HELOC

The Benefits of a Home Equity Line of Credit

Borrowing against the available equity in your home will allow you to fund those much-needed home improvement projects, consolidate debt, pay for college, and more. No matter how you use it, a Home Equity Line of Credit makes it convenient and affordable to access cash.

Apply Online - Individual Apply Online - Joint Print a Loan Application

You can email the completed application to HEprocess@mhcu.org.

Questions: Contact the Lending Department at 859.259.3466 x 7289.

How Home Equity Lines of Credit Work

With our Home Equity Line of Credit, you have a 7-year period where you can draw freely from the available funds. Then, once that period concludes, the 15-year repayment period begins. However, since there are no prepayment penalties, you do not need to take the full 15 years to repay the loan.

Here are some additional loan details you should know:

The minimum loan amount is $10,000.
The minimum 1st-time advance is $500.
Subsequent advances can be $100 or more.
You’ll get easy access to your funds through your Share Draft (Checking) Account.
The property deed associated with this loan must be in your name, and the title must be clear.
The property must also be your primary residence.

If you want to learn more about Home Equity Lines of Credit, we recommend a helpful guide from the Consumer Financial Protection Bureau.

Access Guide

What Our Members Are Saying

Been with MHCU for 35 years, since it was known as the IBM Employees Federal Credit Union. No reason to bank elsewhere. They have serviced all my share account and loan needs; on my 4th home mortgage with them.

W. B.

Frequently Asked Questions

What factors determine my Home Equity Loan interest rate?

How much money can I borrow?

How is the property value of a home determined?

Will I enjoy any tax advantages?

Does my name need to be on the deed to qualify for a home loan of this type?

Tap into your home’s equity

The Benefits of a Home Equity Line of Credit

Our Home Equity Lines of Credit come with outstanding benefits, including:

How Home Equity Lines of Credit Work

What Our Members Are Saying

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Frequently Asked Questions