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.

To complete the application packet electronically click on one of the links below. This will take you to a program called DocuSign which will allow you to securely fillout and submit your application.

COMPLETE INDIVIDUAL APPLICATION COMPLETE JOINT APPLICATION

You may print a loan application and email the completed application to HEprocess@mhcu.org.

PRINT A LOAN APPLICATION

Questions: Contact the Lending Department at 859.259.3466 x 7289.

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

Available in KY and IN, only.

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.