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Home Equity Loans and Lines of Credit

Put Your Home's Equity to Work 

A Home Equity Loan provides a sum of money and uses the equity in your home as collateral. Home equity loans can be used for a variety of things: to fund home repairs or improvements, consolidate debt, even help pay for a college education even  "rainy" day fund.

Home Equity Line of Credit in Ohio

A Home Equity Line of Credit, or HELOC, allows the borrower to access to the funds as you need them providing the home owner flexibility.

  • HELOC rates as low as 5.500% APR1
  • Plus, no Application Fee

Right now, earn a $200 Cash Bonus*
when you Open a HELOC from BMI Federal Credit Union! 

Fixed Home Equity Loan in Ohio

A Closed Home Equity Loan provides the borrower one lump sum based on the equity in the home. BMI FCU® provides you plenty of choices when it comes to home equity loans. 

  • Rates as low as 6.500%  APR1
  • Plus, no Application Fee 

 

Home Equity Loan & Line of Credit Rates

 Ohio Owner Occupied Properties Only

Home Equity Loans in Central Ohio | BMI Federal Credit Union

Product Rate APR1 as low asPrint Home Equity
Home Equity Line of Credit2 5.500% 5.500%
Closed End Home Equity Loan3 6.500% 6.500%
Home Equity rates effective 12:00 am on Thursday, July 28, 2022
1 APR = Annual Percentage Rate. Rates, terms, and conditions are subject to change and may vary based on creditworthiness, qualifications and collateral conditions. All loans subject to approval.
2 Fees required to open line of credit will range from $250 to $750. This is a variable rate plan, APR may change quarterly. The maximum annual percentage rate that can apply is 18.0% or the maximum permitted by law, whichever is less. However, under no circumstances will your annual percentage rate go below 3.0% at any time during the term of the plan. Must carry insurance on the property. Consult your tax advisor regarding the deductibility of interest and charges.
3 Must carry insurance on the property. Consult your tax advisor regarding the deductibility of interest and charges.
 
Important Terms of our Home Equity Line of Credit

 

Need Help?

We are here to help you every step of the way through the loan process.

*Enter promo code HELOC22 when applying online or mention when applying in person. Applications must be received between April 1 and September 30, 2022, with loan disbursed by October 31, 2022. Cash bonus of $200 will be deposited into member’s account within 10 days after loan disbursement and all qualifications have been met. Requirements for cash bonus: minimum credit limit of $5,000, initial draw of at least $5,000, and automatic loan payment from a BMI FCU savings or checking account. Fees required to open line of credit will range from $250 to $750. This is a variable rate plan, Annual Percentage Rate (APR) may change quarterly. The maximum annual percentage rate  that can apply is 18.0% or the maximum permitted by law, whichever is less. However, under no circumstances will your annual percentage rate go below 3.0% at any time during the term of the plan. Rates effective as of July 28, 2022. Must carry insurance on the property. Owner occupied properties in Ohio only. Consult your tax advisor regarding the deductibility of interest and charges. Cash bonus may be considered income and reported on 1099 MISC or 1099 INT. Existing BMI FCU loans are not eligible for this offer. Rates, terms, and conditions are subject to change and may vary based on creditworthiness, qualifications, and collateral conditions. All loans subject to approval. Membership eligibility and account requirements apply. BMI FCU is open to everyone who lives, works, worships, or attends school in Franklin, Licking, Fairfield, Pickaway, Madison, Union, Delaware, or Morrow County. Federally Insured by NCUA. Equal Housing Lender. BMI FCU may amend, suspend, or discontinue this offer at any time without notice. Offer ends September 30, 2022.