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Home Equity Options

Borrow Better

If you own a home, chances are you’ve built up some equity. So why not use that to your advantage and borrow against it? For bigger projects, debt consolidation and ongoing needs like college tuition, a home equity loan or line of credit could be the answer.

Let’s get started.

Make an appointment and see how you can use your home’s value to your advantage to help pay for a variety of needs.

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Did you know in some cases you can finance more than your home’s current appraisal? We offer both fixed and variable rate home equities, with 24/7 account access. Plus we have escrow options on 1st lien properties; a convenient and hassle-free way to ensure your taxes and insurance are paid on time.

The reason that this type of loan is so appealing is that you may be eligible for an income tax deduction (consult your tax advisor) by using your home as collateral, and the rates are generally lower than other loan types or credit cards.

Member Andria Heath shares her experience with a home equity loan from First Source

Which home equity option is right for you?

Check out our helpful loan comparison calculator.


Home Equity Comparison Calculator

Which home equity option
is best for you?

Our most popular options
are highlighted for you.


Home Equity Loan

  • Secured Loan
  • 1st or 2nd Lien
  • Loan to Value Up to 110% of Home's Appraised Value
  • Fixed Rate
  • No Closing Costs
  • Mortgage Tax Paid by Member or First Source
  • Funds Advanced Up Front, No Additional Draw
  • Up to 20-Year Installment Terms 
  • Principal Plus Interest Payment 
  • Auto Payment Available
  • If Paid Before 3 Years, Member Repays Closing Costs
  • Mortgage Refinance

Home Equity Line of Credit

  • Secured Loan
  • 1st or 2nd Lien
  • Loan to Value Up to 100% of Home's Appraised Value
  • Variable Rate
  • No Closing Costs
  • Mortgage Tax Paid by First Source 
  • Funds As Needed Up to 15 Years
  • Variable Draw Period Up to 15-Years with 15-Years Additional to Repay
  • Interest Only During Draw Period, Principal Plus Interest During Repayment Period
  • Auto Payment Available
  • If Paid Before 3 Years, Member Repays Closing Costs
  • Mortgage Refinance

Home Improvement Loan

  • Personal Loan
  • N/A
  • N/A 
  • Fixed Rate
  • N/A
  • N/A
  • Funds Advanced Up Front, No Additional Draw
  • Up to 10-Year Installment Terms 
  • Principal Plus Interest Payment 
  • Auto Payment Available
  • No Prepayment Penalty 
  • N/A

Home Equity Options

Check today’s home equity rates effective June 25, 2017


1st Lien Home Equity Loan

Term APR
Fixed Rate with Closing Costs
1-5 Years as low as 2.74%
6-10 Years as low as 2.99%
11-15 Years as low as 3.49%
16-20 Years as low as 4.24%
Fixed Rate No Closing Costs
1-5 Years as low as 3.24%
6-10 Years as low as 3.49%
11-15 Years as low as 3.99%
16-20 Years as low as 4.99%

2nd Lien Home Equity Loan

Term APR
Fixed Rate with Closing Costs
1-5 Years as low as 3.49%
6-10 Years as low as 3.99%
11-15 Years as low as 4.49%
16-20 Years as low as 5.24%
Fixed Rate No Closing Costs
1-5 Years as low as 3.99%
6-10 Years as low as 4.49%
11-15 Years as low as 4.99%
16-20 Years as low as 5.74%

Home Equity Line of Credit

Rate APR
Introductory Rate as low as 1.99% for six months
Variable Rate as low as Prime Rate -.25%

1st Lien Disclosure

Loan rates and terms are determined by overall credit history and are subject to change without notice. Applications are subject to credit approval. Membership eligibility is required. Rates apply to new loans and are based on a loan to value (LTV) up to 80%.

1st Lien Fixed Rate With Closing Costs: Out-of-pocket fees vary depending on loan amount and can be as low as $350.00 for a $50,000 loan or $725.00 for a $100,000 loan. If closed within 3 years of the opening date, reimbursement for certain fees paid to third parties to open the loan is required. Fees vary depending on the loan amount and can be as low as $427.50 for a $50,000 loan or $502.50 for a $100,000 loan. Monthly payments for 10 years would be $9.66 per $1,000 borrowed. Payment amounts do not include taxes and insurance, actual payments may be greater. Homeowners insurance is required.

1st Lien Fixed Rate No Closing Costs: If closed within 3 years of the opening date, reimbursement for certain fees paid to third parties to open the loan is required. Fees vary depending on loan amount and can be as low as $777.50 for a $50,000 loan or $1,227.50 for a $100,000. Monthly payments for 10 years would be $9.89 per $1,000 borrowed. Payment amounts do not include taxes and insurance, actual payments may be greater. Homeowners insurance is required.

The extension of credit may exceed the fair market value of the dwelling. Consult a tax advisor for deductibility of interest.


2nd Lien Disclosure

Loan rates and terms are determined by overall credit history and are subject to change without notice. Applications are subject to credit approval. Membership eligibility is required. Rates apply to new loans and are based on a loan to value (LTV) up to 80%.

2nd Lien Fixed Rate With Closing Costs: Out-of-pocket fees vary depending on loan amount and can be as low as $350.00 for a $50,000 loan or $725.00 for a $100,000 loan. If closed within 3 years of the opening date, reimbursement for certain fees paid to third parties to open the loan is required. Fees vary depending on the loan amount and can be as low as $427.50 for a $50,000 loan or $502.50 for a $100,000 loan. Monthly payments for 10 years would be $10.13 per $1,000 borrowed. Payment amounts do not include taxes and insurance, actual payments may be greater. Homeowners insurance is required.

2nd Lien Fixed Rate No Closing Costs: If closed within 3 years of the opening date, reimbursement for certain fees paid to third parties to open the loan is required. Fees vary depending on loan amount and can be as low as $777.50 for a $50,000 loan or $1,227.50 for a $100,000. Monthly payments for 10 years would be $10.37 per $1,000 borrowed. Payment amounts do not include taxes and insurance, actual payments may be greater. Homeowners insurance is required.

The extension of credit may exceed the fair market value of the dwelling. Consult a tax advisor for deductibility of interest.


Home Equity LoC Disclosure

*After 6 months, the APR (Annual Percentage Rate) may vary monthly based on the Prime Rate published in the Wall Street Journal plus a margin. Prime rate as of 6/15/2017 is 4.25%. Minimum Line of Credit loan is $7,500. Rates can increase or decrease, but not to exceed 15.99% APR.

Loan rates and terms are determined by overall credit history and are subject to change without notice. Applications are subject to credit approval. Rates apply to new loans and are based on a loan to value (LTV) up to 80%.

If closed within 3 years of the opening date, reimbursement for certain fees paid to third parties to open the loan is required. Fees vary depending on loan amount and can be as low as $777.50 for a $50,000 loan or $1,227.50 for a $100,000 loan.