Build More With Your Equity

^*APR=Annual Percentage Rate.

Advertised introductory percentage rates assume excellent borrower credit history. APRs and promotional calculations are based on assumed minimum credit lines of $100,000 unless otherwise noted. Rates and terms are subject to change without notice. All offers of credit are subject to standard credit approval requirements; applicants may be offered lines at higher rates or different terms depending on approved creditworthiness, FICO score profiles, debt-to-income (DTI) metrics, and underlying collateral evaluation.

¹STANDARD PROMOTION

Borrowers with credit scores of 620 – 719 1st or 2nd lien position may receive an introductory 6.25% fixed APR for the first 12 months with a maximum 80% Combined Loan-to-Value (CLTV). An immediate draw of $25,000 will be required at closing.

²2nd LIEN SPECIAL PROMOTION

Borrowers with credit scores of 720 and above 2nd lien position may receive an introductory 5.99% fixed APR for the first 12 months with a minimum loan amount of $100,000 and a maximum of 75% Combined Loan-to-Value (CLTV), with a required initial draw depending on the approved loan amount. The initial draws are as follows:

1. Loan amount of $100,000 requires a minimum draw of $25,000.
2. Loan amount between $101,000 - $250,000 requires a minimum draw of $50,000.
3. Loan amount between $251,000 - $500,000 requires a minimum draw of $100,000.

Minimum draw at closing required.

³1st LIEN SPECIAL PROMOTION

Borrowers with credit scores of 720 and above 1st lien position may receive an introductory 5.49% fixed APR for the first 12 months with a minimum loan amount of $100,000 and a maximum of 75% Combined Loan-to-Value (CLTV), with a required initial draw depending on the approved loan amount. The initial draws are as follows:

1. Loan amount of $100,000 requires a minimum draw of $25,000.
2. Loan amount between $101,000 - $250,000 requires a minimum draw of $50,000.
3. Loan amount between $251,000 - $500,000 requires a minimum draw of $100,000.

Minimum draw at closing required. Municipal Credit Union cannot pay your mortgage recording fees or mortgage transfer taxes for this specific 1st Lien special promotion.

ALL PROMOTIONAL RATES

The introductory promotional APR is discounted, is not based on the index and margin used for later adjustments, and is fixed for the initial one-year (twelve-month) period. Municipal Credit Union Home Equity Lines of Credit feature a draw period of up to 10 years with interest-only payment options. Following the conclusion of the 10-year draw period, the outstanding balance enters a 20-year repayment lifecycle requiring fully amortized principal and interest installments.

After the initial 12-month fixed introductory period expires, your standard APR converts to a variable rate calculated by combining The Wall Street Journal Prime Rate index with your qualified margin tier. 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% based on creditworthiness. Following conversion, a HELOC line carries an absolute lifetime floor minimum APR of 3.00%, and the maximum lifetime variable APR that may be imposed is capped at 6.00% above your initial interest rate at closing up to a maximum ceiling of 18.00%.

The Prime Rate is 7.00%.

Covered closing costs will be paid on behalf of the borrower by MCU at account initiation, provided that at closing you take a minimum initial advance of $25,000 and keep your line of credit open for at least 36 months (three years). If the HELOC account is voluntarily closed and satisfied within the first 36 months, you will be required to reimburse MCU for certain fees paid to third parties. Paid closing costs subject to this 36-month recapture provision include the initial property valuation source fee, title property report, municipal lien search, credit report fee, and flood zone tracking certification. These third-party fees generally range between $135.00 and $10,500.00 depending on the line volume, localized property values, and real estate types.

For qualifying standard promotions, borrowers retain the custom option to have the mandatory local mortgage recording fees and state mortgage transfer taxes paid directly by MCU at closing in exchange for an additional 0.500% rate premium added directly to their introductory promotional rate and subsequent fully indexed variable rate for the lifetime term of the line. These tax and recording expenses remain subject to the 36-month early satisfaction repayment recapture provision.

HELOCs are secured by a junior or senior mortgage on your primary residence. Primary residential properties must consist of eligible single-family or multi-family homes; co-ops, condominiums, and non-owner-occupied investment properties are not accepted. Valid property hazard insurance is strictly required at all times. Supplemental flood insurance coverage will be mandated if the property is determined to sit within a designated Special Flood Hazard Area (SFHA). Combined Loan-to-Value (CLTV) thresholds apply.

Loans are available to all Municipal Credit Union members. Membership is open to anyone who lives, works, worships, or attends school in New York City (NYC), and family members or household members of existing MCU members. A primary share account is required to establish membership. Primary share accounts are the Hero Savings Account, the Smart Apple, and the Youth Savings Account. Membership eligibility is subject to verification. Certain restrictions may apply.

