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Home Equity Line of Credit (HELOC)
Get Credit for the Value of Your Home.
Use the equity in your home to secure a line of funding to go toward other financial needs or goals. Unlike a Home Equity Loan, a Home Equity Line of Credit (or HELOC) provides flexible borrowing options and a variable rate.
Today's Rates
(1) APR = Annual Percentage Rate (OPEN TO READ MORE)
Heroes Home Improvement Loan Disclosures:
1. Own the property as their primary residence.
The current variable APRs as of September 2023 range from 8.75% - 12.75%. The floor APR is 3.00%. HELOC closing costs are waived if, at closing, you take a minimum advance of $25,000 on line amounts below $250,000 and keep your line of credit open for at least three years, otherwise you will be required to reimburse MCU for certain fees paid to third parties. These fees can be as low as $135 for a $25,000 HELOC and as high as $1,000 for a $250,000 HELOC. Loan applicant has the option to have their mortgage recording fees and mortgage taxes waived at closing for an additional .50% on their introductory rate and fully indexed rate. The 6.875% introductory rate and closing costs waiver offer is available until June 30, 2024.
THE ANNUAL PERCENTAGE RATE MAY VARY AND IS EQUAL TO THE HIGHEST PRIME RATE PUBLISHED IN THE WALL STREET JOURNAL ON OR BEFORE THE LAST DAY OF THE PRECEDING MONTHLY BILLING PERIOD PLUS A MARGIN BETWEEN 0% AND 4%.
HELOCs are secured by a mortgage on your primary residence. Co-ops and investment properties are not accepted. Property insurance is required. Flood insurance may be required if the property is in a flood zone. Certain restrictions may apply. Membership is required.
The Prime Rate as of July 26, 2023 is 8.50%. The annual percentage rate may be higher based on the applicant’s creditworthiness. The maximum Annual Percentage Rate that may be imposed is 6% above the initial interest rate at closing. Rates and terms are subject to change without notice. Other terms and conditions apply. View full disclosure PDF.
Experience the MCU Difference With a HELOC.
Put a little of your home's equity back in your pocket with a HELOC through MCU. Enjoy expert advice, competitive rates, and an easy online application.
Competitive Rates
Our member-friendly rates and flexible terms allow you to keep more money in your own wallet while you use your HELOC to work toward your other financial goals and projects
Expert Support
When you need guidance, our team is here to help. We’re always available to ensure that you have the information you need to make informed financial decisions.
Easy Online Application & Management
You can apply for a HELOC using MCU’s easy online application. Making payments online is easy too, using our suite of flexible, automated payment tools.
Using Your Home Equity Line of Credit
Your current home’s value can be used to help you meet other financial needs or goals. There are lots of reasons why our members decide to take out a home equity line of credit: college tuition, home renovations, medical bills, or even for those much needed vacations!
Your approved credit line ensures you have the funds to cover whatever dreams or expenses you may have.
Secure the Funds You Need with a HELOC.
Choose to spend as much or as little as you need with a variable, revolving Home Equity Line of Credit (HELOC). Like a credit card, the amount available to borrow is replenished as you pay your outstanding balance.
Prime-Level Member Rates
MCU offers low interest rates so you can keep more money in your pocket! Qualified Members enjoy Prime rates, or the lowest rate available (set by the Federal Reserve) without additional interest rate charges.*
Maximum Value with Built-In Flexibility
Receive a line of credit up to $500,000. Choose to draw as much as you need over the period of 10 years, and make interest payments over an extended 30 year term.
Long-Term Repayment Options
Let’s work together to decide what a good repayment plan looks like for you. Members can choose up to a 20-year repayment term for their Home Equity Line of Credit.
Owner Occupancy Required
You can take out a HELOC with MCU if you are the primary owner of the home that you occupy (1-4 family residential properties and condos only). Financing is available in New York and New Jersey.
What You Need to Apply
Applying online is easy. To make the process even easier, gather the following information before beginning your application:
Information Needed:
- Social Security number
- Any existing debts or support obligations (such as alimony, child support or existing liens on your home)
- Employment and income history as well as pay stubs and employer’s contact information
- Proof of homeownership, home insurance and current mortgage statement
- An appraisal or valuation of your home
Looking to Cover a Single Larger Expense? Consider a Home Equity Loan.
If you need to cover a large project or consolidate debt, a Home Equity Loan may be right for you. You’ll receive the value of your loan in a single lump sum and make payments according to your preferred payment plan length.
Banking That’s Always by Your Side
Make managing and paying your loan a breeze with digital banking tools like Bill Pay. Access the information you need, when you need it with our easy-to-navigate digital banking platform. Discover helpful tools and settings that make banking smarter, not harder.
Download the Mobile Banking App
Let’s Connect You to the Resources You Need.
Reach your financial goals and take your household to the next level with our additional lending options.
Home Loans
Buying a home is a big step, and choosing the right mortgage is critical. MCU’s Lending Sales Specialists are there to guide you through every step of the way—so you can get into your dream home faster.
Personal Loans
Need to pay for an unexpected expense, a special event, or just need some extra cash to handle some bills? An MCU Personal Loan is a hassle-free way to access the funds you need and take control of your finances.
No Matter Where You Are in Life, We’re Right There with You.
At MCU, we believe that a credit union should be a lifelong source of financial education and support—from planning for college, to financing a home, to saving for retirement.
That’s why we have specialized recommendations for products and services designed to help you meet your goals (both short-term and down the road), based on your changing needs and priorities.
Make the Most of Your MCU Membership.
Membership in our community is about more than just banking. As an MCU member, you can access valuable information and resources to help you plan and reach your financial goals.
All about Private Mortgage Insurance (PMI)
What to Consider Financially As A First-Time Homebuyer
Mortgages 101: Getting Started on The Path to Homeownership
Ready to Join the MCU Community?
Gain access to the products and services that help our members create a foundation for an excellent financial future—such as competitive rates, reliable banking, and educational resources to stay in control of your finances.
