Use the equity in your home.
Do almost anything with Interra's Home Equity Line of Credit.
Turn Your Home's Equity into Opportunity!
You already know the great benefits and convenience of having a home equity line at Interra. Now, you can save with a special low rate offer!
- Advances posted from October 1 to December 31, 2024, will receive the special promotional rate of 3.99% APR1 until March 31, 2025.2
- Use your existing HELOC by December 31, 2024.3 Take advantage of our limited-time offer and make your home work for you.
Take advantage of our limited-time offer and make your home work for you.
What is the difference between a home equity loan and a home equity line of credit?
A Home Equity Line of Credit is a loan that operates very similar to a revolving credit card where the balance is available for use during a set length of time and can be used anytime and the member pays interest only on the portion used at any time. The Home Equity Lines are variable rate and normally billed at interest-only payments.
How do you qualify for a home equity line of credit?
Qualification for a Home Equity Line of Credit is determined by the difference between the home’s value and current mortgage indebtedness (equity), the member’s capacity for the payment planned (debt ratio), and their current credit history. The combination of these factors determine the final loan features available.
Are there closing costs on a home equity line of credit?
There are closing costs associated with a home equity loan, but the standard closing costs are not collected at the closing. These fees become due and payable only if the loan/line is closed within 24 months of origination.
1Programs, rates, terms and conditions are effective as of October 1, 2024, and are subject to change without notice. The Annual Percentage Rate (APR) of the variable rate HELOC is based on the Prime Rate, as published in THE WALL STREET JOURNAL, plus a margin; the maximum the APR can increase is 6% above the initial non-promotional rate, if applicable. For example, if you opened a HELOC with a credit score of 700 at 7.75% APR, the highest the rate could increase to during the life of the loan would be 13.75% APR. The rate is subject to increase and decrease. The variable rate line is subject to a minimum rate of 3.50%. 2The standard interest rate (or prior promotional rate), per the Home Equity Open-end Credit Plan, will apply to any advances posted prior to October 1, 2024 and after December 31, 2024, if applicable.Loan Payment Information: When you make a payment, any principal payment will apply first to the lowest promotional balance and then to any previously outstanding balance through March 31, 2025. Effective April 1, 2025, the rate on any remaining promotional balance outstanding will go back to the regular rate disclosed in the borrower's HELOC open-end credit plan. 3Existing HELOC loans must be open and funded prior to 10/1/2024. Then HELOCs that have closing after September 25, 2024 are not eligible for the special advance rate. They will fund after promotion eligible open date due to the 3 day right to cancel period that must be executed.
