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  Members First Credit Union Utah Home Equity Line of Credit

Members First Credit Union Utah Home Equity Line of Credit

in Home Equity Lines of Credit from Members First Credit Union - Utah

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Members First Credit Union Utah Home Equity Line of Credit

Unaffiliated

in Home Equity Lines of Credit from Members First Credit Union - Utah

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Highlights
Loan Amount Up to $100,000
APR  (Fixed APR) Starting at 3.75%
Maximum LTV N/A

Members First Credit Union Utah Home Equity Line of Credit Review

Members First Credit Union Utah Home Equity Line of Credit is offered by Members First Credit Union - Utah, a credit union founded in 1958 and based in Brigham, UT. Members First Credit Union Utah Home Equity Line of Credit is available in 1 state across the USA.

Members First Credit Union Utah Home Equity Line of Credit 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 Utah Home Equity Line of Credit 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.

Typically, borrowers with good credit can qualify for up to 85 percent of the value of the property less the balance on their first mortgage.

What are the terms for a Members First Credit Union Utah Home Equity Line of Credit?

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 Utah Home Equity Line of Credit 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 Utah Home Equity Line of Credit offer?

Members First Credit Union Utah Home Equity Line of Credit offers APRs starting at 3.75% .

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 Utah Home Equity Line of Credit charge for a HELOC?

Members First Credit Union Utah Home Equity Line of Credit may charge a loan origination fee .

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

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

  • Primary homes.

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Message From Members First Credit Union Utah Home Equity Line of Credit

The equity in your home is a great financial resource. Get the cash you need at a great rate to finance your dreams. The interest you pay may be tax deductible (please consult your tax advisor regarding deductibility of interest). Consolidate your high-interest debts. Remodel or add-on to your home. Put yourself or kids through college. Purchase the car or truck you've always wanted.

Availability

  Available in 1 state
Utah
Availabile in all of Utah

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
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
  • Recent Bank Statements
  • Social Security Number
  • Driver License (or other photo ID)
Draw Period 10 years
Repayment Period 15 years
Loan Term Up to 15 years
Loan Amount Up to $100,000
APR (Fixed APR) Starting at 3.75%
Interest Rate Types Offered Adjustable-Rate Mortgage (ARM)

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