Home Equity Line of Credit (HELOC)
Access flexible, fee-free financing with a UMCU HELOC. Use your home's equity for home improvements, college expenses, or debt consolidation—your funds, your way.
Endless Possibilities: Home Equity Line of Credit
A Home Equity Line of Credit (HELOC) offered by UMCU can be a powerful tool for paying for large expenses, including home improvements, college expenses, debt consolidation, and more! You have the flexibility to use your line of credit when and how you want.
A HELOC is a type of “revolving” credit account that has a credit limit, a variable interest rate, and is secured by the equity in your home. Your home’s equity is the difference between its market value and the amount you still owe on your mortgage.
- Completely fee-free - no application, recording, credit report, closing, or annual fees!
- Borrow up to 95% of your home’s equity*
- Competitive interest rates
- Conveniently access your funds with a Visa® check card, online banking tools, or checks
- 10-year draw period followed by 15-year repayment period
- Loan payment protection coverage available to protect your family, assets and credit
Common Questions
A HELOC (home equity line of credit) is a flexible loan that uses your home's equity to finance other things. Common reasons members take out HELOCS include home renovations, educational expenses, and debt consolidation. A HELOC with UMCU provides you access to various benefits.
- Funds you can access as often as you wish - for any reason
- A revolving line of credit with limit ranging from $10,000 - $750,000*
- Utilize up to 95% of your home's equity
- 10-year draw period followed by 15-year repayment period
- No annual fee or prepayment penalty
- Low variable interest rates
- No closing costs
- Convenient access to funds via checks, Visa credit card, or online banking tools
Loan payment protection coverage available to protect your family, assets, and credit
You can utilize up to 95% of your home's equity. Be sure to use our HELOC calculators for estimates on:
- How much equity is in your home
- How much you can borrow from your equity
- Monthly payment estimates
- How much you can save by paying off your loan ahead of schedule
Explore HELOC Calculators (Link to calculators page)
When applying for a HELOC with UMCU, you will need:
- 30 days of your most recent paystubs
- Your most recent W2
Your most recent bank statement(s)
Our HELOCs are incredibly flexible! You can use the funds for a variety of things including home repairs, home renovations, educational expenses, debt consolidation, and more!
Disclaimer
Insured by NCUA
*Subject to credit approval; normal credit standards apply. Additional limitations, terms, and conditions apply, and are subject to change without notice. Annual fee and prepayment penalty is $0.00. Variable APR as low as 8.50%. Maximum APR is 25.00%. For new members, a UMCU share savings account with a $5 deposit must also be opened and subject to credit approval. Property insurance required. Flood insurance may be required. Contact UMCU at 800-968-8628 or visit umcu.org for more information about credit costs and terms. NMLS #712343.
We Invest in the Communities We Serve.
At UMCU, we believe in supporting organizations and events that keep our communities strong. Every one of our team members is committed to making a difference every day.