Home Equity Line of Credit (HELOC)
Leverage the value of your home and access cash on demand.
Up to $2,500 in closing costs on us*! (for a limited time only)
With a Home Equity Loan or Line of Credit, you can borrow against the value of your home for most any purpose. Build your dream kitchen. Consolidate debt. Pay for tuition, vacation, or a major purchase.
Advantages of NextMark HELOCs
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Funds Are Available to Use for Up to 20 Years
Borrow up to 100% of your home’s value, minus your first mortgage balance.*
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Pay No Interest On Unused Funds
If you don’t need to use any funds in a given period, you won’t be paying interest.
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No Prepayment Penalties
You can pay it off at anytime – with no extra costs.
Your Nextmark HELOC Comes With A Super Low Interest Rate
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Loan Type |
Minimum Loan |
APR as Low As |
Approximate monthly payment* |
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APR=Annual Percentage Rate. 1Variable rate product. Rate is tied to the Wall Street Journal Prime rate. *Monthly payment estimates based on a $25,000.00. Rates effective as of 3/27/2024. Rates subject to change without notice. **The Home Equity 10 yr Balloon contains a balloon provision. This means that even if you make all payments in full and on time, the loan will not be paid in full by the end of the final payment date. A single balloon payment covering the remaining outstanding balance will be due and payable. Only 2nd position lien loans qualify. Loan payment example is based on a $25,000 loan amount. |
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Loan Type Home Equity Easy Payment Line (30-year term)1 |
Minimum Loan $10,000.00 |
APR as Low As 8.25% |
Approximate monthly payment* Varies |
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Loan Type Home Equity Easy Payment Line (40-year term)1 |
Minimum Loan $10,000.00 |
APR as Low As 8.50% |
Approximate monthly payment* Varies |
|
Loan Type Home Equity Fixed 10-Year Balloon Loan** |
Minimum Loan $10,000.00 |
APR as Low As 7.75%
|
Approximate monthly payment* $179.18* (119 pmts. of $179.18 & 1 Balloon pmt. of $21,991.15) |
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Loan Type Home Equity Fixed Rate Loan - 5 Year Term |
Minimum Loan $10,000.00 |
APR as Low As 6.74% |
Approximate monthly payment* $491.99* |
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Loan Type Home Equity Fixed Rate Loan - 10 Year Term |
Minimum Loan $10,000.00 |
APR as Low As 7.25% |
Approximate monthly payment* $293.55* |
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Loan Type Home Equity Fixed Rate Loan - 15 Year Term |
Minimum Loan $10,000.00 |
APR as Low As 7.90% |
Approximate monthly payment* $237.53* |
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Loan Type Home Equity Fixed Rate Loan - 20 Year Term |
Minimum Loan $10,000.00 |
APR as Low As 8.25% |
Approximate monthly payment* $213.09* |
How Much Will I Pay Each Month?
Because a HELOC is so flexible, your monthly payment will vary, too.
How much you pay each month will depend on how much you’ve chosen to borrow. The minimum is $10,000. The maximum depends on how much home equity you have. You can borrow up to 100% of your home’s value, minus your first mortgage.
Follow These Simple Steps to Get Your HELOC
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Apply Online
Step 1
Use our streamlined application platform
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Check the Details
Step 2
Agree on your loan amount, rates, and terms
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Get Your Line of Credit
Step 3
Use the cash whenever you need and want.
I have nothing but good things to say about NextMark Credit Union. I applied for a HELOC and got approved in one week. Very good care and amazing service.
— V.K., August 2020
FAQs About NextMark HELOCs
Your home equity is equal to the value of your home minus the balance on your mortgage. If your home is worth $450,000 and you owe $300,000 on your mortgage, then you have home equity of $150,000. Certain qualifying restrictions may apply.
If you’ve established a good payment record with your mortgage lender and are confident that your home’s value will hold, then a home equity line of credit could be a good way to pay for things like renovations, or to consolidate debt at a lower interest rate.
But if you have only a small amount of home equity and your home could potentially drop in value, you may like to wait until you’re in a stronger financial position. Remember that a home equity line of credit uses your house as collateral, so you want to be sure you can comfortably pay back any funds you borrow.
Once your line of credit is approved, you can access your funds in the same way you use the funds in your checking account. You can transfer between accounts, withdraw at an ATM, or write a check.
You can repay a NextMark line of credit by transferring funds from another account you hold with us, or by transferring funds from an external account. To transfer funds, click on Transactions, Fund Transfer, and enter the “from” and “to” details from the drop down menu. If you want to transfer funds from external accounts, find instructions here.
A home equity line of credit means your lender will allow you to access funds, borrowed against the value of your home, as you need them. You will repay only what you use and pay interest on only what you use. There will be an agreed-upon limit and interest rate. A HELOC is sometimes called an open-ended loan, or described as revolving credit, because you may borrow and pay back money in a constant cycle.
On the other hand, a home equity loan will provide you with a lump sum of money you can spend at once or whenever you need. You will need to repay the full amount in regular installments and pay interest according to what was agreed when you got the loan.
The interest on both HELOCs and home equity loans may be tax deductible, but only if you use the funds to buy, build, or substantially improve your home. For this reason, it’s a good idea to draw separate funds from your HELOC for separate purposes, and keep good financial records, so you can prove any instances when you used the funds to improve your home.