Home Equity Loan and Home Equity Line of Credit (HELOC)
Your home has built equity. Put it to work.
What is home equity?
Home equity is the difference between what your home is worth and what you still owe on your mortgage.
As you pay down your loan or your home’s value increases, your equity may grow. A home equity loan or line of credit can let you borrow against part of that value for renovations, major expenses, education costs, or other plans.
Benefits of tapping into home equity
Your home’s equity can support your plans right now. Whether it’s home improvements, a major cost, or something else, let’s talk about what works for you.
Renovate or improve
Kitchen remodel, bathroom update, roof repair, or any project that makes your home work better for your life.
Handle a big expense
College tuition, medical costs, a vehicle, or any major expense that needs more flexibility than a credit card.
Manage your cash flow
Access funds when you need them, pay interest only on what you use, and adjust as your situation changes.
Existing members, apply online
Not yet a member? Join Mirastar
Rates
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Rate Type |
APR |
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1 APR= Annual Percentage Rate. A Home equity lines of credit (HELOCs) have variable interest rates. The interest rate and payment can change throughout the term. To determine the variable rate, we add an external index (the Wall Street Journal Prime Rate) to the margin assigned to the line. Variable rate formulas assigned to approved applicants depend on loan-to-value ratio, credit history, and other factors we may lawfully consider. The lifetime maximum variable APR is 17.99%. $100 annual fee. You can take advances during the 10-year draw period. During the draw period, payments are interest-only. A 15-year repayment period will follow the draw period. Repayment period payments are fully amortized and include principal and interest. All Equity Loans and Credit Lines County Federal absorbs all third-party origination costs such as property valuation, title insurance, flood hazard review, and document recording. If a loan or line is paid off within 24 months of opening, borrower will reimburse actual costs absorbed by County Federal, estimated from $818.00 to $1,904.00. Available on California owner-occupied 1–4-unit residential properties only. All loans are subject to credit approval. No early payment penalties. |
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Rate Type Variable |
APR 6.570% – 8.500% |
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Terms |
Rate Type |
APR |
|---|---|---|
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Home equity loans have fixed interest rates and payments throughout the term. Rates assigned to approved applicants depend on loan-to-value ratio, credit history, and other factors we may lawfully consider. Monthly payment per $1,000 borrowed (excludes property taxes and insurance) example: Pay $19.95 per month per $1,000 borrowed at 7.310% APR for 60 months. For more payment samples, use our payment calculator. All Equity Loans and Credit Lines County Federal absorbs all third-party origination costs such as property valuation, title insurance, flood hazard review, and document recording. If a loan or line is paid off within 24 months of opening, borrower will reimburse actual costs absorbed by County Federal, estimated from $818.00 to $1,904.00. Available on California owner-occupied 1–4-unit residential properties only. All loans are subject to credit approval. No early payment penalties. |
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Terms Up to 60 Months |
Rate Type Fixed |
APR 6.050% – 10.830% |
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Terms Up to 120 Months |
Rate Type Fixed |
APR 6.550% – 11.230% |
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Terms Up to 180 Months |
Rate Type Fixed |
APR 6.404% – 11.190% |
Home equity loan or line of credit?
They work differently. Understanding the difference helps you pick the right option for your situation.
What’s the difference?
A home equity line of credit is flexible. You tap it when you need it, up to your limit, and pay interest only on what you use. It’s good for renovations that happen in phases or when you’re not sure what the final bill will be.
A home equity loan gives you one lump sum. You receive the full amount borrowed, make fixed payments, and know what your payment path looks like from the start. This can work well when you have a clear cost in mind and want a more predictable structure.
The best option for you depends on your plans, your budget, and how you want to use the funds. We can help you compare both options and understand what may fit your next step.
How to apply
Processing times are currently estimated to take 30 to 40 calendar days to close on a new home equity loan or home equity line of credit once we receive your application. Processing times may vary if an appraisal or additional documentation is needed.