View Important HELOC Terms

^*APR = Annual Percentage Rate.

The rate is fixed for the term of the loan. Advertised rates for 10-, 15-, and 20-year terms are based on a credit score of 760 or higher. Rates may be higher based on the applicant’s creditworthiness. Rates and terms are subject to change without notice. Certain restrictions may apply.

APRs and advertised monthly payment examples are calculated based on a conforming loan amount of $100,000. Advertised 1st Lien rates are applicable only when Municipal Credit Union holds the primary (first) mortgage position on the collateral property. Standard closed-end rates apply to secondary lien positions. The minimum loan amount is $25,000 up to a maximum loan amount of $500,000. Maximum Loan-To-Value (LTV) or Combined Loan-To-Value (CLTV) is 80%.

Estimated monthly payment amounts are based on a $100,000 loan volume and assume the following repayment terms: 10-year terms consist of 120 monthly installments; 15-year terms consist of 180 monthly installments; and 20-year terms consist of 240 monthly installments. Displayed examples are precision-rounded for disclosure purposes, do not reflect property taxes and/or homeowner insurance, and actual total monthly obligations may be higher.

A Home Equity loan will be secured by a mortgage on your residence. Property insurance is required. Flood insurance may be required if the property is located in a flood zone.

Loans are available to all Municipal Credit Union members. Membership is open to anyone who lives, works, worships, or attends school in New York City (NYC), and family members or household members of existing MCU members. A primary share account is required to establish membership. Primary share accounts are the Hero Savings Account, the Smart Apple, and the Youth Savings Account. Membership eligibility is subject to verification. Certain restrictions may apply.

^*APR=Annual Percentage Rate.

The APR is fixed for the loan term. Advertised annual percentage rates (APR) assume excellent borrower credit history. Applicants must have a minimum credit score of 620. Rates may be higher based on the applicant's creditworthiness. Rates and terms are subject to change without notice. Certain restrictions may apply.

Payment Example: A $50,000.00 loan with a 0-month term at 6.000% APR will have 0 payments of $0.00 and a final payment of $0.00. This example is for illustrative purposes; actual rates, terms, and payments will vary based on your individual credit profile.

Advertised APRs and monthly payment examples are calculated based on an assumed loan amount of $50,000. Estimated payment amounts and repayment periods are referenced on the above rate tables. The minimum amount that can be borrowed is $5,000, and the maximum amount is $50,000. Available loan repayment options range from 1 to 10 years based on approved credit profiles and preference. There is no maximum Loan-To-Value (LTV) requirement. This loan has no closing costs other than the cost of an appraisal, if required.

Estimated monthly payment amounts displayed are precision-rounded for web disclosure purposes, do not reflect real estate tax or insurance escrow obligations, and actual monthly payment obligations may be higher.

A Home Improvement Home Equity loan will be secured by a mortgage on your primary residence and must be used for home improvements. Property insurance is required. Flood insurance may be required if the property is located in a designated flood zone.

Qualifications – This inclusive loan product is exclusively offered to members who satisfy the following localized criteria:

1. The applicant must own and occupy the subject property as their primary residence.
2. The primary residence must be located within a low, moderate, or middle census tract zone as defined and scaled by the Federal Financial Institutions Examination Council (FFIEC) guidelines.
3. Properties in the low, moderate, or middle census tract zones mentioned above meet the geographic pre-qualification parameters for this program.
4. If the home is located outside of the low, moderate, or middle census tract zones, applicants may still qualify by demonstrating total household income at or below the regional low-to-moderate threshold scale. Please schedule an appointment with a Home Lending Sales Representative to verify family income eligibility.
5. Applicants must satisfy all alternative standard underwriting eligibility criteria, including debt-to-income (DTI) ratios, credit file health, and lien positions.

*Census tract classifications are derived from U.S. Census Bureau data and defined relative to the regional Area Median Family Income (AMFI): Low-income tracts represent areas with a median family income below 50% of the AMFI; Moderate-income tracts range from 50% to less than 80% of the AMFI; and Middle-income tracts range from 80% to less than 120% of the AMFI. Properties falling into Upper-income tracts (120% or greater of AMFI) require household income verification to qualify.

Loans are available to all Municipal Credit Union members. Membership is open to anyone who lives, works, worships, or attends school in New York City (NYC), and family members or household members of existing MCU members. A primary share account is required to establish membership. Primary share accounts are the Hero Savings Account, the Smart Apple, and the Youth Savings Account. Membership eligibility is subject to verification. Certain restrictions may apply.