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.
Annual Percentage Rate (APR) is based on applicant’s credit history. Prime Rate is equal to 8.50%. The variable rate which is based on the Prime Rate as published in the Money Rates Section of The Wall Street Journal in effect on the last day of each calendar quarter of each year (“Index”) plus a “Margin”. The Index plus the Margin equals the Interest Rate. Changes in the Index will cause changes in the Interest Rate on the first day of each calendar quarter of each year. Increases or decreases in the Interest Rate will result in like increases or decreases in the Finance Charge and may affect the amount of your scheduled payments during the Draw and Repayments Periods. Your Interest Rate cannot increase or decrease by more than 2.00 percentage points each year and will never be less than 3.00% nor greater than18.00% and will apply to the remaining principal balance. If the index becomes unavailable, we may select another Index and Margin which would result in a substantially similar Interest Rate. Maximum LTV is 80%. Membership eligibility required.