Funds Are Available to Use for Up to 10 Years
Borrow up to 95% of your home’s value, minus your first mortgage balance.*
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.
No Prepayment Penalties
You can pay it off at anytime – with no extra costs.
Use our streamlined application platform
Check the Details
Agree on your loan amount, rates, and terms
Get Your Line of Credit
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
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.
Home Equity Loan
Access a lump sum of cash to use for any purpose: renovations, vacation, debt consolidation, and more. Pay it back in regular installments at a low, fixed interest rate.
Personal Line of Credit
Enjoy the peace of mind that comes with having a financial safety net to use as needed. Pay interest on only the funds you use. Plus, you don’t have to use your home as collateral.
Borrow up to $30,000 for up to 60 months. Fund things like car repairs and college tuition without putting your home on the line. Choose unsecured or borrow against cash assets.