Members First Credit Union HELOC

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 is available in 1 state across the USA.

Members First Credit Union HELOC FAQ

How much can you borrow with a HELOC?

HELOCs are lines of credit that are secured by your home. Once you get approved for a certain amount, you can access your funds by check, phone, credit card, or online up to your HELOC amount.

Members First Credit Union HELOC allows borrowers to apply for lines of credit of up to $100,000. Note that the maximum loan amount you can borrow will vary depending on the value of the property, how much you owe on it, and your creditworthiness.

This lender's maximum loan to value rate is 100% for qualified borrowers. That means the total debt secured by the property cannot exceed 100% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have excellent credit, you may qualify for a line of credit of up to $80k.

What are the terms for a Members First Credit Union HELOC?

HELOCs have a draw and a repayment period. During the draw period you can borrow as much as you need up to your credit limit. After the draw period, you are responsible for repaying the loan. 

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

Is there a minimum draw requirement?

No, there isn't a minimum draw requirement.

What range of rates does Members First Credit Union HELOC offer?

Members First Credit Union HELOC offers APRs as low as 3.25% and up to 18%.

Remember the APRs of HELOCs do not include points and financing charges, just the interest rate. Most home equity lines of credit have a variable interest rate. Fixed interest rates -- if available -- typically have higher APRs, but your monthly payments don't change over the life of the line of credit.

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

Members First Credit Union HELOC may charge a loan origination fee .

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

Lenders often have restrictions on the type of properties they will accept as security for a HELOC. Members First Credit Union HELOC will consider lines of credit secured by the following property types:

• Primary homes.