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Last Updated: 04/18/2025

Members First Credit Union HELOC

from Members First Credit Union

Last Updated: 04/18/2025

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Highlights

Credit Score Range

600 - 850

Amount Range

$5,000 - $100,000

Maximum LTV

100%

Minimum Draw

N/A

Loan Term (Years)

Up to 15

Members First Credit Union HELOC Review

Members First Credit Union HELOC is offered by Members First Credit Union (NMLS #824420), a credit union founded in 1936 and based in Midland, MI. Members First Credit Union HELOC are available in 1 state.

Key Takeaways

Fair credit accepted. Borrowers with a credit score as low as 600 may qualify for Members First Credit Union HELOC.
Only primary residences considered. Members First Credit Union HELOC does not offer financing for vacation homes or investment properties.
Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
High maximum LTV ratio. Members First Credit Union HELOC has a maximum loan to value ratio of 100%.

Members First Credit Union HELOC Pros & Cons

Pros

Cons

Considers applicants with fair credit.

Charges an origination fee.
Charges prepayment fees.
No co-sign option available.
Only available in 1 state.

Members First Credit Union HELOC 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 $100,000. The maximum amount depends on property value, existing mortgage balance, and creditworthiness.

The maximum loan-to-value (LTV) ratio goes up to 100%. 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 $80k in credit.

What are the terms for Members First Credit Union HELOC?

HELOCs include a draw period followed by a repayment period. During the draw period, borrowers can access funds as needed up to the credit limit.

Members First Credit Union HELOC offers home equity loans with a maximum term of 15 years and a draw period of up to 10 years.

Is there a minimum draw requirement?

No, there is no minimum draw requirement.

What fees does Members First Credit Union HELOC charge for a HELOC?

Members First Credit Union HELOC may charge an origination fee.

What types of property can you use as security for a HELOC with Members First Credit Union HELOC?

Members First Credit Union may consider HELOCs secured by the following property types:

Primary residences

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Message from Members First Credit Union HELOC

It's not just a home loan. It's a, "Getting the keys to our next adventure", loan. Whether you're upgrading, downsizing, or just looking for something new, we've got the affordable home financing you need to make it happen. We can do everything that the "big banks" can do, including fixed rate mortgages with first and second home loan options, but with more flexibility.

Use the equity in your home to pay-off high interest debt, make needed renovations, or pay for an upcoming event. We have low variable rates. Please reach out if you have any questions.

Contact

Headquarters

P.O. Box 2165

Midland, MI 48641

Visit Site

Email Support

Hours of Operation

Sunday

Closed

Monday

9:00AM - 5:00PM

Tuesday

9:00AM - 5:00PM

Wednesday

9:00AM - 5:00PM

Thursday

9:00AM - 5:00PM

Friday

9:00AM - 5:00PM

Saturday

Closed

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SuperMoney Net Recommendation Score

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-1000+100

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