Home Equity Loans and Lines of Credit

Put Your Home's Equity to Work

Home Repairs, Improvement Projects, or Debt Consolidation

Put your home’s equity to work, with a Home Equity Loan or Home Equity Line of Credit (HELOC). You’ll get flexible credit and no application fees, so there's no reason to put off needed repairs and improvements. For a limited time you can earn a $250 cash bonus.

A Home Equity Loan is a type of loan in which you are provided a sum of money and use 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 or even help pay for a college education.
guy with tool belt and to do list

Fixed Home Equity Loan

BMI FCU® provides you plenty of choices when it comes to home equity loans(Ohio owner occupied properties only). We offer low fixed rates and terms.

  • Rates as low as 6.000% APR1
  • Plus, no Application Fee 

      

Home Equity Line of Credit

A Home Equity Line of Credit, often called a HELOC, offers more flexibility. These loans (Ohio owner occupied properties only) can also be used for a wide variety of needs, and are sometimes used as a "rainy day" fund. Our Line of Credit has a variable rate with all the ease and flexibility you need.

  • Rates as low as 5.000% APR1
  • Plus, no Application Fee
      
 
Important Terms of our Home Equity Line of Credit
 

Not sure what's right for you?

Call us at 614.707.4000 or stop by your local branch!
 

Current Home Equity Loan & Line of Credit Rates

Home Equity Loans in Central Ohio | BMI Federal Credit Union

Product Rate APR1 as low asPrint Home Equity
Home Equity Line of Credit2 5.000% 5.000%
Closed End Home Equity Loan3 6.000% 6.000%
Rates effective 4:00 pm on Tuesday, June 19, 2018
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. Maximum APR is 18.00%. Minimum APR is 3.00%. 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.

*Mention promo code HE2018. Applications must be received between April 1 and July 31, 2018 with loan disbursed by August 31, 2018. A $250 cash bonus will be deposited into member’s account within 10 days of loan disbursement. Cash bonus may be considered income and reported on 1099 MISC or 1099 INT. Existing BMI FCU loans are not eligible for this offer. Minimum requirements to be eligible for $250 cash bonus: minimum credit limit of $5,000, initial draw of $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. Must carry insurance on the property. Owner occupied properties in Ohio only. This is a variable rate plan, Annual Percentage Rate (APR) may change quarterly. Maximum APR is 18.00%. Minimum APR is 3.00%.Rate as of March 1, 2018. 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 requirements apply. Equal Housing Lender.