Members 1st of NJ FCU offers home equity loans and HELOCs to South Jersey homeowners. A home equity loan gives you a fixed-rate lump sum, while a HELOC is a revolving line of credit you draw from as needed. Compare current rates below and apply online.
Take Advantage of Your Home Equity
Get the money you need to consolidate bills, make home improvements, purchase a new vehicle or pay college tuition – or for any good reason. A credit union Fixed Rate Home Equity Loan or Home Equity Line of Credit can make it happen.
Fixed Rate Home Equity Loans
Your rate and monthly payment is fixed for the term of your loan. It’s the right choice when you want to know exactly how much your payment will be every month.
- 70% & 80% LTV (Loan To Value ratio)
- Low Fixed Rate
- 5, 10, 15 & 20 Year Terms
- Interest Is Usually Tax Deductible*
Home Equity Lines of Credit
Borrow the money you want, as you need it. You pay interest only on your outstanding balance. As you pay back what you borrowed you can draw that amount again or more, up to your line of credit limit.
- 70% & 80% LTV (Loan To Value ratio)
- Revolving Variable Rate
- Interest Is Usually Tax Deductible*
Help Preserve Your Standard of Living with MEMBER’S CHOICE™ BORROWER SECURITY
Member’s Choice™ Borrower Security is a voluntary loan-payment protection product that helps preserve your family’s standard of living if a protected life event unexpectedly happens to you.
Protected events include:
- Loss of life, including those caused by acts of war
- Disability, including those caused by acts of war
- Involuntary unemployment
Applying is Fast and Easy!
If you need help choosing the best home equity loan option for your budget, stop by your nearest Members 1st credit union.
Home Equity
| APR | APY | Info and/or Terms |
|---|---|---|
| As Low As 4.75%* | 80% LTV, Score 730+ | |
| Prime - 0.50%* | HELOC 80% LTV Max Loan Amount $150,000 |
*Check with your tax advisor. Home Equity Loan and Line of Credit tax-deductible interest eligibility depends on your specific tax situation. Most members qualify. Rate shown is discounted 0.25% APR for automatic payments through payroll deduction, direct deposit, or ACH payments.
Home Equity Loan FAQs
What is a good rate on a home equity loan right now?
Rates vary with your credit, loan-to-value ratio, and term. Members 1st of NJ FCU publishes current home equity loan and HELOC rates on this page; comparing the APR rather than just the rate gives you the truest cost. Credit unions often price below national banks.
How much would a $100,000 home equity loan be monthly?
The payment depends on your rate and term. On a fixed-rate home equity loan, a longer term lowers the monthly payment but raises total interest. Use our payment calculator and current rates to estimate your exact monthly amount.
What is the difference between a home equity loan and a HELOC?
A home equity loan gives you a lump sum at a fixed rate with set monthly payments. A HELOC is a revolving line of credit you draw from as needed, usually at a variable rate. Choose a loan for one large expense and a HELOC for ongoing or uncertain costs.
How much can I borrow with a home equity loan in NJ?
Lenders typically allow you to borrow up to a percentage of your home’s value minus what you still owe on your mortgage. Your income and credit also factor in. Our lending team can review your equity and confirm your borrowing limit.
Can I use a home equity loan for anything?
Yes. Common uses include home improvements, debt consolidation, education, and major purchases. Using the funds for qualified home improvements may also offer tax advantages; consult a tax advisor for your situation.