Turn Your Home Equity into Cash
If you’ve built equity in your home, a home equity loan or line of credit (HELOC) can help you tap into that value for nearly any financial goal — home remodeling, debt consolidation, education, major purchases, or other life events.
Why Choose a Blaze Home Equity Loan or HELOC
Your Loan Stays Local
Our Minnesota-based Blaze loan officers, decision-makers, and servicers make buying and owning a home local and personal.
You'll always know who to contact when you need guidance on the next step of your journey.
Pay No More than $750 in Closing Costs
When you open a Blaze Home Equity loan or Line of Credit, you pay no more than $750 in closing costs, which includes the cost of the required appraisal.
Offer does not include property taxes, homeowner’s insurance, prepaid interest, or fees for a potential subordination agreement. If the loan does not close, the cost of the appraisal will not be refunded.
Getting Started with Blaze Home Equity Options
Fixed-rate Home Equity Loan
Looking to consolidate debt, make a large purchase, finance education expenses, or do some home improvements? You may find the extra cash you need with a Blaze Home Equity loan.
Blaze offers five to 20-year terms with up to 100% financing available.
A Home Equity loan is a second mortgage or lien on your primary or secondary residence, so you continue your primary mortgage payments in addition to this loan’s payments.
Home Equity Line of Credit (HELOC)
Not sure how much you need or when you’ll need it? A HELOC is revolving and works similar to a credit card. Get the funds when you need them and pay interest only on the balance.
Borrow up to 85% of the value of your primary residence. Interest-only payments are available during the 10-year draw period. This is a variable interest rate loan with a minimum loan amount of $10,000 and no annual fee.
Blaze Home Equity Comparison
| Feature | Fixed-Rate Home Equity Loan | Home Equity Line of Credit (HELOC) |
|---|---|---|
| Type | Lump-sum second mortgage |
Revolving line of credit secured by your home |
| Good for | A specific project like a major renovation, debt consolidation, or education expense and want predictable terms |
Variable spending like staggered home improvements, future expenses, or want a financial safety net |
| Rate Type | Fixed |
Variable |
| Terms | 5, 7, 10, 15, or 20-year terms* |
10-year draw period* |
| Max Financing / CLTV | Up to 100% CLTV (varies by term)* |
Up to 85% of primary residence value* |
| Closing Costs | No more than $750* |
No more than $750* |
| Minimum Loan Amount | $10,000–$25,000 depending on term* |
$10,000 minimum* |
| Payment Structure | Fixed monthly P&I plus existing mortgage payment |
Interest-only during draw period, then repayment |
Fixed-Rate Home Equity Loan
- Type
Lump-sum second mortgage
- Good for
A specific project like a major renovation, debt consolidation, or education expense and want predictable terms
- Rate Type
Fixed
- Terms
5, 7, 10, 15, or 20-year terms*
- Max Financing / CLTV
Up to 100% CLTV (varies by term)*
- Closing Costs
No more than $750*
- Minimum Loan Amount
$10,000–$25,000 depending on term*
- Payment Structure
Fixed monthly P&I plus existing mortgage payment
Home Equity Line of Credit (HELOC)
- Type
Revolving line of credit secured by your home
- Good for
Variable spending like staggered home improvements, future expenses, or want a financial safety net
- Rate Type
Variable
- Terms
10-year draw period*
- Max Financing / CLTV
Up to 85% of primary residence value*
- Closing Costs
No more than $750*
- Minimum Loan Amount
$10,000 minimum*
- Payment Structure
Interest-only during draw period, then repayment
Solar Home Equity Loans
We are proud to partner with CU Green® to provide members with financing options for rooftop solar panel installation. Solar panels can be useful anywhere the sun shines and are an eco-friendly, low maintenance way to produce energy and save you money.
At Blaze, we are continually looking for ways to reduce our carbon-footprint and be a more earth-friendly business. Offering members affordable financing for producing green energy is just one more way we can help be good stewards of the environment and have a positive impact on our community.
See if solar might be for you.
