Home Equity Line of Credit and Fixed Home Equity
We will loan funds on the equity in your home for whatever purpose you choose. We may loan up to 80% of the appraised value of your home.
These may be a 1st or 2nd Mortgage.
Home Equity Line of Credit: A revolving line of credit you may draw against up to 7 years from the date opened, this option has a variable rate beginning with the Prime Rate and adjusted according to the LTV.
Fixed Home Equity: A one time draw with a fixed rate beginning with Prime Rate and adjusted according to the LTV.
You will receive a book of checks to access your line of credit or take the funds in one lump sum. The choice will be yours.
Here are some reasons to take advantage of the Equity in your Home:
- Make home improvements
- Take a dream vacation
- Pay for college
- Consolidate bills
- And More!
~Subject to certain credit requirements, terms and conditions.
*APR = Annual Percentage Rate. Rates are subject to change.
*LTV = Loan to Value
Click here for current rates.
Members can enjoy the comfort of knowing their loan is local, as all Home Equity Line of Credit loans remain serviced by Millstream Area Credit Union.
How do I know if I have equity in my home?
The general guideline is if you have owned your home for at least two years. Or if you made a large down payment when you purchased the home.

Calculate how much Equity you have in your home. To estimate how much your home would be appraised for, just think of how much you would sell it for then multiply that by 80% and subtract your first mortgage amount. See example below.
How do I know how much Equity is in my home?
Follow this simple calculation:
| Home appraisal | Example: | $100,000 |
| x 80% | x 80% | |
| $80,000 | ||
| Subtract first mortgage | - $50,000 | |
| Possible line of credit | $30,000 |
For more details call us today!
*Fees are subject to change without prior notice. Contact our loan department today!
LTVº- Loan to Value. The amount of the loan is based on the appraisal minus the first mortgage.
APR* - Annual Percentage Rate
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