Home Equity Loans

Here at Monroe Community Credit Union, we want to keep the Home Equity application process simple and secure! Apply for a Home Equity Loan in just a few moments and a member of our team will follow up with you in one business day!

Apply Now

A Home Equity Line of Credit (HELOC) is useful for borrowers who are looking for ongoing access to a line of credit. Some of the advantages of a HELOC are that you only pay for the advances that are drawn against the line of credit. This solution is great for people who are looking to make various home improvements, are starting a remodeling project, or are looking for help to pay for college, a wedding, or education costs.

  • No application fees
  • No annual fees
  • Limited time offer! No¬†closing costs*
  • Variable rate
  • Minimum loan amount $5,000
  • Borrow up to 85% of the equity you have in your home
  • Line of credit available for up to 10 years followed by a 10-year repayment period

A Home Equity Closed End Loan is a great solution for borrowers who are looking to make a large one-time purchase. Fixed monthly payments for a set term allow you to keep your finances on track. A closed end loan is great for things like a one-time remodel, roof repair, new pool, or a debt consolidation.

  • No application fees
  • No annual fees
  • Limited time offer! No closing costs*
  • Fixed rate
  • Minimum loan amount $5,000
  • Borrow up to 90% of the equity you have in your home
  • Flexible terms available--you choose!
  • One disbursement means set monthly payments

For more information, you can give us a call at 800-541-2222 or send an email to realestate@monroecommunitycu.org today!

Start Over
Would a one-time deposit meet your needs or would you prefer a loan that can be used on demand (like a credit card) where you can pay it down and reuse as needed?
A one-time deposit would work best for me--I prefer to have a set payment and payback schedule.
I would like the flexibility of a loan that I can access on-demand.
Home Equity Line of Credit

A Home Equity Line Of Credit (HELOC) could be just what you're looking for!

Click here to apply today!

Closed End Home Equity Loan

It sounds like a Closed End Home Equity Loan might fit your needs the best!

Click here to apply today!

Savings Account

An MCCU Savings Account seems like it'll fit your needs the best!

High Yield Savings

An MCCU High Yield Savings Account could be what you're looking for!

Youth Savings

A Youth Savings Account should do the trick! To open this account, you will need the youth's social security card (and another form of ID if you have one). These accounts can only be opened in-person.

Questions? We're here for you. Ready to open an account? Give us a call to set up an appointment.

Vacation Savings Account

A Vacation Savings account will do the trick!

You can either open a Vacation Savings account through your Online Banking account or by contacting us!

Holiday Savings Account

A Holiday Savings account will help you meet your short-term savings goal in no time!

You can open a holiday savings account in Online Banking or by giving us a call at 734-242-3222 today!

First Time Auto Buyer

Our First Time Auto Buyer loan may be the best fit for you!

Take a look at our current rates or apply now. If you have any questions, give us a call!

Dealership Partners

We are glad to partner with several local dealerships to make the purchasing process easier for you. We recommend taking a look at our Dealership Partners.

If you don't see your dealership on this list, we can absolutely take care of you! You can apply online for a pre-approval so you can be ready to start shopping.

MCCU Auto Loan

A traditional auto loan might be exactly what you're looking for!

Take a look at our rates or apply today! Questions? We're here to help!

Youth CD

A Youth CD might be just what you're looking for! These CDs can be opened for members under the age of 17 for as little as $250 and with terms of 12, 24, or 36 months. 

Want to see what rates we're offering? You can also reach out to our team to ask questions or set up an appointment!

 

 

Oldie but Goodie Auto Loan

An Oldie but Goodie loan might be just what you're looking for!

Interested? Check out our rates or apply today. Questions? We're here to help!

Investment Checking

Our Investment Checking account offers higher interest rates depending on the balance in your account. The minimum opening balance for this account is $2,500. 

Signature Checking

We think our Signature Checking account might be just what you're looking for! With no minimum balance requirements and 60+ exclusive member benefits, you can now get more from your credit union membership than ever!

This checking account comes with a $5.95/month charge, but make sure to check out everything you'll have access to!

Checking Account

We think our regular MCCU Checking Account is just what you're looking for! With no minimum balance requirements, 

Holiday Savings Account

A Holiday Savings account could be a great fit for you! Funds are disbursed every year on October 20th--just in time to take advantage of holiday sales. 

Sound Foundation

We think a Sound Foundation loan might be exactly what you're looking for!

Click here to learn more or apply today.

Cash on Demand

A Cash on Demand loan sounds like it would be right up your alley. 

Click here to learn more or apply today.

Overdraft Protection Loan

An overdraft protection loan might be exactly what you're looking for!

Click here to learn more or apply today.

Financial Wellness Coaching

Sitting down with one of our Financial Wellness Coaches would be a great next step to help you plan on how best to meet your financial goals. Financial wellness coaching is a free service available to all MCCU members!

Click here to learn more or set up an appointment today!

FAQ

How is a home equity loan different than a personal loan?

Home equity loans are different because we use your home as collateral for the loan. With a home equity loan, you may be able to write off the interest of this loan but, as always, please seek the advice of your tax advisor. 

What is equity?

Equity in your home is the difference between what you owe on your mortgage and what your home is currently worth. The amount of equity in your home can fluctuate over time as you make more payments to your mortgage as well as the impacts the current market has on your home's value.

How do I apply for a home equity loan?

You can apply for a home equity loan in a few different ways:

  • Click here to fill out our simple and straightforward online application
  • If you'd like to apply in-person,¬†you can set up an appointment by:
    • Emailing realestate@monroecommunitycu.org
    • Calling: 800-541-2222
    • Stopping by any MCCU location

What do I need to get a home equity loan?

You will need to bring in some documents so we can process your loan application.

This includes:

  • Copy of drivers' license¬†(for all borrowers)
  • Proof of income for the last 30 days (for all borrowers)
  • W-2s for the last two years (for all borrowers)
  • If you're self-employed, you will need to provide a copy of your tax returns for the last two years
  • A property appraisal or valuation
  • Complete legal description of property
  • First mortgage company name, address, and following information if applicable
    • Account number
    • Approximate balance
    • Current payment amount
  • Proof of last two paid property taxes
  • Homeowners insurance declaration page

How long does it take to close on a HELOC/Home Equity Closed End?

From start to finish, the process usually takes about two weeks.

Rates

Home Equity Loans
Effective Date: Monday October 3, 2022
NameRates as low asTerms up to
Home Equity Closed End Loan 5.99% APR* Terms vary
Home Equity Line of Credit 6.00% 10 year draw, 10 year amortization
Variable rate based on prime rate plus margin
*APR = Annual Percentage Rate
For full HELOC disclosure click here

 

*No closing cost offer may be modified or discontinued at any time. Offer available for home equity loan applications submitted after 02/14/2022. All loans are subject to approval and other restrictions may apply. Monroe Community Credit Union is an equal opportunity lender and is federally insured by the NCUA. 

 

MCCU NMLS# 423111

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