Home Equity Loans

A Home Equity Line of Credit (HELOC) is useful for borrowers who are looking for ongoing access to a line of credit. Some of the advantages of a HELOC are that you only pay for the advances that are drawn against the line of credit. This solution is great for people who are looking to make various home improvements, are starting a remodeling project, or are looking for help to pay for college, a wedding, or education costs.

  • No annual fees
  • Variable rate
  • Minimum loan amount $5,000
  • Borrow up to 85% of the equity you have in your home
  • Line of credit available for up to 10 years followed by a 15-year repayment period

Home Equity Closed End Loan is a great solution for borrowers who are looking to make a large one-time purchase. Fixed monthly payments for a set term allow you to keep your finances on track. A closed end loan is great for things like a one-time remodel, roof repair, new pool, or a debt consolidation.

  • No annual fees
  • Fixed rate
  • Minimum loan amount $10,000
  • Borrow up to 85% of the equity you have in your home
  • Flexible terms available--you choose!
  • One disbursement means set monthly payments

FAQ

How is a home equity loan different than a personal loan?

Home equity loans are different because we use your home as collateral for the loan. In addition, you may be able to write off the interest of this loan but, as always, please seek the advice of your tax advisor. 

How do I apply for a home equity loan?

To get a home equity loan application:

  • Email us at mortgages@mcccu.org to get the application
  • Come in to one of our branches to pick up a packet you can fill out in the convenience of your home
  • Set up an appointment with one of our experienced Mortgage Originators to fill out an application

What do I need to get a home equity loan?

You will need to bring in some documentation so we can process the loan application.

This includes:

  • Copy of drivers' license (for all borrowers)
  • Proof of income for the last 30 days (for all borrowers)
  • W-2s for the last two years (for all borrowers)
  • If you're self-employed, you will need to provide a copy of your tax returns for the last two years
  • A property appraisal or valuation
  • Complete legal description of property
  • First mortgage company name, address, and following information if applicable
    • Account number
    • Approximate balance
    • Current payment amount
  • Proof of last two paid property taxes
  • Homeowners insurance declaration page

How long does it take to close on a HELOC/Home Equity Closed End?

From start to finish, the process usually takes about two weeks.

Rates

Home Equity Loans
Effective Date: Friday August 17, 2018
NameRates as low asTerms up to
Home Equity Closed End Loan 5.00% APR* 15 years
Home Equity Line of Credit 5.00% APR* 10 year draw, 15 year amortization
Variable rate based on prime rate plus margin
*APR = Annual Percentage Rate

MCCCU NMLS# 423111

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