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HOME EQUITY LENDING

Rates as low as 5.99% APR*

Renovate the kitchen, consolidate debt, take a vacation…get started today!
Home Equity Overview Page Hero

Put Your Equity to Work!

The equity in your home represents the difference between your outstanding mortgage balance and the current market value of your property. MCU offers a range of home equity loan solutions designed to leverage this equity, assisting you in covering important life expenses.

Features & Benefits

  • Borrow a lump sum
  • Low Fixed Rates
  • Flexible terms up to 15 years
  • No Closing Costs
  • Borrow up to 80% of your home’s equity
  • Available on properties in NY, NJ, CT & PA only

Today's Rates

This HELOC rate advertised of 5.99% APR* , represents a 2nd Lien Promotion. The rate for 1st Lien is as low as 5.49 % APR* fixed for 12 months.
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HELOC

as low as

5.99 %

APR1
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Home Equity Fixed

as low as

7.875 %

APR2
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Heroes Home Improvement Loan

as low as

6.000 %

APR 3
*APR = Annual Percentage Rate (OPEN TO READ MORE)

*APR = Annual Percentage Rate. The introductory rate is 6.875% APR for 12 months with a maximum 80% Combined Loan-to-Value (CLTV). An immediate draw of $25,000 will be required at closing. 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.

** APR = Annual Percentage Rate. The 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 minimum loan amount of $100,000 and 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 draws are as follows:

1) For a $100,000 loan requires a minimum draw of $25,000.

2) Loan amount between $100,000.01 - $250,000 requires a minimum draw of $50,000.

3) Loan amount between $250,000.01 - $500,000 requires a minimum draw of $100,000.

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 is available for a limited time.

The current variable APRs range from 7.50% - 11.50%. The floor APR is 3.00%. HELOC closing costs are waived if, at closing, you take a minimum advance of $25,000 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. Closing costs paid by MCU include the initial valuation source, title report, credit report and flood zone certification. Loan applicant has the option to have their mortgage recording fees and mortgage taxes waived at closing for an additional .500% on their introductory rate and fully indexed rate for the term of the loan. The 6.875% introductory rate and closing costs waiver offer is available for a limited time.

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 Current Prime Rate is 7.50%. 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.


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* 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) or Combined Loan-To-Value is 80%. MCU is required to be second lien position. Any second or third lien position loans are required to be paid off prior to closing.  

THE ABOVE PAYMENT EXAMPLES DO NOT REFLECT AMOUNTS DUE FOR TAXES AND INSURANCE. YOUR ACTUAL MONTHLY PAYMENT OBLIGATIONS WILL BE HIGHER.

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.

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. Closing costs paid by MCU include the initial valuation source, title report, credit report and flood zone certification. 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 for the term of the loan. Other rates and terms available. Membership is required.


3

* 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.

What Are the Options?

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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