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:
*3.99% Annual Percentage Rate (APR) applies to qualifying Home Equity Line of Credit (HELOC) accounts from account opening through January 1, 2027. After January 1, 2027, your APR will change to a variable rate based on the Prime Rate published in The Wall Street Journal plus a margin.
As of April 27, 2026, variable APRs range from 6.50% to 8.50%. Your actual rate will depend on your creditworthiness at approval and will not be lower than 3.00% or higher than 18.00% during the life of the loan. The APR may change quarterly.
To qualify for the introductory APR, applications must be submitted between April 1, 2026 and June 30, 2026, and the account must be opened by August 31, 2026. Offer not available to existing MUCU HELOC or home equity loan borrowers and may not be combined with other offers.
All loans are subject to credit approval. Rates, terms, and margins may vary based on creditworthiness. Property insurance is required; flood insurance may be required.
Maximum loan amount is $150,000. Maximum combined loan-to-value (CLTV) is 90%. Minimum initial draw is $20,000.
In most cases, there are no closing costs. However, appraisal and/or title insurance may be required in certain circumstances, with costs typically ranging from $350.00 to $1,509.00.
NMLS#500296
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
