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Do More With Your Home Equity image header

Owning your home has proven to be a great investment.
Now is a great time to take advantage of it.

Opportunity is here in Montana with rising property values. Your home’s equity is a smart choice you can use to make purchases now, or invest for the future. In addition to making home improvements, a HELOC or Home Equity Loan gives you the financial power to do what you want with your money. It may be the perfect way to purchase a new vehicle or RV, go on that dream family vacation, or pay for the kids' college. 

Using The Equity in Your Home

Borrow Against Your Home's Equity

Use Funds How You Want

Competitive Rates

Multiple Loan Options

Easy Application Process

Local Lending Decisions

Home Equity Options

Home Equity Loan

A Home Equity Loan is similar to your mortgage in that it has a fixed interest rate and a steady repayment schedule for up to 15 years.  It is ideal if you have a large, one-time expense, or if you want to consolidate debt and focus on paying it off

Benefits:

  • Borrow a specific, one-time dollar amount against the available equity in your home
  • Make predictable, fixed-rate monthly payments
  • Choose a loan term that works for you

 

Home Equity Line of Credit (HELOC)

A home equity line of credit lets you borrow funds when you need them, up to your available credit line.  With this revolving line of credit, you can borrow, repay, and borrow again.  Much like a credit card, the credit amount becomes available again as the outstanding balance is repaid.  This can be useful if you’re planning a major project with multiple expenses or if you want ongoing access to funds for emergencies.  HELOCs feature flexible repayment options.

Benefits:

  • Variable Rate
  • Interest only payments for first 5 years
  • Up to 15 year term

What you should know about HELOCs (PDF)

 

Home Equity FAQs

Q: How long is my loan or line of credit approved for?

A: Home equity loans and lines of credit approvals are valid for 60 days from the credit report date. 

Q: How is the amount of my loan or line of credit determined?

A: The amount of your loan or line of credit is determined based on the amount of equity in the house and whether the Combined Loan to Value (CLTV) is over or under 80%

Q:What is an Interest-Only Home Equity Line of Credit?

A: With an interest only HELOC, you pay only the monthly interest during the draw period.  Once the draw period is complete, you begin to repay the principal.  This can typically minimize the size of your monthly payments initially.  However, the loan payments on an interest-only HELOC could increase significantly once the draw period ends and the repayment for principal begins.

 

 

Do more with your home equity and RMCU. Reach out to one of our local lenders today and find out why our members love working with us. We’re here to help you get the most out of your home; and the best part is, we’re not a bank!

 

Home Equity Loan Officer | Emmie Kleppelid - 406.447.1118 | NMLS #1512405

Real Estate Loan Officer | Lisa Shea - 406.221.5201 | NMLS #2267766 - Butte

Real Estate Loan Officer | Lisa Krei - 406.447.1109 | NMLS #2030329 - Helena & Butte

Real Estate Loan Officer | Dianna Phillips - 406.582.6624 | NMLS #114089 - Belgrade & Bozeman 

Real Estate Loan Officer | Kalene Mangini - 406.582.6628 | NMLS #1109982 - Helena & Bozeman

Start Your Application Today!