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.

More Blog Posts

4 Ways to Start Rebuilding Your Credit Today

When it comes to using credit, anyone can make mistakes. The good news is that you can come back...

There are a few ways you can improve your credit score. Start with a solid budget to begin repayment and make timely, consistent payments. Keep your spending in check with a secured credit card and a debt-to-credit ratio of 30 percent or less. With a little time and...

Set Goals. Take Action. Make a Career Development Plan.

If you work full-time, chances are you’re spending the majority of your day with coworkers doing...

If you work full-time, chances are you’re spending the majority of your day with coworkers doing what you love, right? If not, it’s time to start thinking about your professional future, where you want to be and how you’ll get there. It’s time to set goals, take action and...

“Cash this check. Keep the change.” Don’t fall for a common scam.

At Mission Fed, we’re always looking out for your success. And that includes giving you tools and...

At Mission Fed, we’re always looking out for your success. And that includes giving you tools and resources so you can help keep your money, personal information and accounts secure. Learn more about check scams, phishing scams and how to keep your identity safe...

What Are the Different Credit Card Interest Rates at Mission Fed Credit Union?

Credit cards are convenient, flexible, and offer many perks. In fact, there are many benefits of...

Credit cards are convenient, flexible, and offer many perks. In fact, there are many benefits of having a credit card over other methods of payment,. And while they have a bad reputation for getting people into debt, but when used responsibly;, credit cards are an...

Branch/ATM Locator

Search for Mission Fed Branches and ATMs, or 30,000 CO-OP Network ATMs Nationwide