Home Equity
If you’re looking to tap into the value of your home for a major purchase or project, a home equity loan can be a smart financial decision. Whether you’re looking for flexibility or searching for competitive home equity loan rates, we have options to meet your needs. At Interior Federal, we offer both a home equity loan and a Home Equity Line of Credit (HELOC), allowing you to find the right solution for your financial goals.
Fixed Rate Home Equity Loan
For those planning large expenses like home renovations or college tuition, our fixed rate home equity loan offers stability and peace of mind. With a fixed rate home equity loan, your interest rate and monthly payment won’t change, making budgeting easier.
- Borrow up to 90% of your home’s appraised value for single-family homes and townhomes.
- Condominiums qualify for up to 80% of the appraised value.
- Quick application process with a fast decision time.
- Competitive interest rates that are fixed for the duration of the loan.
This option is perfect for those who prefer fixed payments. You can apply for a home equity loan online. We also offer mortgage equity loans for various housing types.
- 8.50% APR
- 1 to 5 years
80%
Maximum Combined LTV
$205.22
Estimated Monthly Payment/Per $10,000
- 8.75% APR
- 1 to 5 years
90%
Maximum Combined LTV
$206.43
Estimated Monthly Payment/Per $10,000
Home Equity Line of Credit (HELOC)
Our home equity line of credit option, the HELOC, gives you flexibility. This revolving line of credit allows you to borrow as needed, up to a set limit, and only pay interest on what you borrow.
- Lines of credit range from $10,000 to $500,000.
- Competitive rates that adjust based on the prime rate.
- 15-year draw period followed by a 20-year payback period.
You can use the value in your home to lower your interest rate or access funds for significant expenses, and our team can help you navigate the process. You can access your funds through digital banking or by check.
- 7.75% APR
- 80% Financing
- 8.00% APR
- 90% Financing
Refinancing Your Home Equity Loan
If you’re looking to lower your payments or access more of your home’s value, consider a refinance home equity loan. Refinancing can help you lock in a lower rate or extend your repayment period to make monthly payments more manageable.
To start the process, apply for home equity loan online through our secure portal. Whether you’re interested in refinancing or starting a new loan, the application process is simple and straightforward.
How to Apply
Ready to tap into your home’s equity? Here’s how to start:
Apply Online
Apply for a home equity loan or apply for home equity line of credit online through our website or mobile app.
Submit required documents
Such as proof of income and property information.
Get a fast decision
Typically within a day if all documents are in order. The estimated time to close is between 14 to 18 days, assuming there are no property issues.
You can track your application status online, and our team will be available to assist you at every step. Closing fees vary by county, generally ranging from $750 to $1,500, and are deducted from the loan amount.
Common Uses for Home Equity Loans
Home Improvements
Debt Consolidation
Large Purchases
(e.g., medical expenses, college tuition)
Why Choose Interior Federal?
At Interior Federal, we offer a range of solutions to meet your financial needs. Whether you’re applying for a house equity loan or refinancing, we’re committed to providing competitive rates and excellent service. Start your journey today and use the value of your home to achieve your financial goals.
Open an Account in 3 Steps
Please review the list of required documents before you get started.
Are You a Member?
Please use your Digital Banking credentials to login, then visit the Apply Online tab to begin your pre-filled application.
Not a Member Yet?
It’s easy to become a member and begin to take advantage of our wonderful products and services and other member benefits.
If you have an active account with Interior Federal but are unable to login to Digital Banking, click here.
For additional information or assistance, please call us at 800-914-8619.
See Home Mortgage Disclosure Act Statement. Members are provided a Good Faith Estimate within 3 business days of the loan application outlining applicable fees.
For Both Home Equity Products
*APR=Annual Percentage Rate. Maximum APR is 18%. For single family homes/townhouses, borrow up to 90% (80% for condominiums) of current appraised value minus any first mortgage balance. Property insurance is required. Flood insurance may be required. We estimate closing costs to range between $500.00 to $3,000.00.
Home Equity Line of Credit
^The Home Equity Line of Credit is a variable rate loan. HELOC loans are available to owners of single family, townhouses and condominiums except for TX. Existing loan rates may change every January and July based on change in the Prime Rate or 11th District Cost Funds (depending on your loan agreement) as of the last day of the previous month.
Fixed Rate Home Equity
+Fixed Rate Home Equity Loans are fixed rates and are available in all states except TX.