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) gives you flexible, ongoing access to funds when you need them. With a HELOC, you only pay interest on what you use, making it a smart option for managing expenses on your timeline. Whether you’re planning home improvements, starting a remodeling project, or covering major costs like college tuition or a wedding, a HELOC can help you move forward with confidence.

For a limited time, take advantage of a 4.99% introductory APR* for the first six months, giving you a low-cost way to get started on your plans. Apply today or connect with our team to learn more.

• 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 20-year repayment period

Apply Now

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!

*Introductory Annual Percentage Rate (APR) of 4.99% is fixed for the first six (6) months from account opening and applies to purchases and advances on Home Equity Lines of Credit (HELOCs) opened on or after May 1, 2026. Refinances of existing HELOCs are eligible for this offer with a minimum $20,000 increase in line amount. Application must be received by October 31, 2026, and the loan must close by December 31, 2026. After the introductory period, a variable APR will apply and is based on creditworthiness and other factors at the time of application. Your APR will be determined by adding a margin to the index. The margin will be disclosed at the time of approval. The variable APR will not be less than 3.00% or greater than 18.00%. The Annual Percentage Rate is based on the value of an index. The index is the highest Prime Rate as published in The Wall Street Journal in effect on the last day of each calendar quarter. The APR may adjust quarterly based on changes in the index and may increase after account opening. Except for the stated minimum and maximum APR, there is no limit on the amount the APR may change during any one-year period. As the APR increases, the minimum payment may increase. Payment Example: A $50,000 outstanding balance at an APR of 8.50% would result in an estimated minimum monthly payment of approximately $354 during the draw period. This payment example is for illustrative purposes only. Your actual payment will depend on your outstanding balance and applicable APR. The line of credit is available for up to a 120-month (10-year) draw period, followed by a 240-month (20-year) repayment period during which advances are no longer permitted. Minimum payments during the draw period may be interest-only on the outstanding balance, subject to a minimum monthly payment of $50.00; during the repayment period, payments will include both principal and interest. Minimum loan amount is $5,000. Borrow up to 85% combined loan-to-value (CLTV), including your first mortgage. This loan is secured by your home. Fees: No application fee, no annual fee, and no closing costs for a limited time; however, third-party fees may apply, including but not limited to appraisal fees, title search, title insurance, recording fees, and flood determination fees. Property insurance is required; flood insurance may be required. Property eligibility restrictions apply, including but not limited to property type, occupancy, and geographic location. The credit union may suspend or reduce your line of credit under certain circumstances as permitted by applicable law.  Offer subject to credit approval, underwriting standards, property eligibility, and membership requirements. MCCU membership required. Rates and terms are subject to change without notice. Offer may end at any time. Additional terms and conditions may apply. Contact the credit union for complete details. Equal Housing Lender. Federally insured by NCUA.

**No closing cost offer may be modified or discontinued at any time. Third-party fees may apply, including but not limited to appraisal fees, title search, title insurance, recording fees, and flood determination fees. 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. 

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
• First mortgage statement
• Homeowners insurance declaration page

How Long Does it Take to Close on a Home Equity Loan or Line of Credit?

The timeline can vary depending on your situation, but here's what you can generally expect:

• Most members close within 2-4 weeks from application, depending on underwriting and documentation needed. In some cases, it may be even quicker!

Once you've signed your closing documents, there is a federally required 3-business-day waiting period (right of rescission) before funds are disbursed. 

Our team will guide you every step of the way and keep you updated so you always know what to expect.

 

Rates

 

MCCU NMLS# 423111