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ALERT:
In Observance of Presidents' Day all MCU branches, and our contact center will be closed Monday, February 19.

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Home Equity Loans

Let The Value of Your Home Work For You.

A Home Equity Loan may be a great option for you if you are looking to cover a large expense or consolidate debt. Every hero has goals—use the current value of your home to help you achieve them.

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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 %

APR2
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HELOC

as low as

6.875 %

APR3
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Fixed Mortgage

as low as

6.250 %

APR4
APR = Annual Percentage Rate

(1) Heroes Home Improvement Loan:

APR is based on loan amount of $50,000. The APR is fixed for the loan term. The minimum amount that can be borrowed is $5,000 and the maximum amount is $50,000. We are offering loans that range from 1-10 years based on your comfortability and preference. There is no maximum Loan-To-Value (LTV). Rates may be higher based on applicant’s creditworthiness. Rates and terms are subject to change without notice. Certain restrictions may apply. Membership is required. Qualifications - This inclusive loan is only being offered to members who meet the following pre-qualifications:

1. Own the property as their primary residence.
2. Said primary residence falls within a low, moderate or middle census tract zone as scaled by the FFIEC website. For directions on how to pull this information at home, please click here for directions.
3. If your home falls within the low, moderate or middle census tract zones, you pre-qualify for the loan.
4. If your home does not fall within the low, moderate or middle census tract zone mentioned in section 3, you can still pre-qualify by having a household income at or below the low to moderate scale. Incomes vary by County and can be found here.
5. Must qualify for the loan through other standard eligibility such as credit score, debt to income ratio and lien position.
 
(2) Home Equity Fixed:
APR is 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. The maximum Loan-To-Value (LTV) is 80% with 1st Lien position required. 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. 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 March 31, 2024. Other rates and terms available. Membership is required.
 
(3) HELOC:
The introductory rate is 6.875% APR for 12 months with a maximum 80% Combined Loan-to-Value (CLTV). The initial rate will be in effect for the first year your credit line is open. If you have an introductory rate, for the 12-month period immediately following the Date of Agreement, the Annual Percentage Rate that will apply to your account will be 6.875%* or 7.375% if you elect to have MCU pay your mortgage taxes. Subsequently, your account will be subject to the Variable Rate provisions described herein. The initial Annual Percentage Rate is discounted;  it is not based on the index and margin used for later adjustments. 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 March 31, 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. View full disclosure  PDF.
 
(4) Fixed Mortgage:
APR is based on loan amounts of $280,000. Above rates are applicable to loans secured by a 1-2 Family home which is the principal residence of the borrower(s). Different rates may apply for loans secured by Co-ops, Second/Vacation homes and 3-4 Family homes. Rates may be higher based on applicant’s creditworthiness. Rates and terms are subject to change without notice. Certain restrictions may apply.

Why an MCU Home Equity Loan?

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.

How Home Equity Loans Work for You

Your current home’s value can be used to help you meet other financial needs or goals. There are lots of reasons why members decide to use a home equity loan. Typically, a Home Equity Loan works best for paying off high-interest loans (such as a car), or consolidating debt.

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Secure the Funds You Need with a Home Equity Loan.

Enjoy stable and predictable low-cost payment options. You’ll receive the value of your loan in a single lump sum and make payments according to your preferred payment plan length.

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Preferred Term Length

Choose from 10, 15, or 20 year fixed terms. We’ll work together to find the term length that’s right for you!

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Fixed Interest Rate

We’ll lock in your interest rate at the time you receive your loan, ensuring you won’t pay more even if the market rate changes.

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Get Paid Upfront

Don’t wait to get the full value of your loan. After receiving loan approval, you’ll walk away with the entire amount borrowed in a single lump sum.

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Maximum Value

MCU ensures you get the most money from your home. You can borrow up to 80% of the available equity in your home—up to $500,000.

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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APPLIC_3

Get More Flexibility with a Home Equity Line of Credit.

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, you’ll be approved for more borrowing as you make payments toward your outstanding balance.

Learn More
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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.

NYMCU Digital Banking
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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.

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 saving for retirement and everything in between.

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.

Show Me Products For My Life Right Now
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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)

Have you heard of PMI? PMI, short for Private Mortgage Insurance, is an insurance policy that helps protect the lender if the borrower can't pay their mortgage. ...

What to Consider Financially As A First-Time Homebuyer

So, you’re ready to buy your first home. Congratulations! For many people, taking this step is one of the biggest financial moves they will make in their entire lives. Because of ...

Mortgages 101: Getting Started on The Path to Homeownership

When you embark on the search for a new home, you may think you know the steps to take: Read the listings, visit some open houses, sign on with a Realtor, make an offer. In fact, ...
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.

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.

Join Now
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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 March 31, 2024. Other rates and terms available. Membership is required.

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