You've worked hard for your home — now let it work for you
Get cash from the equity of your home when you need it most — from helping you finance home improvements to installing a pool to adding a new bedroom. Our home equity and home improvement loans allow you to borrow against the equity you've built in your home. Use the cash wherever you need it.
Loan rates that are often lower than other banks and financing options
Cash in hand
Up to 80% for your home's fair market value
Your loan will never be sold and servicing will always stay with us
Monitor your credit score with SavvyMoney
If you’re already a member, you already have access to SavvyMoney — a free, educational tool in your online banking portal. SavvyMoney is a way to help you monitor your credit score, prior to getting a hard pull during during the application process. Login, then click on the SavvyMoney link to get your current VantageScore 3.0 credit score and report.
What You Should Know About Home Equity Lines of Credit
Read more in this booklet to understand the important aspects of home equity lines of credit. Some of the items covered in this booklet include:
- Home Equity Plan Checklist
- What is a home equity line of credit?
- What should you look for when shopping for a plan?
- Costs of establishing and maintaining a home equity line
- How will you repay your home equity plan?
- Lines of credit vs. traditional second mortgage loans
- What if the lender freezes or reduces your line of credit?
- More resources
Ready to get your home improvement or home equity loan started?
With our flexible terms and competitive rates, you can get more out of your home.
Start your Application Online
Then select “Get Started” from the left navigation to apply online.
Schedule a Call
Email firstname.lastname@example.org or call 281.754.1103 to get started by phone.
FAQs about Home Equity and Home Improvement Loans
How do I know if I need a Home Improvement loan or a Home Equity loan?
A Home Equity loan has limits that are set forth by the Texas Constitution, which only allows for 80% of the value of a home to be accessed. As well as limits of having only one Equity loan at a time and one per year. If you have available equity in your home, you can use those funds for any purpose and a single amount is disbursed to you at closing to do as you wish. The Home Equity loan can be in 1st or 2nd lien position.
A Home Improvement loan is a loan specifically used to make improvements to your home. This type of loan requires a licensed contractor, a signed contract to complete the work and periodic disbursements. The disbursements are made out to both the homeowner(s) and the contractor to pay for work completed. A Home Improvement loan allows for up to 95% of the value of your home and can only be in 2nd lien position.
What terms are available for the Home Equity Loan?
MCCU has 4 terms available for the Home Equity product, each product is a fixed rate (rates available upon request).
- 60 months, 120 months, 180 months and 240 months
Home Equity loans can be in either 1st or 2nd lien position.
What terms are available for a Home Improvement loan?
MCCU has 2 terms available for the Home Improvement product, both of which are fixed rate (rates available upon request)
- 180 months and 240 months
Home Equity and Home Improvement Loan Resources
Home Equity Loan Rates
Check our current competitive rates for home equity and home improvement loans. View Loan Rates
Not sure which loan is best for your situation?
Call a Home Equity Loan Advisor at 281.754.1103
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|Home Equity Terms1||Answers|
|Fees||No closing costs for loan amounts less than $100,000 unless an appraisal or property survey is needed. Fees for loan amounts above $100,000 vary based on loan specifics and will be discussed at the time of loan disclosure.|
|Term||Fixed (up to 240 months)|
|Limits||Up to 80% of home’s appraised value minus the current mortgage.|
|Additional Draws Allowed||No|
|Tax Deductible||Interest paid may be tax deductible — consult a tax advisor.|
|Use of Funds||Miscellaneous|
|Draws||Lump sum - one time advance|
|Right to Cancel||3 business days|
(1) Home equity loans are available on residential primary residences and second/vacation properties and investment properties located in Texas. Manufactured homes not allowed. Available for first or second lien position only. Third lien position not allowed.
If not currently a Members Choice member, a $5 deposit is needed to establish membership. All memberships and lending products are subject to approval including credit approval.