white chairs on lawn
A Home Equity Loan or Line of Credit can be an effective tool to manage your financial needs.  Maybe you're thinking of doing some home improvements, consolidating high rate credit card balances or taking that family vacation you've always dreamed of.  Whatever your personal financial needs may be, the choices are yours with a Home Equity Loan or Line of Credit.
Note:  The interest on the portion of the credit extension that is greater than the fair market value of the dwelling may not be tax deductible for Federal income tax purposes; consult a tax adviser for further information regarding deductibility of interest and charges.


Home Equity Loan 

A Home Equity Loan offers a one-time advance with a fixed term and interest rate. If you know exactly what you would like to use these funds for, then a Home Equity Loan may be the right choice for you.

  • Fixed interest rate(1)

  • Minimum loan amount $10,000.00

  • Maximum loan amount $500,000.00(2)

  • Borrow up to 80% of collateral value(3)

  • Seven, 10 and 15 year terms available**

  • Minimum payment amount of $50.00 is required

  • Owner occupied property only


Home Equity Loan - High LTV* 

  • Fixed interest rate(1)

  • Maximum loan amount $100,000.00(2)

  • Borrow between 81% and 90% of the collateral value(3)

  • Terms from 3 to 10 years**

  • No Private Mortgage Insurance

  • Owner occupied property only

  • No purchase money lien

*LTV = Loan to value

7 Year Term

10 Year Term

15 Year Term

High LTV

Fixed Rate
4.00% - 7.00% APR

Fixed Rate
4.50% - 7.50% APR

Fixed Rate
5.00% - 8.00% APR

Fixed Rate
4.75% - 5.75% APR

Actual interest rate will be provided upon approval of a completed loan application.

** Payment Example : For a 15 year term, pay $7.91 per month per $1,000 borrowed at 5.00% APR for 180 months.

(1)Annual Percentage Rate based upon borrower's credit qualifications

(2)Based on collateral valuation of the property and credit union guidelines.

(3)Home Equity Loan maximum combined first and second mortgage liens cannot exceed 80% of the collateral valuation.  Home Equity Loan High LTV maximum conbined first and second mortgage liens cannot exceed 90% of the collateral valuation.

Note:  Fees to open a Home Equity loan range from $166.00 to $771.00 based upon the collateral valuation. Property insurance is required. Other restrictions may apply.


Home Equity Line of Credit 

The choices are yours with a Home Equity Line of Credit!  Whatever your financial needs might be, the convenience of a Home Equity Line of Credit could be the loan option for you.

  • No annual fee

  • Maximum credit line of $500,000 on owner occupied properties(1)

  • Check writing convenience(2)

  • Take advances for up to 10 years

  • 15 year repayment term*

  • Minimum payment amount of $50.00 is required

  • For possible tax advantages, consult your tax advisor regarding deductibility of interest.

  • Owner occupied: Borrow up to 80%(3) of collateral value

  • Variable Annual Percentage Rate that adjusts quarterly(4)

Owner Occupied

Variable Rate
4.25% - 8.25% APR

Actual interest rate will be provided upon approval of a completed loan application.

*Payment Example : Pay $7.53 per month per $1,000 borrowed at 4.25% APR for 180 months.

(1)Based on collateral valuation of the property and credit union guidelines

(2)Minimum loan advance is $500.00

(3)Home Equity Loan maximum combined first and second mortgage liens cannot exceed 80% of the collateral valuation.  

(4)Annual Percentage Rate (APR) is based on the following formula: the highest commercial prime-lending rate of interest as correctly published in the Wall Street Journal, Western Edition, on the most recent publication date prior to the first day of the quarter, or index plus a margin. The minimum interest rate is the floor rate of interest. The index, margin, floor rate of interest and APR will be disclosed to you when the loan is approved. There are no annual limits to rate changes. However, it will not increase above 18%

Note:  Fees to open a Home Equity Line of Credit range from $0.00 to $771.00 based upon the collateral valuation used and amount of initial advance.  Fees are waived for initial advance of $10,000 or more.  Property insurance is required.
Other restrictions may apply.


Home Improvement Program Loan 

Mocse Credit Union can help you enhance the comfort and add value to your home with our competitively priced Home Improvement Loan. The funds can be used to renovate, remodel, repair, restore, or maintain your home. There is no equity required for this loan designed for owner-occupied homes. Take advantage of this opportunity to improve your home today!

  • Owner occupied homes, no equity required

  • Low, fixed interest rate(1)

  • Terms up to 84 months*

  • A lien is recorded on your home.  Recording and reconveyance fees $146.00

  • Loan amounts range from $5,000 up to $25,000

Home Improvement Loan

Fixed Rate
7.00% - 10.00% APR

Actual interest rate will be provided upon approval of a completed loan application.

* Payment Example : Pay $15.10 per month per $1,000 borrowed at 7.00% APR for 84 months.

(1)Annual Percentage Rate based upon borrowers' credit qualifications

 

Mocse Credit Union NMLS#790702

Not a Member? You Could Be! 1-800-44-Mocse or (209)572-3600