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Home Equity Lines of Credit
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Last Updated: 04/18/2025

MCECU Home Equity Line of Credits

in Home Equity Lines of Credit from Memphis City Employees Credit Union

Last Updated: 04/18/2025

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Highlights

Credit Score Range

Starting at 640

Amount Range

N/A

Maximum LTV

80%

Minimum Draw

N/A

Loan Term (Years)

Up to 15
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MCECU Home Equity Line of Credits Review

MCECU Home Equity Line of Credits is offered by Memphis City Employees Credit Union (NMLS #712315), a credit union founded in 1959 and based in Memphis, TN. MCECU Home Equity Line of Credits are available in 50 states and Washington, DC.

Key Takeaways

  • Fair credit accepted. Borrowers with a credit score as low as 640 may qualify for MCECU Home Equity Line of Credits.
  • No primary residences considered. MCECU Home Equity Line of Credits does not offer financing for primary homes.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
  • Maximum LTV. MCECU Home Equity Line of Credits has a maximum loan to value ratio of 80%.

MCECU Home Equity Line of Credits Pros & Cons

MCECU Home Equity Line of Credits FAQ

How much can you borrow with a HELOC?

HELOCs are lines of credit secured by your home. Once approved, you can access funds by check, phone, credit card, or online up to your credit limit.
Borrowers can apply for lines of credit of up to $500,000. The maximum amount depends on property value, existing mortgage balance, and creditworthiness.
The maximum loan-to-value (LTV) ratio goes up to 80%. This means total debt secured by the property cannot exceed this percentage of its value. For example, on a $100,000 home with a $20,000 mortgage balance, you may qualify for up to $60k in credit.

Is there a minimum draw requirement?

No, there is no minimum draw requirement.

What fees does MCECU Home Equity Line of Credits charge for a HELOC?

MCECU Home Equity Line of Credits may charge an origination fee.

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Contact

Headquarters

2608 Avery Ave
Memphis, TN 38112
(901) 321-1200
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Email Support

Hours of Operation

Sunday
Closed
Monday
9:00AM - 4:00PM
Tuesday
9:00AM - 4:00PM
Wednesday
9:00AM - 4:00PM
Thursday
9:00AM - 4:00PM
Friday
9:00AM - 4:00PM
Saturday
Closed

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