There’s no place like home for generating extra money for you! Consider an MPS Credit Union home equity line of credit (HELOC) to fund your next exciting undertaking—be it a new pool or college tuition—a HELOC lets you draw from the same funds repeatedly without having to reapply. As you pay down the principal, you’ll have more at your disposal. Apply today and give yourself a little more breathing room with a HELOC from MPSCU.
- Competitive rates for several ongoing or seasonal needs:
- Education expenses
- Major life events
- Major home improvements
- Debt consolidation
- Emergency reserve
- And much more!
- The existing equity in your home is used as collateral backing
- Funds available anytime without reapplying*; apply once, then use repeatedly thereafter
- Revolving credit – as principal is repaid, more becomes available for use
- The interest paid might be tax deductible**
- No application fees or closing costs for lines over $25,000 (Florida properties only)
- No pre-payment penalties (unless loan is paid off within 2 years)
- Maximum financing is $250,000 and up to 80% of the appraised value of the home minus first mortgage balance
- Maximum financing on Investment Properties is $250,000 and up to 60% of the appraised value of the home minus first mortgage balance
- Local decision-making and processing in Miami
- Helpful, customized service throughout the entire process
*Upon disbursement, funds available via checking or savings account, the member decides. If the member is consolidating, a check is made out.
**Consult a tax advisor.