HOME
EQUITY
LINE OF CREDIT
Borrow up to 90% of appraised value!*
Get the cash you need from your home’s equity. With our Home Equity Line of Credit (HELOC), you can remodel your home, consolidate debt, take a dream vacation, and more! Make your goals a reality with a smart borrowing solution designed to fit your life.
Home Equity Line of Credit (up to 90% CLTV)
-
No application fees
-
Intro rates as low as 5.99% to 7.49% APR* fixed for 6 Months and as low as 7.99% to 9.49% APR* variable thereafter.
-
Low, interest-only payments for the 10 year draw period
-
Easy access to funds
-
Interest may be tax-deductible (consult with your tax advisor)
*The MCCU Home Equity Line of Credit (HELOC) is an adjustable rate loan based on current Prime Rate as published in the Money Rates table of the Wall Street Journal (the Index) plus your Margin. The introductory discounted annual percentage rate (APR) is fixed for the first 6 months (180 days) after which the rate converts to the then current Prime Rate as published in the Money Rates table of the Wall Street Journal (the Index) plus your Margin and is then variable and subject to change. The quoted rates are based on 720 or higher FICO Credit Score. The current variable rate for loans with up to 80% combined loan-to-value (CLTV) starts at 7.99% APR. Current Introductory rate for loans with up to 80% combined loan-to-value (CLTV) is 5.99% APR. The current variable rate for loans with 80.01% -90% combined loan-to-value (CLTV) starts at 9.49% APR. Current Introductory Rate for loans with 80.01%-90% combined loan-to- value (CLTV) is 7.49% APR. The annual percentage rate cannot increase by more than six percentage points (6%) above the initial rate and cannot increase greater than eighteen percent (18%). The annual percentage rate cannot decrease by more than one percentage point (1.00) below the initial rate. The HELOC term is 25 years (10-year draw period). After the draw period ends, the outstanding balance must be paid over a 15-year repayment period. Minimum credit limit is $30,000. Property Insurance and a lien are required on the subject property. Fees range from $1,000 to $2,500. Fees are waived with minimum $30,000 draw and if HELOC remains open for a minimum of 36 months, otherwise it will be required to pay fees at time of loan payoff. Consult your tax advisor regarding deductibility of interest. All rates are accurate as of 5/15/2025. Rates, terms, and fees are subject to change without notice. MCCU membership required. Equal Housing Lender.
