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Home Equity (Line of Credit & Fixed)
Our Real Estate Team Can Help!
MPECU is the right place to get your Home Equity Loan. A home
equity loan is a loan taken by using the equity in your home as
collateral. You can use a home equity loan for just about anything. Many
members use a home equity loan to pay off debt, student loans, buy a
car, or simply home improvements. Meeting your needs is our objective!
A home equity line of credit, or HELOC, works more like a credit card because it has a revolving balance. A HELOC allows you to borrow up to a certain amount for the life of the loan. During that time, you can withdraw money as you need it. As you pay off the principal, you can use the credit again, like a credit card.
- Revolving - withdraw funds as needed
- 5 year draw period, up to 15 years to repay
- Recording/Government fees apply
- Adjustable rate (adjusts annually)
- 80% -100% Home Equity Line of Credit
$100,000 MAXIMUM
A fixed home equity loan is a one-time lump sum that is paid off over a set amount of time, with a fixed interest rate and the same payments each month. Once you get the money, you cannot borrow further from the loan.
- Up to 15 years to repay
- Recording/Government fees apply
- 80% - 100% Home Equity Fixed
- $100,000 MAXIMUM
ITEMS/INFORMATION THAT ARE REQUIRED:
- The current year real estate tax statement.
- State Certified Appraisal done within the last calendar year, if needed for a higher market value.
- Copy of Homeowners Insurance Policy Declaration Page.
- Please submit copies of the last two years W-2's along with two recent pay stubs. If you are self-employed, we need the last two years corporate and individual income tax returns and a current year-to-date profit and loss statement.
- Current mortgage statement if you have a 1st mortgage.