Choose a loan type
Review Home Equity Loans vs. HELOCs to find the right loan option for you. Not sure? Request a call back
Submit your application
Become a member, if you aren’t one already, and apply online. Or call us at (408) 292-0742 to get started.
Submit your documents
We’ll let you know which financial and property documents are needed and how to send them securely. Review our list of documents you will need to apply
Get approved
We will do an initial credit approval, home valuation, and title approval. We use these to confirm details about your income, credit, existing mortgage (if applicable), and property. We’ll keep you updated if anything else is needed.
Close on your loan and enjoy support
Once your loan is approved, we’ll guide you through the closing steps. Afterward, you’ll know where to turn when questions come up because we service your loan for the life of your loan.
Not yet a member? Join Mirastar
Talk through your options before you apply
You don’t have to know the right loan path before you reach out. Tell us where you are in the process, what you’re hoping to do, and what questions are on your mind. We’ll help you understand your next step before you start an application.
Meet Monique, our Mortgage Loan Officer and Home Equity specialist
NMLS#: 419782
Years of Experience: 23+
I am passionate about helping members find the best solution to meet their financial goals and needs. In my spare time I enjoy spending time with family, sightseeing, and gardening.
Common home equity questions.
Start here for answers about borrowing against your home, choosing between a loan and a line of credit, and what to expect before you apply.
A home equity line of credit is flexible. You tap it when you need it, up to your limit, and pay interest only on what you use. It’s good for renovations that happen in phases or when you’re not sure what the final bill will be.
A home equity loan gives you one lump sum. You receive the full amount borrowed, make fixed payments, and know what your payment path looks like from the start. This can work well when you have a clear cost in mind and want a more predictable structure.
The best option for you depends on your plans, your budget, and how you want to use the funds. We can help you compare both options and understand what may fit your next step. Request a call back
Most lenders require you to have at least 15% to 20% equity in your home. This means your total mortgage debt (including your first mortgage) cannot exceed 80% to 85% of your home’s current appraised value. [Mirastar to add details about their specific equity ratio limitations here.]
Your total mortgage debt (including your first mortgage) cannot exceed 80% to 85% of your home’s current appraised value. This is consistent with most home equity lenders. [Mirastar to add details about their specific equity ratio limitations here.]
Your home’s value for a home equity loan is determined by either a professional property appraisal or an Automated Valuation Model (AVM). We use this appraised value to calculate your equity and determine how much you are allowed to borrow.
Here’s what you’ll need to apply for a Home Equity Loan or HELOC:
- Estimated value of your property
- Your Mirastar savings and/or checking account number
- Your gross monthly income (before taxes and other deducations)
- Your current tax, home owners association (HOA) or condominimum dues, insurance and lien information for all real estate owned
- Your original purchase price and purchase date of property
- Date your home was built
- Information on any liens you wish to pay off
[Mirastar to add details here.]
Processing times are currently estimated to take 30 to 40 calendar days to close on a new home equity loan or home equity line of credit once we receive your application. Processing times may vary if an appraisal or additional documentation is needed.
[Need a response from Mirastar here regarding if there are prepayment penalties.]
Absolutely. You can use a home equity loan or HELOC to provide additional monthly funds for living expenses, pay for repairs to your home, fund home improvements (including those that may help you stay in your home as you age), pay for caregiving expenses, or for other purposes.
Resources for making home equity decisions
Estimate costs and compare scenarios so you know what you’re getting into.
Home equity line of credit (HELOC) calculator
See what your payment might be with different borrowing amounts and terms. Run different scenarios so you understand what fits your budget. Use our calculator
Read tax benefits of owning a home
Learn about borrowing, debt management, and how to use home equity strategically without overextending yourself. Read our blog
Add value to your home
Learn about the types of projects that will add value to your home. Read our blog
Ready to access your equity?
Whether you know exactly what you want or you’re still exploring, we can help you understand your next step.