Heroes Home Improvement Loan

Today's Rates

as low as

6.000 %

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Home Equity Fixed

as low as

7.875 %

_APR¹

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HELOC

as low as

6.875 %

_APR¹

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Fixed Mortgage

as low as

6.500 %

_APR¹

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

Heroes Home Improvement Loan Disclosures:

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.

Home Equity Fixed Disclosures:

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.

HELOC Disclosures:

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.

Fixed Mortgage Disclosures:

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.

Invest in Your Home and Your Future.

The Heroes Home Improvement Loan is designed to make home improvement projects more accessible and affordable—helping homeowners transform their living spaces with flexible loan terms, low fixed interest rates, and access to up to $50,000 in funds.

Flexible Loan Terms

You can choose the term that works best for your budget. Whether you're looking to pay off your loan faster or reduce your monthly payments with a , we have options to fit your needs.

Up to $50,000 in Funds

Borrowers can access anywhere from $5000–$50,000 in funds to tackle any home improvement project, big or small. From repairing a leaky roof to remodeling your kitchen, our loan can help make your home improvement dreams a reality.

Enjoy Fixed Interest Rates

Lock in your interest rate and discover the peace of mind that comes with knowing that your monthly payments won't change over the life of your loan, regardless of market fluctuations—so you can plan your budget and manage your finances more effectively.

Not Sure Whether You’ll Qualify?

Don't let uncertainty hold you back from your goals—take a few minutes to find out if you're eligible for this affordable home improvement loan. Click here to view the FFIEC Guidelines.

Additional Loan Details & Qualifications

Members must own and occupy the home as their primary residence as well as pre-qualifying for the loan based on FFIEC census tract and income guidelines. Please keep in mind that you still must qualify for the loan through other standard eligibility such as credit score, debt to income ratio, lien position and ownership of property. For additional information, please visit our rates page.

The Heroes Home Improvement Loan at a glance:

Fixed interest rate.
1-10 year flexible loan term.
Loan amounts between $5,000-$50,000.
Funds must be strictly used for Home Improvements.
Receive the amount borrowed in one lump sum.
Financing available in New York and New Jersey.

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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.

Banking That’s Always by Your Side

Manage your loan the easy way with the NYMCU Mobile and Online banking apps. Our easy-to-navigate platform gives you the tools you need to make banking smarter, not harder.

Download the Mobile Banking App

Lending Products Built for the Heroes of NYC

Whether you’re ready to purchase a vehicle, need cash for an unexpected expense, or something else—we’re here to help. MCU offers the lending services you need to achieve your goals.

Residential Lending

Do you have your eye on the home of your dreams? We believe every hero deserves a place to call their own—and we can’t wait to help you. Learn more about the different mortgage options we offer our valued members.

Auto Loans & Services

Get access to reliable products that help you buy, refinance, or insure your car. Explore our affordable loan and service options so you can focus on what really matters: grocery runs, daycare pickups, or a new commute.

Personal Loans

Need to pay for an unexpected expense, a special event, or just need some extra cash to consolidate bills? An MCU Personal Loan is a hassle-free way to access the funds you need and take control of your finances.

Level Up Your Financial Literacy.

Whether you're just starting to learn about personal finance or looking to take your knowledge to the next level, our educational tools and resources can help you build a solid foundation for financial success.

FAQs

Get Answers to Our Frequently Asked Questions.

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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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.

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Heroes Home Improvement Loan

Give Your Home an Upgrade Without Breaking the Bank.

Today's Rates