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If you're looking for affordable financing, the answer might just be all around you. At MPS Credit Union, we can help you borrow some of the equity you've established in your home.

With collateral backing, take advantage of competitively low rates and budget-friendly repayment terms for your new home remodel project, wedding expenses, and much more. We offer fixed rate second mortgages and fixed-variable rate home equity loans to suit your unique needs.


  • Competitive rates for several short-term or one-time needs:
    • Education expenses
    • Major life events
    • Home remodel projects
    • Debt consolidation
    • And much more!
  • The existing equity in your home is used as collateral backing
  • The interest paid might be tax deductible*
  • Local decision-making and processing in Miami
  • Helpful, customized service throughout the entire process

*Consult a tax advisor.

Finance what you need — without worrying about rising rates. This loan option features a fixed interest rate, so you don’t run into any surprises down the line.

  • Terms up to 10 years
  • Minimum loan amount is $10,000
  • No application fees or closing costs
  • No pre-payment penalties for loans over $25,000 (unless the loan is paid off within 2 years)
  • Maximum financing of up to 80% of the appraised value of the home minus the first mortgage balance
  • Payments can be automatically deducted from payroll or from your MPS Credit Union account

Choose this home equity loan to start with a competitive fixed rate for the first three years!

  • Fixed interest rate for first 3 years
  • Variable rate after the third year and is adjusted quarterly
  • No application fees or closing costs for lines over $25,000 (Florida properties only)
  • No pre-payment penalties (unless loan is paid off within 3 years)
  • Maximum financing is $200,000 and up to 75% of the appraised value of the home minus first mortgage balance
  • Homeowners and flood insurance (if applicable) is required for all home equity loans

Contact us to ask about our townhouse, condo, and rental property (4 units max) home equity programs!

The following will be required when you apply for a home equity loan. In the meantime, get the process started now online by clicking the Apply Now button. We’ll be in touch shortly to guide you the rest of the way. 

  • Loan Application filled out by Applicant and Co-Applicant
  • Copy of recorded Warranty Deed and Owner’s Title Insurance Policy (if available)
  • Latest Tax Assessment Form
  • Copy of coupon book for mortgage(s); or latest statement(s) verifying mortgage balance
  • Latest pay stub and latest W-2
  • Proof of homeowners (hazard insurance) and flood insurance (if applicable)

Rates and fees subject to change without notice.