* APR = Annual Percentage Rate. The introductory rate is 2.99% APR for 12 months with a maximum 80% Combined Loan-to-Value (CLTV). The initial annual percentage rate is “discounted” - it is not based on the rate and margin used for later rate adjustments. The initial rate will be in effect for the first year your credit line is open.
* The current variable APRs as of September 2022 range from 6.25% - 10.25%. 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. Closing costs waiver does not include Recording fees and taxes for NYS properties. The 2.99% introductory rate and closing costs waiver offer is available until September 30, 2022.
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 September 27, 2022 is 6.25%. Rates may be higher based on 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.
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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) 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.
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.
MCU will waive closing costs on loans up to $250k. Does not include Recording fees and taxes for NY properties. 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. The waiver of closing costs offer expires on September 30, 2022. Other rates and terms available. Membership is required.