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Home Equity Loan (HELOC)

While home improvement loans are great for small scale projects and home loans are for your mortgage, sometimes the right choice is a home equity loan. A home equity loan, or HELOC, is ideal for things like:

  • Larger, more in-depth home improvements
  • Helping to pay for college tuition or a dream vacation
  • For cash on-hand in case of emergency

A HELOC loan puts the equity in your home to work for you with convenience checks that allow you to access your home equity line of credit at any time.

What is a HELOC Loan?

So, what is a HELOC and how do home equity lines of credit work? A home equity line of credit, or HELOC loan, 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 HELOC loan offers flexibility with your borrowing because you aren’t limited to borrowing a set amount. It can be borrowed all at once, or over the draw period.

Each Missouri Central Credit Union home equity line of credit offers:

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

Choose Missouri Central Credit Union for the Best HELOC Rates

When you’re looking for the best home loans, home improvement loans, or HELOC in Lee’s Summit, the choice is clear - Missouri Central Credit Union. In addition to excellent rates and service, MCCU member/owners have access to all our financial services, and there are no fees to join.

Use our convenient mortgage rate chart to get the latest home equity line of credit rates.

Ready to Apply for a Home Equity Line of Credit? It’s Easy!

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 HELOC loan questions you have and will work with you to find the best home equity line of credit rates available. If you have any questions or need to speak with one of our member service representatives, contact MCCU at 816-246-0002.

Apply Now View Rates

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.