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Tap Into Your Home’s Equity When You Need Money
Tap Into Your Home’s Equity When You Need Money7/15/2020

african american man and woman in home looking at blueprints.jpgIf you’re looking to finance your next home improvement project, consolidate debt, or pay for college tuition, consider tapping into your home’s equity with a Home Equity Line of Credit (HELOC) from Matadors Community Credit Union.

With a 6-month fixed intro rate as low as 1.99% APR1 and interest-only payments for the first 10 years, you will enjoy affordable monthly payments. Plus, you can borrow up to 100% of your home's appraised value without any upfront, application or annual fees.

What is a HELOC?

As you make payments on your home over time, you build up equity, which is the total market value of your home minus the amount that you owe on your mortgage. With a HELOC, you can tap into those funds, much like a credit card (but with lower rates) when you need them.

There are two phases with a HELOC:
  • You have an initial ten-year period in which you may draw money out as needed. Pay it back and then borrow it again as many times as you want.
  • After the 10-year draw period ends, you will have 15 years to pay the loan in full.

With a lower interest rate than credit cards and potential tax advantages2, a HELOC from MCCU can give you the peace of mind knowing that you have funds available when you need them.

Find out more about our HELOCs and apply today – our helpful loan officers are ready to assist you.

1 The MCCU Home Equity Line of Credit (HELOC) is an adjustable rate loan. 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 rate is based on 740 or higher FICO Credit Score and is for combined-loan-to-value (CLTV) up to 80%. Other rates and terms apply for higher CLTVs. The maximum APR that can apply is 6% above your variable 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, based on amount borrowed. 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. Rates, terms, and fees are subject to change without notice. MCCU membership required.

2Speak with your tax advisor regarding deductibility of interest.

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