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.
Rates
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Loan Type |
Intro APR* |
Variable APR |
Maximum Loan Amount |
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*Introductory APR applies for the first 12 months. After the introductory period, a variable APR will apply based on creditworthiness and other applicable factors. 1APR = Annual Percentage Rate. Home Equity Lines of Credit (HELOCs) have variable interest rates. The interest rate and payment may change throughout the term of the loan. The variable rate is determined by adding an external index (The Wall Street Journal Prime Rate) to a margin assigned to the line. The margin is based on loan-to-value ratio, credit history, and other factors we may lawfully consider. The maximum lifetime APR is 17.99%. A $100 annual fee applies. Advances may be taken during the 10-year draw period. During the draw period, payments are interest-only. A 15-year repayment period follows, during which payments are fully amortized and include both principal and interest. All Equity Loans and Credit Lines: |
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Loan Type HELOC |
Intro APR* 5.24%-5.99% |
Variable APR 7.00% – 7.75% |
Maximum Loan Amount $750,000 |
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Terms |
Rate Type |
APR |
Maximum Loan Amount |
|---|---|---|---|
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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 $19.56 per month per $1,000 borrowed at 6.490% APR for 60 months. For more payment samples, use our payment calculator. All Equity Loans and Credit Lines |
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Terms 5 year |
Rate Type Fixed |
APR 6.49% – 10.49% |
Maximum Loan Amount $750,000 |
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Terms 10 year |
Rate Type Fixed |
APR 6.99% – 10.99% |
Maximum Loan Amount $750,000 |
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Terms 15 year |
Rate Type Fixed |
APR 7.49% – 11.49% |
Maximum Loan Amount $750,000 |
Turn your home equity into new possibilities.
Introductory APR as low as 5.24% for the first 12 months.*
Your home’s equity could give you flexible access to funds when you need them, while keeping your current mortgage rate unchanged. Borrow only what you need and pay interest only on what you use.
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 be up to 30 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
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.
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
Depending on the current value of your home, your qualification, and your existing home equity, you may be able to borrow up to 80% of your home’s current appraised value.
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 deductions)
- 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
Yes. Getting a new mortgage loan usually involves closing costs and other fees, separate from your down payment. Common costs include:
- Origination fees you can pay to obtain a lower interest rate
- Appraisal fees to pay for an independent valuation of the property
- Credit report and verification fees
- Title Company services and title insurance fees
- Recording and government fees
- Prepaid interest to pay for any loan interest from closing through the end of the month
- If applicable, initial escrow deposits placed in escrow for property taxes and homeowner’s insurance
- If applicable, supplemental purchase property taxes
Mirastar will absorb most of your home equity fees to include recording fees, appraisal and title company fees. If you decide to payoff and close your home equity loan early, you may have to pay an early closure fee. You’ll be provided with an estimate of home equity loan fees at the beginning of the home equity loan process.
Processing times are currently estimated to up to 30 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.
You can payoff your loan at any time. Depending on the timing, you may have to pay an early closure fee.
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 that 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.
Disclosures
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*The introductory rate offer is available for new Home Equity Lines of Credit (HELOCs) on single family, owner occupied primary residences only. For the first 12 months after funding, the promotional Annual Percentage Rate (APR) will be fixed between 5.240% and 5.990% based on your qualifications. Not all applicants will qualify for the lowest introductory rate. After the 12 month introductory period, your APR will be converted to a variable rate based on the Prime Rate published in The Wall Street Journal plus a margin, as stated in your credit agreement. As of 09/17/2026 the Prime Rate 7.000% resulting in a variable APR of 7.000% to 7.750%, depending on the margin. The APR may increase or decrease over the life of the loan. Minimum monthly payments will be interest only. All HELOCs are subject to credit approval, income verification, and property evaluation. Property insurance, including flood insurance when required, is mandatory. Additional restrictions and conditions may apply.
Mirastar offers mortgage loans for properties located in California only. All loans are subject to credit approval. Membership eligibility required. Other restrictions may apply.
Mirastar does not underwrite the following types of property:
- Second homes, vacation homes, or investment properties
- Mobile/manufactured/modular homes
- Multi-family homes with five or more units
- Co-ops
- Mixed-use properties
Mirastar currently offers both fixed and adjustable rates for conventional and jumbo loans on properties including:
- Single-family homes
- Multi-family homes with up to four units
- Townhouses
- Condominiums
- Planned Unit Development (PUD)
- Home Equity Lines of Credit (HELOC) are variable rate loans and rate may increase throughout loan term. For rate information, see rates.
For full terms and conditions, view the HELOC disclosure.
All Equity Loans and Credit Lines
Mirastar 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 Mirastar, estimated from $818.00 to $1,904.00. All loans are subject to credit approval. No early payment penalties.
Home Mortgage Disclosure Act (HMDA) Notice
The HMDA data about our residential mortgage lending is available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age, and income of applicants and borrowers; and information about loan approvals and denials. These data are available online at the Consumer Financial Protection Bureau’s Web site (https://www.consumerfinance.gov/data-research/hmda/). HMDA data for many other financial institutions are also available at this website.