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.
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Checklist:
-Active MUCU membership (Non-members will need to open a membership account before the loan can be completed.)
-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.
Home Equity Line of Credit Promotion (April 1, 2026 – June 30, 2026) Disclosure:
INTRODUCTORY INTEREST RATE. INTRODUCTORY INTEREST RATE. An introductory ANNUAL PERCENTAGE RATE (APR) of 3.99% is available for home equity line of credit accounts only and applies to the monthly balances for the billing cycles beginning with the account open date until January 1, 2027. At the end of the introductory rate, on January 1, 2027, your APR changes to a variable rate of interest as low as 3.00%, although your applicable rate may differ based upon your credit history available as of the date of loan approval. To receive the introductory rate, the completed application must be submitted between April 1, 2026 and June 30, 2026 and the account opened by August 31, 2026 with your consummation (closing) of the mortgage loan. This special offer is for a limited time only and cannot be combined with any other offer. This offer is not available for current MUCU HELOC or Home Equity loan borrowers. After the introductory rate expires, your margin, rate, and payment may differ based upon your credit history available as of the date of loan approval and your rate will never be lower than 3.00% or higher than 18.00%. After the introductory period, the applicable APR is a variable rate that may change based on the prime rate of interest as published in The Wall Street Journal’s listing of “Money Rates” and determined on the last business day of each quarter and effective on the first business day of each quarter, plus a margin. Option for 90% LTV available. Maximum loan amount is $150,000. Minimum initial draw is $20,000. NMLS#500296
**In most cases, there is no cost, but an appraisal fee and/or title insurance may be required at member’s expense.
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
