Home Equity Loans

With every mortgage payment you make, you’re building equity in your home. Why not use it for the things you want? 

Apply Online – Individual Applicant

Apply Online – Joint Applicants       

Fixed Home Equity Loans As Low As 1.99% APR!*
With a fixed, low rate now is the time for those home projects, new appliances and/or debt consolidation!  Make those projects “Green” and you could receive a discount!*

5 year term
No Prepayment Penalty
100% Financing Available
Go Green Discount

Limited Time Offer

*APR=Annual Percentage Rate. This credit union and its policies comply with the Equal Credit Opportunity Act. All credit offers and rates subject to approval. Minimum loan amount = $10,000. MHCU refinances require an additional $5,000 in new financing. Green discount will not go below floor rate. Proof of homeowners insurance is due at closing. MHCU is an equal housing lender. Promotion is valid in Kentucky and Indiana, only.  Limited Time Offer.

Need a low rate, but a longer term? 
Fixed Home Equity Loans As Low As 2.75% APR!**

Up to 15 year term
Limited Time Offer

**APR=Annual Percentage Rate. This credit union and its policies comply with the Equal Credit Opportunity Act. All credit offers and rates subject to approval. Minimum loan amount = $10,000. MHCU refinances require an additional $5,000 in new financing. Limited time only. Terms available up to 15 years.  Proof of homeowners insurance is due at closing. MHCU is an equal housing lender. Promotion is valid in Kentucky and Indiana, only.  Limited Time Offer.

The Benefits of a Home Equity Loan

Whether it’s covering an emergency expense, paying for a college education or associated expenses, home improvements, or the desire to consolidate debt, you may be able to draw on your home’s equity for affordable monthly payments. 


Competitive Rates

Loan-to-Value Ratio Up to 100%

Flexible Payment Terms Up to 15 Years

Tax Deductible Interest Payments Possible*

No Annual Fee or Prepayment Penalty

Closed End, One-Time Advance

Available in KY and IN, only.

*Ask your tax advisor

 

Apply Online – Individual Applicant

Apply Online – Joint Applicants     

 

Calculate How Much You’ll Pay

Curious how much your loan payments will be? Check out our competitive rates, then plug in your desired term and potential interest rate to get an idea.

 

★★★★★

Members Heritage Credit Union is a great place to bank and get loans through. Very helpful employees for anything I need. They make everything easy and fast. Been with them for 31 years.”

– Tracy

 

How Home Equity Loans Work

Members Heritage Home Equity Loans are secured by the equity in your property. Unlike a Home Equity Line of Credit (HELOC), which is a revolving line of credit (similar to a credit card), borrowers receive a fixed rate lump sum on which they begin paying off both the principal and the interest right away, over a set term of months. 

If you want to learn more about Home Equity Loans and Lines of Credit, we offer this helpful home equity fact sheet.

Home Equity Loan FAQs

Q: What factors determine my Home Equity Loan interest rate?

A: Like any loan, your interest rate is determined by factors like your debt-to-income ratio, income, credit history, and more. Generally, the higher an applicant’s credit score and lower their debt-to-income ratio the better rates they will be able to access. 

Q: How much money can I borrow?

A: Minimum loan amounts are $10,000. A loan over $250,000 requires a certified full appraisal.

Q: How is the property value of a home determined?

A: Your property’s value will be determined by either the most recent tax assessment, or by a full appraisal that the credit union will order.

When a tax assessment is used, current property pictures, both front, and back, will be required, and the maximum loan to value is 75% of the tax assessment. If the appraisal is used, the maximum loan to value is up to 100%.

Q: Will I enjoy any tax advantages?

A: Sometimes, interest on home equity loans is tax deductible if it’s being used for certain types of home improvements. However, it’s not a guarantee, and it’s best to consult your tax advisor about this possibility.

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

A: Yes, to borrow against your home’s equity, you’ll need to be on the deed, the title needs to be clear, and the home in question must be your primary residence.                                                                                                                          

Ready to Apply?

A Home Equity Loan can be an excellent tool for helping you achieve your financial goals, from college tuition to home improvements. 

When they’re ready to apply for home equity loans, Lexington trusts Members Heritage Credit Union to help them put their home’s equity to work for their needs. Apply today, or reach out to us with your questions or concerns.

Apply Online – Individual Applicant

Apply Online – Joint Applicants     

*APR=Annual Percentage Rate.  This credit union and its policies comply with the Equal Credit Opportunity Act.  All credit offers and rates subject to approval.