Home Equity Line of Credit (HELOC)
Access the equity you have invested in your home for the big purchases in your life.
Open a line of credit with the equity you have invested in your home! Use the account for house projects, college tuition payments, debt consolidation, vacation, and more! You’ll be able to access your HELOC easily with your Magnifi Financial checking account and internet banking or the mobile app. Work with a Personal Banker to determine the perfect amount of credit you can utilize.Apply Now What’s the Right Loan for Me?
What's so special about our Home Equity Line of Credit?
A HELOC is a line of credit that is backed by the equity you have already invested in your house. So, if you have $100,000 paid off in your mortgage, you already have equity totaling $100,000!
Many people use a HELOC for home improvement projects or remodeling their house. But did you know you can use your HELOC for any large purchases? This means you can utilize your HELOC for tuition payments, buying a car, consolidating debt or a much-needed vacation!
Applying for a Home Equity loan is easy
Your first step is to fill out an application. We’ll reach out if we need additional information.
We’re on it! Your application is safe with our local underwriting team who have streamlined the process, providing you with faster closing times.
We’ll meet with you to finalize all the details and set up your line of credit in your Magnifi Financial account.
Use your HELOC
This is the fun part! After your HELOC is approved, start accessing your funds for just about anything!
Frequently Asked Questions (FAQ)
Eligibility and Application
Accessing Your Line of Credit
During the draw period: Your minimum monthly payment will include principal and interest and amortized over the length remaining of your HELOC terms. During the repayment period: Your monthly payment will be a combination of principal and interest.
New Members: Complete an application online.Apply Now
Current Members: Apply in Digital Banking.Sign In to Apply
Magnifi Financial has 25 branches to serve you as well
as access to 24,000 ATMs across the United States with MoneyPass.
Talk to a Magnifi Financial team member virtually
face-to-face. Learn More
Monday - Thursday: 8 AM - 5 PM
Friday: 8 AM - 6 PM
Saturday: 8 AM - 12 PM
Schedule An Appointment for a Virtual or In-Person Meeting
Other Loan Options
The typical cost of an appraisal or full title commitment is $50-$1,500 which would be the member's expense. Annual Percentage Rate = 7.75% as of 2/2/2023. APR may vary after account is opened but will never exceed 18%APR or the maximum allowed by law. Annual fee = $40. Membership eligibility and $5 share deposit are required. Borrower must maintain adequate property insurance. On approved credit. Ask for details.
Join the Magnifi Family!
At Magnifi, you're not just a member-owner of an award-winning credit union, you become part of the Magnifi family and receive all the benefits and perks you need to succeed financially.