Home Equity Line Of Credit Loans

While home improvement loans are great for small scale projects, a home equity loan is ideal for more in-depth home improvements, to help pay for college tuition, finance a dream vacation or simply have it available in case of emergency.  You can put the equity in your home to work for you with a home equity line of credit (HELOC) through Missouri Central Credit Union. We offer convenience checks so that you are able to access your line of credit at any time.

So, what is a HELOC and how do home equity lines of credit work? A home equity line of credit, or HELOC, is a loan that uses your home as collateral. HELOC loans allow you to borrow up to a certain amount, but it functions more like a credit card. You have a credit limit and can borrow any amount, up to that limit. A home equity loan gives you flexibility with your borrowing as you aren’t limited to borrowing a set amount.  It can be borrowed all at once, or over the draw period.

You can apply for a home equity line of credit online or meet with an officer in our branch. The loan officers at Missouri Central Credit Union will answer any home equity line of credit questions you have and will work with you to find the best home equity loan interest rates available.

Each home equity line of credit at Missouri Central Credit Union provides the following.

• 10 year draw period
• Up to 15 years to repay
• Low or no closing costs
• Borrow up to 95% of your appraised value

A Home Equity Line of Credit is a variable rate loan. The interest rate is subject to change quarterly on the first day of January, April, July, and October.  There is no limit on the amount by which the APR can change during any one year.  The maximum Annual Percentage Rate that can apply is 20.04% or the maximum permitted by law, whichever is less.  We use the highest Prime Rate per the Wall Street Journal on the 10th of March, June, September and December.

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