Home Equity Loans

Q: What factors determine my Home Equity Loan interest rate?

Like any loan, your interest rate is determined by factors like your debt-to-income ratio, income, credit history, and more. Generally, the higher an applicant’s credit score and lower their debt-to-income ratio the better rates they will be able to access.

Q: How much money can I borrow?

Minimum loan amounts are $10,000. A loan over $250,000 requires a certified full appraisal.

Q: How is the property value of a home determined?

Your property’s value will be determined by either the most recent tax assessment, or by a full appraisal that the credit union will order. When a tax assessment is used, current property pictures, both front, and back, will be required, and the maximum loan to value is 75% of the tax assessment. If the appraisal is used, the maximum loan to value is up to 100%.

Q: Will I enjoy any tax advantages?

Sometimes, interest on home equity loans is tax deductible if it’s being used for certain types of home improvements. However, it’s not a guarantee, and it’s best to consult your tax advisor about this possibility.

Q: Does my name need to be on the deed to qualify for a home loan of this type?

Yes, to borrow against your home’s equity, you’ll need to be on the deed, the title needs to be clear, and the home in question must be your primary residence.

Unlock Your Home's Potential. Invest in Your Dreams.

A home equity loan from Members Heritage Credit Union lets you borrow a fixed amount against your home’s equity with predictable payments over a set term. Whether you're consolidating debt, renovating your home, or covering major expenses, this loan gives you the structure to plan with confidence.

Getting started is simple - apply individually or jointly and complete your application securely online through DocuSign, or choose to apply by email if you prefer. Questions? Contact our Lending Department at 859.259.3466 ext. 7289.

Home Equity Loan Features

A Home Equity Loan is secured by your home’s equity and provides a one-time lump sum at a fixed interest rate. You begin repaying both principal and interest immediately through consistent monthly payments over a set term.

Additional details include:

$10,000 minimum loan amount
Fixed rate and no annual fee
Access funds through your Share Draft (Checking) Account
Property must be your primary residence
The borrower must be on the deed, and the title must be clear

More questions? Check out our FAQ or review our Home Equity Fact Sheet for a quick overview.

Young happy couple smile as they paint and do house repairs

What Our Members Are Saying

Members Heritage Credit Union is a great place to bank and get loans through. Very helpful employees for anything I need. They make everything easy and fast. Been with them for 31 years.

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