requirements, terms and conditions.
Please consult your tax advisor regarding the deductibility of interest.
*APR = Annual Percentage Rate. Rates are subject to change. Application fees may apply.
*LTV = Loan to Value
Members can enjoy the comfort of knowing their loan is local, as all Home Equity Line of Credit loans and Home Equity Loans remain serviced by Millstream Area Credit Union.
How do I know if I have equity in my home?
The general guideline is if you have owned your home for at least two years, or if you made a large down payment when you purchased the home you may have equity available to you.
Calculate how much Equity you have in your home. To estimate how much your home would be appraised for, just think of how much you would sell it for then multiply that by 80% and subtract your first mortgage amount. See example below.
How do I know how much Equity is in my home?
Follow this example of the simple calculation:
| Home appraisal | $100,000 |
| x 80% | x 80% |
| = | $80,000 |
| Subtract first mortgage | - $50,000 |
| Possible line of credit or loan | $30,000 |
For more details, contact us today!
*Fees are subject to change without prior notice. Contact our loan department today!
LTV- Loan to Value. The amount of the loan is based on the appraisal minus the first mortgage.
APR* – Annual Percentage Rate
Our Loan Officers are registered with the Nationwide Mortgage Licensing System. Their unique identifiers and a link to the site can be found below:
Jacob Price: 440096
Tammy Bridenstine: 421417
Nationwide Mortgage Licensing System
We Do Business in Accordance With the Federal Fair Housing Law and the Equal Credit Opportunity Act.
MEMBER ACCOUNTS ARE NOT INSURED OR GUARANTEED BY ANY GOVERNMENT OR GOVERNMENT-SPONSORED AGENCY.
This institution is not federally insured. Our accounts are insured through ASI for up to $250,000 per account.
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