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Use the Equity in Your Home

NIHFCU makes it easy for you to use the equity in your home for needs such as home renovations/repairs, major purchases, debt consolidation, education expenses, medical bills, and more! NIHFCU’s home equity products, whether a fixed loan or a line of credit, include these standard features:

  • Borrow against owner-occupied primary residences in most states nationwide7

  • NO NIHFCU or third party fees1

  • NO points

  • NO annual or application fees

  • Potential tax-deductions on interest paid2

Let us show you how easy it may be to get the cash you need.

Speak to a specialist
1-855-203-4747
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Home Equity Loans

Ideal for obtaining a lump-sum amount for a specific borrowing need, a Home Equity Loan provides both a fixed rate and term, a predictable payment, all of the standard features above, plus:

  • Great low rates3

  • Loan amounts from $5,000 to $250,0003

  • Borrow up to 133% of available equity for home improvements4, and up to 100% for all other uses.

  • A fixed monthly payment amount over the life of the loan

Visit our Home Equity Rates page for all terms and additional details.

Speak to a Specialist
1-855-203-4747
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Home Equity Line of Credit (HELOC)

Ideal for extra expenses, household needs or obligations, our two HELOC options provide immediate access to funds, tied directly to the equity in your home. Enjoy the standard options above, plus choose:

Traditional HELOC

  • Loan amounts from $10,000 to $500,0005

  • Borrow up to 100% of your homes’ equity

  • Low variable rates starting as low as prime

  • No minimum balance required

Prime -1% HELOC

  • Great option for larger/major purchases, projects and expenses

  • Loan amounts from $50,000 to $250,0006

  • Low variable rates

  • Average minimum balance required for first 3 years6

Visit our Home Equity Rates page for all terms and additional details.

Speak to a Specialist
1-855-203-4747
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Home Equity Loan Checkup

Get no-obligation advice from an NIHFCU home equity expert. We’ll let you know what options are best as you consider tapping your home’s equity.

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Frequently Asked Questions

Are there closing costs?

For most new Home Equity Loans and Lines of Credit, the NIHFCU will cover the borrower’s third-party fees, excluding government recording fees and taxes. Loans and lines paid off and closed in less than three years from the loan closing date will require the borrower to reimburse all third-party closing costs paid by the NIHFCU on the borrower’s behalf. For loan amounts up to $500,000, closing costs typically range between $450 and $7,500. Closing costs depend on the location of the property, property type, and the amount of the loan. Member pays all closing costs for purchase money 2nd trust loans.

As of December 2023, subject to change at any time

Does NIHFCU require an appraisal?

NIHFCU will use an appraisal or an AVM (Automated Valuation Model), depending on the loan amount, loan-to-value, property location, and other factors.

Does NIHFCU have a fixed rate option on its lines of credit?

No, the Home Equity Lines of Credit (HELOCs) are variable rate loans, using the WSJ Prime Rate as the Index.

What is the maximum combined loan-to-value ratio (CLTV?)

NIHFCU offers home equity loans and lines of credit up to 100% CLTV. Additionally, we offer fixed-rate home improvement loans up to 133% CLTV. (Max CLTV for condominiums is 75%.)

As of December 2023, subject to change at any time

Can I pay off my loan early?

Yes, and there are no prepayment penalties on any of the loans offered by NIHFCU. However, if you pay off your equity loan/line within 3 years from the origination date, you will need to repay the closing costs paid by NIHFCU on your behalf at origination.

As of December 2023, subject to change at any time.

How do I know how much equity I have?

If you are looking to borrow up to 100% of your equity, you can estimate the equity by taking the difference between the market value of your property and the balance of your 1st trust mortgage.

How much can I borrow?

NIHFCU offers home equity loans and lines of credit up to 100% CLTV. (Max CLTV for condominiums is 75%.) The maximum amount you can borrow is the difference between the market value on your property and the balance of your 1st trust mortgage. Additionally, we offer fixed-rate home improvement loans up to 133% CLTV. (Max CLTV for condominiums is 75%.)

As of December 2023, subject to change at any time.

What is a HELOC draw period?

The HELOC draw period is the beginning phase of a home equity line of credit, during which you can take out money from a revolving line, up to a certain limit. The draw period is 10 years. During this time, you’re only required to pay interest on what you borrow.

As of December 2023, subject to change at any time.

How can I make draws on my HELOC?

You can access your HELOC by logging into your NIHFCU online banking account or you can write the checks issued on your HELOC.

Is interest tax deductible?

NIHFCU does not provide tax advice. Speak to your tax advisor.

What is LTV and CLTV?

LTV (loan-to-value ratio) is a measure comparing the amount of your mortgage with the appraised value of the property. The higher your down payment, the lower your LTV ratio.

CLTV (combined loan-to-value ratio) is the same calculation but takes into account the sum total of all loans that have been taken out on the property.