Home Equity Loan Rates
Primary Residence Home Equity: Second Lien PositionRates Effective: 11/24/2025
Rate Type |
APR* | Monthly Term | Monthly Payments |
|---|---|---|---|
| Home Equity - 5yr. CLTV up to 80% | 6.000 | 60 | $483.32 |
| Home Equity - 5yr. CLTV up to 90% | 7.000 | 60 | $495.03 |
| Home Equity - 5yr. CLTV up to 100% | 8.250 | 60 | $509.91 |
| Home Equity - 7yr. CLTV up to 80% | 6.250 | 84 | $368.22 |
| Home Equity - 7yr. CLTV up to 90% | 7.250 | 84 | $380.38 |
| Home Equity - 7yr. CLTV up to 100% | 8.500 | 84 | $395.91 |
| Home Equity - 10yr. CLTV up to 80% | 6.500 | 120 | $283.87 |
| Home Equity - 10yr. CLTV up to 90% | 7.500 | 120 | $296.75 |
| Home Equity - 15yr. CLTV up to 80% | 6.750 | 180 | $221.23 |
| Home Equity - 15yr. CLTV up to 90% | 7.750 | 180 | $235.32 |
| Home Equity - 20yr. CLTV up to 80% | 7.250 | 240 | $197.59 |
| Home Equity - 20yr. CLTV up to 90% | 8.250 | 240 | $213.02 |
*APR = Annual Percentage Rate. Monthly Principal & interest payment based on loan amount of $50,000. Minimum loan amount is $10,000 for 5-10 year terms, $15,000 for a 15-year term, and $25,000 for a 20-year term. Maximum combined loan-to-value (CLTV) is 100% and varies by loan term. Property must be the primary or secondary residence and property insurance is required. Commercial, agriculture, and large acreage properties excluded from offer. Blaze member responsible to pay up to $750 toward closing costs, which includes the cost of the required appraisal, and does not include property taxes, home owner’s insurance, prepaid interest, and fee for a potential subordination agreement. If the loan does not close, the cost of the appraisal will not be refunded. A minimum of $10,000 must be new money at Blaze. Offer subject to termination at any time. The stated rates are the lowest available and subject to change at any time without notice. Rates are based on credit history, loan-to-value, and other factors so your rate may different. Borrower must meet membership requirements to qualify. Other restrictions may apply. See your tax advisor for details regarding interest deductibility.
Primary Residence Home Equity Line of CreditRates Effective: 11/24/2025
Rate Type |
Rate | APR* as low as |
|---|---|---|
| CLTV up to 80% | 3.990 | 3.990 |
| CLTV up to 85% | 4.990 | 4.990 |
*APR = Annual Percentage Rate. The Home Equity Line of Credit has a variable rate therefore the APR may increase after consummation; the range is 4.50%-18.00% APR. Minimum loan amount for a Home Equity Line of Credit (HELOC) 10-year draw is $10,000. Maximum combined loan-to-value (CLTV) is 85%. Property must be the primary residence and property insurance is required. Commercial, agriculture, and large acreage properties excluded from offer. Blaze member responsible to pay up to $750 toward closing costs, which includes the cost of the required appraisal, and does not include property taxes, homeowner’s insurance, prepaid interest, and fee for a potential subordination agreement. If the loan does not close, the cost of the appraisal will not be refunded. A minimum of $10,000 must be new money at Blaze. Offer subject to termination at any time. The stated rates are the lowest available and subject to change at any time without notice. Rates are based on credit history, loan-to-value, and other factors so your rate may be different. Borrower must meet membership requirements to qualify. Other restrictions may apply. See your tax advisor for details regarding interest deductibility. After a 12-month promotional period, a variable rate as low as 7.25% APR will apply and vary with the market. Subject to change or termination at any time. Qualifications apply. Not available in all states. Cannot be used to pay off an existing Blaze Mortgage, fixed HEQ, or HELOC.
Second/Vacation Homes: Second Lien PositionRates Effective: 11/24/2025
Rate Type |
APR* | Monthly Term | Monthly Payments |
|---|---|---|---|
| Home Equity - 5yr. CLTV up to 75% | 6.750 | 60 | $196.83 |
| Home Equity - 7yr. CLTV up to 75% | 7.000 | 84 | $150.93 |
| Home Equity - 10yr. CLTV up to 75% | 7.250 | 120 | $117.40 |
| Home Equity - 15yr. CLTV up to 75% | 7.500 | 180 | $92.70 |
*APR = Annual Percentage Rate. Monthly Principal & interest payment based on loan amount of $50,000. Minimum loan amount is $10,000 for 5-10 year terms and $15,000 for a 15 year term. Maximum combined loan -to-value (CLTV) is 75%. Property must be the primary or secondary residence and property insurance is required. Commercial, agriculture, and large acreage properties excluded from offer. Blaze member responsible to pay up to $750 toward closing costs, which includes the cost of the required appraisal, and does not include property taxes, home owner’s insurance, prepaid interest, and fee for a potential subordination agreement. If the loan does not close, the cost of the appraisal will not be refunded. A minimum of $10,000 must be new money at Blaze. Offer subject to termination at any time. Rates and terms are subject to qualification and may change at any time. Borrower must meet membership requirements to qualify. Other restrictions may apply. See your tax advisor for details regarding interest deductibility.
Meet Your MLO
Meet Your Mortgage Loan Officer
At Blaze, you'll work with a dedicated loan officer based here in Minnesota.
Whether you're looking to understand the process or ready to apply, your loan officer will be with you at every turn.
You can even schedule a virtual meeting with them!
Escrow accounts hold funds for property taxes and insurance payments. Every year Blaze is required to analyze your escrow account to determine if we are collecting an adequate amount to pay your property tax bills and insurance premiums for the year. The purpose of the Escrow Account Disclosure Statement is to provide information on amounts collected and paid for the previous year and projected payments for the current year.
