Home Equity Loans

Here at Monroe Community Credit Union, we want to keep the Home Equity application process simple and secure! Apply for a Home Equity Loan in just a few moments and a member of our team will follow up with you in one business day!

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A Home Equity Line of Credit (HELOC) is useful for borrowers who are looking for ongoing access to a line of credit. Some of the advantages of a HELOC are that you only pay for the advances that are drawn against the line of credit. This solution is great for people who are looking to make various home improvements, are starting a remodeling project, or are looking for help to pay for college, a wedding, or education costs.

• No application fees
• No annual fees
• Limited time offer! No closing costs*
• Variable rate
• Minimum loan amount $5,000
• Borrow up to 85% of the equity you have in your home
• Line of credit available for up to 10 years followed by a 10-year repayment period

A Home Equity Closed End Loan is a great solution for borrowers who are looking to make a large one-time purchase. Fixed monthly payments for a set term allow you to keep your finances on track. A closed end loan is great for things like a one-time remodel, roof repair, new pool, or a debt consolidation.

• No application fees
• No annual fees
• Limited time offer! No closing costs*
• Fixed rate
• Minimum loan amount $5,000
• Borrow up to 90% of the equity you have in your home
• Flexible terms available--you choose!
• One disbursement means set monthly payments

For more information, you can give us a call at 800-541-2222 or send an email to realestate@monroecommunitycu.org today!

FAQ

How is a home equity loan different than a personal loan?

Home equity loans are different because we use your home as collateral for the loan. With a home equity loan, you may be able to write off the interest of this loan but, as always, please seek the advice of your tax advisor. 

What is equity?

Equity in your home is the difference between what you owe on your mortgage and what your home is currently worth. The amount of equity in your home can fluctuate over time as you make more payments to your mortgage as well as the impacts the current market has on your home's value.

How do I apply for a home equity loan?

You can apply for a home equity loan in a few different ways:

• Click here to fill out our simple and straightforward online application
• If you'd like to apply in-person, you can set up an appointment by:
  • Emailing realestate@monroecommunitycu.org
  • Calling: 800-541-2222
  • Stopping by any MCCU location

What do I need to get a home equity loan?

You will need to bring in some documents so we can process your loan application.

This includes:

• Copy of drivers' license (for all borrowers)
• Proof of income for the last 30 days (for all borrowers)
• W-2s for the last two years (for all borrowers)
• If you're self-employed, you will need to provide a copy of your tax returns for the last two years
• A property appraisal or valuation
• Complete legal description of property
• First mortgage company name, address, and following information if applicable
  • Account number
  • Approximate balance
  • Current payment amount
• Proof of last two paid property taxes
• Homeowners insurance declaration page

How long does it take to close on a HELOC/Home Equity Closed End?

From start to finish, the process usually takes about two weeks.

Rates

 

*No closing cost offer may be modified or discontinued at any time. All loans are subject to approval and other restrictions may apply. Monroe Community Credit Union is an equal opportunity lender and is federally insured by the NCUA. 

 

MCCU NMLS# 423111