Home Equity Loans and Lines of Creditcouple smiling on the floor with paint supplies

Put Your Home's Equity to Work

 

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.

Right Now, Earn a $200 Cash Bonus* When You Open a New HELOC


Home Equity Line of Credit in Ohio

A Home Equity Line of Credit, or HELOC, offers a little more flexibility than a traditional Home Equity Loan. These loans (Ohio owner occupied properties only) can also be used for a wide variety of needs, including as a "rainy day" fund. 

Fixed Home Equity Loan in Ohio

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

  • Rates as low as 4.250% APR1
  • Plus, no Application Fee 

      

  • HELOC rates as low as 3.250% APR1
  • Plus, no Application Fee
Important Terms of our Home Equity Line of Credit
 

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 3.250% 3.250%
Closed End Home Equity Loan3 4.250% 4.250%
Home Equity rates effective 12:00 am on Tuesday, March 17, 2020
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.


Need Help?

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

  • Check the status of your application online
  • Meet with a Loan Officer at one of our five branches in Dublin, Columbus, or Westerville.
  • Speak to one of our Loan Officers at 614.707.4000

*Enter promo code HE2020 when applying online or mention when applying in person. Applications must be received between March 1 and July 31, 2020 with loan disbursed by August 31, 2020. 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. Maximum APR is 18.00%. Minimum APR is 3.00%. Rate as of January 31, 2020. 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 July 31, 2020.