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  Members First Credit Union HELOC

Members First Credit Union HELOC

in Home Equity Lines of Credit from Members First Credit Union · NMLS ID #824420

Unaffiliated

Members First Credit Union HELOC

Unaffiliated

in Home Equity Lines of Credit from Members First Credit Union · NMLS ID #824420

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Highlights
Loan Amount $5,000 - $100,000
APR  (Fixed APR) 3.25% - 18%
Maximum LTV 100%

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 starting at 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.

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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

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

Other Services by Members First Credit Union

Availability

  Available in 1 state
Michigan
Availabile in all of Michigan

Feature Breakdown

Credit Score Range 600 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use Primary Home
Joint Loan Applications Accepted
  • Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Cash
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
Verification Documents Required
  • Recent Pay Stubs
  • Proof of Income
  • Proof of Identity
  • Government Issued Photo ID
  • Social Security Number
  • Driver License (or other photo ID)
Maximum LTV 100%
Draw Period 10 years
Repayment Period 15 years
Loan Term Up to 15 years
Loan Amount $5,000 - $100,000
APR (Fixed APR) 3.25% - 18%
Interest Rate Types Offered
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)

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