Due to current COVID spikes, we are requiring that all visitors wear masks in our lobbies. 

Man working with tools

Home Equity Line of Credit (HELOC)

Leverage the value of your home and access cash on demand.

Apply Now

Advantages of NextMark HELOCs

We’ll cover up to $1,000 of your closing costs if you submit an application by February 28th.*

  • Column Icon: dollar_sign

    Funds Are Available to Use for Up to 10 Years

    Borrow up to 95% of your home’s value, minus your first mortgage balance.*

  • Column Icon: piggy_bank

    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.

  • Column Icon: heart

    No Prepayment Penalties

    You can pay it off at anytime – with no extra costs.

Your Nextmark HELOC Comes With A Super Low Interest Rate

 

 

Home Equity Loans & Lines of Credit

Savings Type

Minimum Loan

APR as Low As

Approximate monthly payment*

APR=Annual Percentage Rate.

*Monthly payment estimates based on a $25,000.00.  Rates effective as of 12/14/2021. 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 $10,000 loan amount.

Savings Type

Home Equity Easy Payment Line

Minimum Loan

$10,000.00

APR as Low As

3.00%

Approximate monthly payment*

Varies
(On a $25,000 draw, your estimated monthly payment would be $125).

Savings Type

Home Equity Fixed 10-Year Balloon Loan**

Minimum Loan

$10,000.00

APR as Low As

4.50%

Approximate monthly payment*

$50.69

(119 pmts. of $50.69 & 1 Balloon pmt. of $8,058.05)

Savings Type

Home Equity Fixed Rate Loan - 5 Year Term

Minimum Loan

$10,000.00

APR as Low As

3.99%

Approximate monthly payment*

$184.12

Savings Type

Home Equity Fixed Rate Loan - 10 Year Term

Minimum Loan

$10,000.00

APR as Low As

4.25%

Approximate monthly payment*

$102.44

Savings Type

Home Equity Fixed Rate Loan - 15 Year Term

Minimum Loan

$10,000.00

APR as Low As

4.90%

Approximate monthly payment*

$78.56

Savings Type

Home Equity Fixed Rate Loan - 20 Year Term

Minimum Loan

$10,000.00

APR as Low As

5.25%

Approximate monthly payment*

$67.38

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 95% of your home’s value, minus your first mortgage.

 

Follow These Simple Steps to Get Your HELOC

  • Column Icon: computer

    Apply Online

    Step 1

    Use our streamlined application platform

  • Column Icon: maginfying_glass

    Check the Details

    Step 2

    Agree on your loan amount, rates, and terms

  • Column Icon: house

    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.

Other Ways We Can Help Fund Your Lifestyle

  •  

    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.

    Learn More

  •  

    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.

    Learn More

  •  

    Personal Loan

    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.

    Learn More

Disclosures

*Borrow up to 95% of your home equity minus first mortgage balance. Certain fees, conditions and restrictions may apply. Home Equity Lines of Credit and Home Equity Loans are secured by your home. If you’re paying off an existing real estate loan, the Credit Union does not cover the costs imposed by other lenders, if any. Rates and terms subject to change without notice. Loan approval subject to credit evaluation.
Loans available for homes located in DC, MD, DE, VA, WV, NC and SC.
**Rates effective as of 10/26/2021. Rates subject to change without notice.
Closing Cost Promotion: Closing costs typically range between $500 and $3,000 and depend on property location, property type, occupancy, and loan amount. Closing costs paid by NextMark on member’s behalf must be repaid if line of credit or loan is closed within first 36 months. A line of credit may be paid in full but not closed and still qualify for promotional offer. Closing costs eligible for the promotion include origination, flood certification, document preparation, title insurance, and settlement. Promotion started on January 15th  and will run through February 28th.

You are about to navigate away from NextMark’s website.

Cancel Accept