Home Equity
Tap into the equity you've built to make almost anything happen.
A finished basement? Sounds amazing. A backyard patio? That is a lovely idea. But here's a tip, Home Equity Loans and Lines of Credit aren't just for repairs or renovations.
Home equity loans and lines of credit are subject to a $150 non-refundable application fee.
Loans are valid for properties in Pennsylvania and New Jersey only.
A Home Equity Loan is perfect for members who like stability and want to know where they stand financially monthly. Apply for any of our fixed-rate loans up to a maximum of 90% of your home’s equity. *Rates are higher on loans over 80%. Best of all, no closing costs are associated with a Home Equity Loan from MSDFCU.
- Fixed Term of 5, 7, 10, or 15-Years
- Fixed Rate
- Borrower up to 90%*
- Borrow up to 80% of your home’s appraised value (less any outstanding mortgage balance)
- Schedule automatic monthly payments through Online or Mobile Banking
Home equity loans and lines of credit are subject to a $150 non-refundable application fee. Loans are valid for properties in Pennsylvania and New Jersey only.
Now is the time to put your home's built-up equity to work for you.
A Home Equity Line of Credit gives you the financing you need. Your home is a valuable resource, and you can tap into the equity easily with a credit line.
- Minimum $10,000 Line of Credit
- 10-year draw with payments calculated over 180 months
- Ability to borrow up to 90% of your home's value
- Apply once and you’re good for ten years. Use the funds as needed up to your limit
- It is a revolving line of credit. Which means you can use it over and over as you pay it down
- A lower rate than credit cards and many retail loans because it is secured against your home
- Draw funds only as you need them, whether it’s all upfront or in increments through the years
Home equity loans and lines of credit are subject to a $150 non-refundable application fee. Loans are valid for properties in Pennsylvania and New Jersey only.
Now is the time to put your home's built-up equity to work for you.
Frequently Asked Questions
HELOC is a line of credit that you can draw over a 10-year period. Payments are variable. Fixed Home Equity funds are disbursed as a lump sum and payments are fixed over the life of the loan.
Home Equity Fixed - Approximately 10 business days until closing. There is a 3 day recission period after closing documents are signed. Funds are available on the 4th business day.
HELOC – Approximately 10 days but sometimes faster. There is a 3 day a recission period after closing documents are signed and funds are available on the 4th business day. Additional draws are available instantly through home banking, convenience checks, or by visiting a branch.
Typically, up to 90% of your home’s value, including the balance of any other mortgages/liens on the property.
(For example: Home value =$100,000. First Mortgage = $80,000. Amount you can borrow = $10,000) Subject to meeting debt to income requirements.
It’s easy! Online Banking, BillMatrix, by mail, or come into a branch. You have many payments options for your convenience.
Simply $150 application fee. No other closings costs are required.
Yes, we can refinance your HELOC into a fixed rate mortgage. *Subject to $150 application fee.
Unfortunately, no. The $150 is a non-refundable fee.
* The rate offered is subject to change monthly based on the Wall Street Journal (WSJ) Prime Rate on the first business day of the month minus 0.75% with a floor of 3.99% and a ceiling of 18.00%. After loan approval, your rate is variable, subject to change quarterly based on the WSJ Prime Rate on the first business day of the month minus 0.75% with a floor of 3.99% and a ceiling of 18.00%.Estimated monthly payment per $1,000 borrowed at 6.25% APR is $8.57. Line based on a maximum loan to value (LTV) of 90%. (no fee waivers for My Advantage).*APR = Annual Percentage Rate All home equity loans are subject to a $150 application fee. Apply for a Home Equity Line of Credit
**Consult your tax advisor regarding the tax deductibility of your interest.