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ALERT
Our Midwood branch located at 1560 Flatbush Avenue in Brooklyn will reopen this Friday, May 31st!

In the meantime, you can securely access your accounts by logging into Digital Banking or visiting any of our other local branches.

HOME EQUITY LOANS

Fixed rates as low as 7.875%

Tap into your home's equity and receive a lump sum payment to make the impossible possible.
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Need Cash Now? Take Advantage of Your Home’s Equity.

If you live in New York or New Jersey and are looking to consolidate debt, cover a major project or a large, one-time expense, an MCU Home Equity Loan may be a good choice for you. Unlike a HELOC, this type of loan provides you with a lump sum and fixed interest rate.

Features & Benefits

  • Receive 1 single lump sum
  • Fixed Rates
  • Flexible 10, 15 or 20 year terms
  • Borrow up to 80% of the available equity in your home—up to $500,000
  • Available on properties in New York, New Jersey (1-4 family residential properties and condos only)
  • Payment Protection is available

Today's Rates

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Heroes Home Improvement Loan

as low as

6.000 %

APR 1
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Home Equity Fixed

as low as

7.875 %

APR1
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HELOC

as low as

5.99 %

APR1

What You Need to Apply

Applying online is easy, but to make the process even easier, here is a list of information to come prepared with:
  • 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 (in NY or NJ only), home insurance, and current mortgage statement
  • An appraisal or valuation of your home
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Check Out Other MCU Home Equity Loan Solutions and Choose What’s Best For You!

FAQs

Got Questions? We’ve Got Answers.

Do I need to get a home appraisal?

Yes—MCU will provide valuation services during your application process. To get more information, please contact one of our loan officers.

Is a Home Equity Loan’s interest rate fixed or variable?

An MCU Home Equity Loan has a fixed interest rate and typically delivers the funds to you in one lump sum. If you are looking for a more flexible option with a variable rate, consider a Home Equity Line of Credit (HELOC) with MCU.

What’s the difference between a home equity loan or a home equity line of credit?

Home equity loans and home equity lines of credit (HELOCs) are loans that are secured by the borrower’s home. Because both use your home as collateral, they usually have much better interest terms than personal loans, credit cards, and other unsecured debt. A home equity loan through MCU is paid on a fixed monthly basis, with an interest rate that doesn't change throughout the term of the loan. HELOCs are revolving credit lines that come with variable interest rates. For that reason, borrowers are subject to variable minimum payment amounts.

What can I use a home equity loan to pay for?

A Home Equity Loan can be used to cover almost any cost, some examples include: college tuition, vehicle purchases, buying a second property, consolidating higher interest rate loans, or home improvement projects.

Disclosures:

*APR = Annual Percentage Rate.

Above APRs are based on loan amounts of $100,000. The APR is fixed for the loan term. The minimum amount that can be borrowed is $25,000 and the maximum amount is $500,000. For 10,15, and 20 year terms advertised rate, the maximum Loan-To-Value (LTV) is 80% with 1st Lien position required. For 10,15 and 20 year terms, the maximum Combined Loan-To-Value(CLTV) is 80% with 2nd Lien position.

Home Equity accounts are secured by a mortgage on your primary residence. Property insurance is required. Flood insurance may be required if the property is in a flood zone. Rates may be higher based on applicant’s creditworthiness. Rates and terms are subject to change without notice. Certain restrictions may apply. For more details, see our Rates page.

MCU will waive closing costs on loans up to $250k. Closing costs are waived if you keep your loan 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 loan and as high as $1,000 for a $250,000 loan. 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 waiver of closing costs offer expires on June 30, 2024. Other rates and terms available. Membership is required.

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