Generally, shortages are caused by an increase in property tax bills and/or insurance premiums. The amount collected in escrow is based on the prior year invoices so if the amounts increase for the current year, the funds collected could be short.
You have two options if you have a shortage:
- You can pay the shortage at least two weeks prior to your scheduled payment change date listed on your escrow analysis. Please note, if you choose this option, your monthly payment will be adjusted to not collect for the shortage amount.
- You can pay the shortage amount over the next 12 months with your monthly payment. No action is required for this option.
Escrow Surplus
Any surplus over $50 will automatically be deposited into your share savings account within two weeks of the escrow analysis statement date.
Updating Automatic Payments
If you have set up your automatic payment through Digital Banking or Bill Pay, then you will need to update your payment amount. If Blaze has set up your automatic payment for you, we will update this on your behalf.
If you are having financial hardship and are past due on your loan, please contact our Collections department at 651.215.3510. One of our representatives will help you with a solution.
Blaze also recommends LSS Financial Counseling, a certified nonprofit financial counseling service that has been providing free, nonjudgmental support and guidance for more than 35 years.
We are committed to helping you get your insurance claim check funds as soon as possible. To minimize delays in receiving your funds, please ensure the required documents are submitted and signed prior to visiting the branch.
Check is made payable to you, First Mortgage Company, and then Blaze Credit Union
Submit the following to Blaze Mortgage Servicing using our secure contact form:
- Copy of the Insurance Claim Check
- Declaration of Intent to Repair—signed by at least one borrower
A mortgage servicer will review and arrange for your check to be signed in a branch.
Check is made payable to you and Blaze Credit Union
Submit the following to Blaze Mortgage Servicing using our secure contact form:
- Copy of the Insurance Claim Check
- All pages of the adjusters’ report
- Declaration of Intent to Repair—signed by at least one borrower
A Mortgage Servicer will review your documents within three business days. When the review is complete, we will contact you with the next steps. The size of your claim will determine the level of monitoring required.
The easiest and most secure way to submit your payment is through Blaze Digital Banking. Select the Transfer & Pay menu to get started.
For additional options, please visit Manage Your Blaze Loan.
Generally, property taxes and insurance premiums change yearly which would cause a change in your payment. If your property taxes and insurance increase, your payment will increase as well.
If you are requesting the payoff amount for your mortgage, please contact Blaze Mortgage. A Mortgage Servicer will provide you with the payoff amount within one business day.
If you are a title company or other third party representing a borrower, please contact Blaze Mortgage and attach the borrower's written authorization along with your request. A Mortgage Servicer will review your request and respond within one business day.
Page 1
The first page of the Escrow Analysis provides the projections for the coming year effective September to August.
This paragraph will let you know if you have a shortage or a surplus.
Your new monthly payment which includes the adjusted property tax and Insurance payments along with the shortage if it applies.
Page 2
This page compares the projected payments to the actual payments.
For this example, the main reason for the escrow shortage is because of the increased Insurance premium.
If you would like to pay your shortage listed on page 1, complete the form below no later than 2 weeks prior to the September 1st payment.
All Blaze ARM loans come with the Rate Re-Lock Guarantee which means you can re-lock your rate at any time, for an additional fixed period, at current rates. The available rate will depend on your original chosen loan program. The newly re-locked rate will be applied to the remaining term and principal balance of your existing Blaze ARM. Re-locking does not require an application, credit check or appraisal. Fee applies. To request a re-lock, please contact your Mortgage Loan Officer for details.
Blaze Credit Union will consider requests for subordination of equity loans after a thorough review. Requests will be processed upon receipt of a complete subordination package.
Required Items:
- Completed Subordination Request Form
- Copy of the member's signed authorization form
- Copy of the Underwriting and Transmittal Summary (1008)
- Copy of the signed Uniform Residential Loan Application (1003)
- Copy of the Loan Estimate or Closing Disclosure
- A complete copy of the appraisal. If not required for your loan, a copy of the Collateral Valuation (Fannie Mae/Freddie Mac) or AVM.
- A copy of the Title Commitment
- A check for $250 payable to Blaze Credit Union. Please include the Blaze Account Number and reference that the check is for a Subordination Agreement. The fee is non-refundable.
- Return Fed Ex, or UPS label and envelope
Send the required fee and all documentation to:
Blaze Credit Union
ATTN: Mortgage Servicing
2025 Larpenteur Ave W
Falcon Heights, MN 55113
Incomplete requests will not be processed until all items are received. Please allow 5-7 business days for processing from the date of receipt of complete package. If you have any questions or concerns, please call us at 651.215.3500.
Calculate Your Journey
Use our free, easy-to-use financial calculators to answer common money questions and help you confidently blaze your financial path.
Disclosures
We offer conventional loans in all states except AK, CA, HI, NY, and TX. We offer government (FHA/VA) loans in all states except AK, AZ, HI, MA, NY, RI, VA, VI, VT, or Washington, D.C.
