With every mortgage payment you make, you’re building equity in your home. Why not use it for the things you want?
You can email the completed application to HEprocess@mhcu.org
Questions: Contact the Lending Department at 800.359.3466 x 7374
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.
Our Home Equity Lines of Credit come outstanding benefits, including:
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:
If you want to learn more about Home Equity Lines of Credit, we recommend a helpful guide from the Consumer Financial Protection Bureau. You can click here to access it.
Please let us know if you have any questions after reading through this overview. Your financial success is our priority, so we’re here to provide you with information to help you make the best decision for yourself and your family.
Either the most recent tax assessment or a full appraisal ordered by the Credit Union will be used to determine your property’s value. However, a certified full appraisal is required if a loan is over $250,000.
If tax assessment is used, the maximum loan to value is 75% of the tax assessment. In that case, current property pictures, both front, and back, will be required. If the appraisal is used, the maximum loan to value is up to 100%
A Home Equity Line of Credit can be an excellent tool for helping you achieve your financial goals. If you’re ready to put your home equity to work for your needs, apply today or reach out to us for assistance. We’re here as your financial partner and neighbor in Lexington.
*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.