Home Equity Loans
Let The Equity In Your Home Work For You. M1 helps you tap into your home’s equity with flexible options to fund projects, cover costs, or invest.
Definition
A home equity loan is a loan secured by a borrower's home. It is often used to cover large expenses such as home improvements, debt consolidation, education, travel, or major purchases.
M1 offers two Home Equity loan products: HomeFix and HomeLine.
Which Home Equity product is right for you?
HomeFix is a traditional, fixed-rate home equity loan designed for members who prefer predictable payments and a lump-sum disbursement. This option is ideal for large, one-time expenses like home renovations or debt consolidation.
HomeLine is a flexible, revolving credit line that allows members to borrow as needed, up to a set limit. This option is best suited for ongoing or unpredictable expenses, offering convenience and control over borrowing.
| Feature | HomeFix | HomeLine |
|---|---|---|
| Type | Closed-end loan | Revolving line of credit (HELOC) |
| Interest Rate | Fixed | Variable (with payment cap) |
| Terms | 7 or 12 years | 3 year draw period (renewable) |
| Payments | Fixed | 1.5% of balance |
| Collateral | Borrower’s Home | Borrower’s Home |
