Line of Credit Home Equity
Do you have kids heading to college? You may consider a Home Equity line of credit (HELOC) that provides a source of funds that you can draw on as needed. Our HELOC provides you with a 7-year draw period, and an 8-year repayment period for a total of 15 years. It’s a variable-rate loan where the rate is subject to change every quarter. The amount borrowed depends on income, credit history, and the market value of your home.
Fill out the form below to get started.
-Active MUCU membership (Non-members need to complete an Application for Membership and return it with two pieces of identification per signer.)
-Completed & signed loan application
-Verification of income (2 current pay stubs, W-2 or last 2 years tax returns)
-Two years tax returns required for self-employed applicants
-State Equalized Value (SEV) or recent appraisal and summer and winter tax bills.
-Proof of Homeowners Insurance and the cost of the policy (annually)
-Current Mortgage Balance (Mortgage Statement)
-Current year cost of summer and winter taxes.
APR = Annual Percentage Rate. Home Equity Lines of Credit are variable-rate loans. Your APR is based on an index (such as the Wall Street Journal Prime Rate) plus a margin determined by your credit profile. Rates adjust quarterly. Your APR will never be less than 3.00% or greater than 18.00%. The plan includes a 7-year draw period followed by an 8-year repayment period. Maximum loan-to-value (LTV) is 80% (option for 90% available). Membership eligibility required. Equal Housing Lender. NMLS# 500296
