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HOME IMPROVEMENT LOANS

Invest in Your Home and Your Future.

Revitalize your home with flexible loan terms, low fixed interest rates, and access to up to $50,000.
Home Improvement Loan Page Hero

Everything you need to make your house a more comfortable home.

An inclusive fixed-rate loan designed to help low to moderate-income homeowners make necessary repairs, upgrades, and renovations.

Features & Benefits

  • Receive one lump sum
  • 1-10 year flexible loan term
  • Low Fixed Interest Rates
  • Borrow $5000 – $50,000
  • Funds must be used for Home Improvements
  • Available on properties in NY, NJ, CT & PA only

Today's Rates

hero-icon-let-the-value-of-your-home

Heroes Home Improvement Loan

as low as

6.000 %

APR 1
APR = Annual Percentage Rate (OPEN TO READ MORE)

* APR = Annual Percentage Rate.
Above APRs are based on loan amounts 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).
THE ABOVE PAYMENT EXAMPLES DO NOT REFLECT AMOUNTS DUE/ YOUR ACTUAL MONTHLY PAYMENT OBLIGATIONS MAY BE HIGHER. THERE ARE NO CLOSING COSTS FOR THIS LOAN OTHER THAN THE COST OF AN APPRAISAL IF REQUIRED.
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. 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. Please schedule an appointment with one of our Home Lending Sales Representatives to verify eligibility. 
(5) Must qualify for the loan through other standard eligibility such as credit score, debt to income ratio and lien position.

Need a Different Type of Home Equity Loan? Unlock a Solution That Works 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.
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