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

West Metro Schools Credit Union Home Equity Line of Credit

in Home Equity Lines of Credit from West Metro Schools Credit Union

Last Updated: 04/18/2025

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Credit Score Range

N/A


Amount Range

N/A


Maximum LTV

90%

Minimum Draw

N/A


Loan Term (Years)

20

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West Metro Schools Credit Union Home Equity Line of Credit Review

West Metro Schools Credit Union Home Equity Line of Credit is offered by West Metro Schools Credit Union (NMLS #754269), a credit union founded in 2008 and based in Hopkins, MN. West Metro Schools Credit Union Home Equity Line of Credit are available in 50 states and Washington, DC.

Key Takeaways

  • Only primary residences considered. West Metro Schools Credit Union Home Equity Line of Credit does not offer financing for vacation homes or investment properties.
  • No-closing-cost mortgages available. This option allows you to include the closing costs into the new loan, so you don't pay for these expenses upfront.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
  • High maximum LTV ratio. West Metro Schools Credit Union Home Equity Line of Credit has a maximum loan to value ratio of 90%.

West Metro Schools Credit Union Home Equity Line of Credit Pros & Cons

West Metro Schools Credit Union Home Equity Line of Credit 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 90%. 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 $70k in credit.

What are the terms for West Metro Schools Credit Union Home Equity Line of Credit?

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.
West Metro Schools Credit Union Home Equity Line of Credit offers home equity loans with terms ranging from 20 to 20 years.

Is there a minimum draw requirement?

No, there is no minimum draw requirement.

What fees does West Metro Schools Credit Union Home Equity Line of Credit charge for a HELOC?

West Metro Schools Credit Union Home Equity Line of Credit may charge an origination fee.

What types of property can you use as security for a HELOC with West Metro Schools Credit Union Home Equity Line of Credit?

West Metro Schools Credit Union may consider HELOCs secured by the following property types:
  • Primary residences

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Contact

Headquarters

1001 MN-7
Ste 249
Hopkins, MN 55305
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Hours of Operation

Sunday
Closed
Monday
9:00AM - 4:30PM
Tuesday
9:00AM - 4:30PM
Wednesday
9:00AM - 4:30PM
Thursday
9:00AM - 4:30PM
Friday
9:00AM - 4:30PM
Saturday
Closed

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