How to Access the Equity in Your Home

September 16, 2016 | Vince Nowicki

Your home is an asset that may contain equity. You can turn that equity into cash to use for major purchases like a vacation or school tuition, a home remodel or solar panels, to consolidate debt and much more!

Another way to use your home to free up cash is to refinance your current mortgage if you are eligible for a lower rate. By lowering your monthly payment, you can keep additional cash every month.

Check out these options

Home Equity Loan: A one-time loan based on the equity in your home. When you know the amount you need to borrow, and prefer a fixed rate over a variable rate, a Mission Fed Home Equity Loan might be a good fit for you. Check out these benefits:

  • Fixed rates and predictable payments for the life of your loan
  • No annual fees and no closing costs
  • Borrow up to 125% of the value of your home
  • Interest may be tax deductible (consult your tax advisor)

Home Equity Line of Credit (HELOC): A line of credit tied to the equity in your home. With our competitive HELOC rates, you can access funds on an as-needed basis up to a credit limit determined at closing, making it convenient and easy to have what you need, when you need it. Benefits include:

  • 24-hour access to your HELOC funds with your Home Equity MasterCard® online, in a branch, by phone or use your Mission Fed Equity Checks
  • Only pay interest on the money you use
  • Available credit at a better rate than most credit cards
  • Interest only options: Interest-only payments for up to the first ten years of the loan
  • Borrow up to 100% of the equity in your home
  • Interest may be tax deductible (consult your tax advisor)

Mortgage Refinance: Refinancing a mortgage means replacing your current mortgage with a new one by paying off your mortgage in full with a loan that then becomes your new mortgage. Apply for a Mission Fed Mortgage Loan with a low interest rate and refinance your current home to lower your monthly payment and keep more of your cash. Benefits include:

  • Competitive rates of fixed and adjustable mortgages
  • 90-day fee-free rate lock
  • Options with no closing costs, and no points
  • Zero prepayment penalties
  • Save money: You could be eligible for a lower rate than your current mortgage
  • Lower your monthly payment
  • Change your mortgage type to meet your needs: From fixed to adjustable, or vice versa
  • Local service for the life of the loan

Refinancing your mortgage saves you money by lowering your interest rate and potentially removing private mortgage insurance requirements. Refinancing also allows you to change your mortgage to a fixed or adjustable rate.

Apply online or make an appointment to speak with a Mission Fed representative to find out how you can put your home to work for you and access your equity. If you’re not sure how to get a Home Equity Line of Credit, Mission Fed’s loan experts can answer your questions, determine the program that works best for you and help you with your application.

Check out the infographic

Click the infographic below to view the enlarged version.

How to Access the Equity in Your Home

The content provided in this blog consists of the opinions and ideas of the author alone and should be used for informational purposes only. Mission Federal Credit Union disclaims any liability for decisions you make based on the information provided. References to any specific commercial products, processes, or services, or the use of any trade, firm, or corporation name in this article by Mission Federal Credit Union is for the information and convenience of its readers and does not constitute endorsement, control or warranty by Mission Federal Credit Union.

Mission Federal Credit Union is an Equal Housing Lender.

Vince Nowicki

Vince Nowicki

Vince Nowicki is 1st VP, Real Estate Operations & Servicing at Mission Federal Credit Union. He has over 20 years of experience in the mortgage industry, including numerous aspects of the business from loan origination, both retail and wholesale, to secondary marketing and bulk loan acquisitions.

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