Home Equity Loans and Lines of Credit

We have two programs to choose from:

Home Equity Line of Credit and Fixed Home Equity –

Apply today for a Home Equity Loan!

Apply today for a Variable Rate Home Equity Line of Credit!

We will 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.

These may be a the only mortgage or a 2nd Mortgage.

Home Equity Line of Credit: A revolving line of credit you may draw against up to 7 years from the date opened, this option has a variable rate beginning with the Prime Rate and adjusted according to the LTV.

Fixed Home Equity: A one time draw with a fixed rate beginning with Prime Rate and adjusted according to the LTV.

You will receive a book of checks to access your line of credit or take the funds in one lump sum. The choice will be yours.

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.
*LTV = Loan to Value

Click here for current rates.

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.

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	$30,000

For more details, contact us today!

*Fees are subject to change without prior notice. Contact our loan department today!
LTVº- Loan to Value. The amount of the loan is based on the appraisal minus the first mortgage.
APR* – Annual Percentage Rate

We Do Business in Accordance With the Federal Fair Housing Law and the Equal Credit Opportunity Act.