Home Equity Line of Credit
Your home is often the most valuable asset you have; why not put it to good use by applying for a low-interest Home Equity Line of Credit? Here at MCFCU, we strive to offer friendly and convenient service from the start of your application to the closing of your loan.
- Lines of credit available up to $150,000 for qualified members
- Easily transfer* from your available balance through Internet Banking or Mobile App
- Interest paid may be tax-deductible (consult your tax adviser)
- No penalties for early payoff
- No annual fees
- 100% Loan-to-Value HELOC loans for qualified members
- 15 year loans for qualified members
- May be used for home improvement, automobile purchase, education funding, etc.
- Convenient repayment plans through Direct Deposit and Payroll Deduction
*Transfer from your available balance on your Home Equity Line of Credit to your checking or savings account at the click of a button on Internet Banking or via our mobile app. Minimum advance is $500.
Please be aware that your payment may increase following each advance from your Home Equity Line of Credit. Your new payment will be recalculated on the last day of each month and based upon the balance, remaining term, and your current interest rate. You will receive a notice stating the new payment amount.
If you have automated payments or payroll deduction in place you may need to change it or contact the credit union for assistance.
If you pay your Home Equity Line of Credit to a zero balance and wish to keep the line open and available for use, please contact the Credit Union to take the appropriate course of action to avoid your HELOC being closed.