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Home Equity Loans

With extra money in hand, the possibilities are endless. 

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Tackle big projects - or take on anything else on your to-do list

In financial terms, home equity is the market value of your home minus your mortgage balance. In practical terms? That equity is your ticket to a low-cost loan that can be used for almost anything, from remodeling projects, major purchases and debt consolidation to family vacations and college costs. You can access home equity funds two ways - as a lump sum and a line of credit. Our friendly lending team can help you choose.

Home Equity Loans

  • Get all your money as soon as the loan is approved
  • Fixed rate on your loan
  • Borrow up to 80% of the equity in your primary or secondary home
  • Loans from $5,000 to $200,000
  • No closing costs3
  • Flexible repayment periods, from 5 to 15 years
  • Annual interest charges may be tax-deductible (consult your financial advisor)

Home Equity Line of Credit (HELOC)

  • Get access to a pool of money that you can tap into as often as you wish for any reason1
  • Credit limit is 85% of the equity in your primary or secondary home
  • Variable loan rate based on Prime Rate minus .50%.
  • Loans from $10,000 to $200,000
  • No closing costs3
  • Access credit line for 20 years - then take 20 years to repay any remaining debt
  • Tap into funds through Online Banking or our Mobile App, calling 301-586-3400, or at a branch.
  • Pay interest only on funds you have used
  • As you repay what you've borrowed, the money is available again for other purposes

Features & Benefits

  • Loan amounts up to $200,000

  • Low Fixed Rates

  • No Annual Fee

  • No Closing Cost Options3

Fixed Rate Home Equity Rates
Term APR as low as Loan to Value Comments
5 Years 6.49% Up to 80% No closing costs! (provided initial loan amount is $20,000 and loan remains open for 36 months)
7 Years 6.99%    
10 Years 7.49%   Minimum Loan Amount: $5,000. Maximum Loan Amount $200,000. Maximum Loan to Value (LTV) for owner-occupied and non-owner-occupied properties is 80% of tax assessed or appraised value. Rate based on credit evaluation.
15 Years 7.99%    

Rates effective as of 12/21/2024.

Rate Disclosures

 

Home Equity Line of Credit Rates
Variable APR as low as Comments
7.00% No closing costs! (provided initial advance is at least $20,000 and loan remains open 36 months.) Minimum HELOC amount: $10,000, Maximum HELOC amount: $200,000

Rates effective as of 12/21/2024.

Rate Disclosures

Home Equity

1Up to available credit limit, as determined by LTV and credit worthiness. Minimum Home Equity Line of Credit is $10,000.

2Home Equity Line APR (annual percentage rate) is variable and the maximum APR is 18%. Rate is Prime – 0.50%. Subsequent rate changes occur quarterly based on the Prime Rate, which was 7.75% as of 11/07/2024. The minimum standard APR that can apply is 3.25%.

3Closing costs will be waived if you (a) take an initial advance of $20,000, and (b) maintain our Security Interest in the Security Property for at least 36 months. Closing costs typically range from $0.00 to $1,500.

Market USA Federal Credit Union is a full-service financial institution with locations in Maryland and South Carolina as well as nationwide locations through the Shared Branch Network.

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While both home equity loans and HELOCs allow homeowners to borrow against their home equity, they work differently. A home equity loan provides a lump sum of money upfront with a fixed interest rate and monthly payments. A HELOC works more like a credit card with a revolving line of credit that you can borrow from as needed, with variable interest rates and flexible repayment terms.

The interest on home equity loans may be tax-deductible if the funds are used for home improvements. Please consult your tax advisor.

You can find your due date in Online Banking by selecting your loan, then Account Details, or in the Mobile App by selecting your loan, then Show Details. Your loan due date will also be included on your statement/eStatement.

You will need verification of income, most recent mortgage statement, and proof of homeowner's insurance.

Provided we receive the required documentation in a timely manner, it typically takes two weeks, but could take longer.

  • Digital Banking

    Easily transfer funds through Online Banking or our Mobile App.

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  • High-Rate VIP Checking

    Earn one of the highest rates nationwide with no monthly maintenance fees.

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  • Money Market

    Earn a competitive yield while enjoying access to your funds.

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  • Ways to Pay Your Loan

    Find the best option for you.

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