Home Equity
Tap into the equity you've built to make almost anything happen.
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.