Rates, fees and terms as of February 29, 2024 and subject to change without notice

Financial wellness begins and ends with the facts. Here’s what you need to know!
All disclosed rates and terms are subject to change without notice.
1Features available on new Home Equity Loans and Lines of Credit originated on or after 7/27/2023. For most new Home Equity Loans and Lines of Credit, the NIHFCU will cover the borrower’s third-party fees, excluding government recording fees and taxes. Loans and lines paid off and closed in less than three years from the loan closing date will require the borrower to reimburse all third-party closing costs paid by the NIHFCU on the borrower’s behalf. For loan amounts up to $500,000, closing costs typically range between $450 and $7,500. Closing costs depend on the location of the property, property type, and the amount of the loan. Member pays all closing costs for purchase money loans. Adequate homeowner’s insurance is required for all real estate-secured loans.
2The NIHFCU does not provide tax advice. See your tax advisor for details.
3Home Equity Loans: APR = Annual Percentage Rate. The disclosed APR is for borrowers with excellent credit on owner-occupied single-family and townhome properties with a loan-to-value (LTV) up to 80%. All disclosed rates assume a 0.25% discount for automatic payment from an NIHFCU savings or checking account. If automatic payment ceases before the loan is paid in full, the interest rate will increase by 0.25%. The actual rate will depend on the borrower’s credit score, LTV ratio, property type, automatic payment, and other factors we may lawfully consider. The maximum LTV for condominiums is 75%. Payment example: For a $10,000 Home Equity Loan for a term of 5 years @ 5.240% interest rate, the monthly payment will be $189.81. Adequate homeowner’s insurance is required for all real estate-secured loans.
MINIMUM LOAN AMOUNT: The minimum Home Equity Loan is $5,000.
MAXIMUM LOAN AMOUNT: The maximum Home Equity Loan is $250,000.
FEES AND CHARGES: Closing costs may range from $450 – $4,500 depending on property location and loan amount.
4Loan proceeds must be used for home improvements. For loans with LTVs greater than 100%, a Contractor’s estimate is required. Not available on condominiums.
5Traditional Line of Credit APR = Annual Percentage Rate. The rates disclosed are for borrowers with excellent credit on owner-occupied single-family and townhome properties with a loan-to-value (LTV) up to 80%. The variable rate will adjust to the greater of WSJ Prime Rate plus your margin, if any, or 4.00% (minimum interest rate/floor). The lifetime maximum variable APR is 18%. All disclosed rates assume a 0.25% discount for automatic payments from an NIHFCU savings or checking account. If automatic payment ceases before the line is paid in full and terminated, the interest rate will increase by 0.25%. The actual rate will depend on the borrower’s credit score, LTV ratio, property type, automatic payment, and other factors we may lawfully consider. The maximum LTV for condominiums is 75%. Adequate homeowner’s insurance is required for all real estate-secured loans.
MINIMUM LINE OF CREDIT: The minimum Traditional Home Equity Line of Credit is $10,000.
MAXIMUM LINE OF CREDIT: The maximum Traditional Home Equity Line of Credit is $500,000 for less than 85.01% LTV. The maximum Traditional Home Equity Line of Credit is $250,000 for 85.01% to 100.00% LTV.
FEES AND CHARGES: Closing costs may range from $450 to $7,500 depending on property location and loan amount. Ask about how NIHFCU can pay most or all of your closing costs.
6Prime-1% Home Equity Lines of Credit: APR = Annual Percentage Rate. The rate disclosed is for borrowers with excellent credit on owner-occupied single-family and townhome properties with a loan-to-value (LTV) up to 80%. The variable rate will adjust to the greater of the WSJ Prime Index plus margin, if any, minus 1.00%, or 4.00% minimum interest rate/floor. The lifetime maximum variable APR is 18%. All disclosed rates assume a 0.25% discount for automatic payments from an NIHFCU savings or checking account. If automatic payment ceases before line is paid in full and terminated, the interest rate will increase by 0.25%. The actual rate will depend on the borrower’s credit score, LTV ratio, property type, automatic payment, and other factors we may lawfully consider. The maximum LTV for condominiums is 60%. Adequate homeowner’s insurance is required for all real estate-secured loans.
MINIMUM LINE OF CREDIT: The minimum Prime – 1% Home Equity Line of Credit for disclosed APR is $50,000.
MAXIMUM LINE OF CREDIT: The maximum Prime – 1% Home Equity Line of Credit for disclosed APR is $250,000.
MINIMUM AVERAGE MONTHLY BALANCE REQUIREMENT: For disclosed APR, the borrower must maintain an average monthly balance on the line of credit of not less than $40,000 for the first 3 years following closing.
FEES AND CHARGES: Closing costs may range from $450 – $4,500 depending on property location and loan amount.
Prime-1% Home Equity Lines of Credit with a credit limit of less than $50,000 or with a credit limit above $250,000 will have higher APRs and other terms different from those disclosed. Visit our rates page for all rates and terms.
7 NIHFCU provides home equity loans in all US states except in Alaska, California, Florida, Hawaii, New York or Texas.