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HOME IMPROVEMENT LOANS
Invest in Your Home and Your Future.
Today's Rates
APR = Annual Percentage Rate (OPEN TO READ MORE)
1 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).
THERE ARE NO CLOSING COSTS FOR THIS LOAN AND ALL OUT OF POCKET EXPENSES FOR APPRAISALS WILL BE REIMBURSED AT CLOSING.
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 credit worthiness. 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.
2Based 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.
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.
3The introductory rate is 5.99% for 2nd lien position loans and 5.49% for 1st lien position loans with APR for 12 months with a maximum 75% Combined Loan-to-Value (CLTV). Minimum FICO Score is 720 with a required initial draw depending on the approved loan amount. The initial rate will be in effect for the first year your credit line is open. MCU cannot pay your mortgage taxes for this special promotion. 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. Special promotion rate will expire on June 30, 2024.
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.
Need a Different Type of Home Equity Loan? Unlock a Solution That Works Best for You.
Home Equity Loans
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.
Home Equity Line of Credit (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, you’ll be approved for more borrowing as you make payments toward your outstanding balance.