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Introducing our new Home Equity Line of Credit (HELOC)—a flexible way to access your home’s equity when you need it.
Your Home. Your Line. Your Flexibility.
A Home Equity Line of Credit (HELOC) gives you the freedom to borrow against your home’s equity whenever you need it. Unlike a traditional home equity loan, a HELOC offers flexibility. You’ll be able to draw funds as needed during the draw period and pay interest only on what you use.
Key Features of a Home Equity Line of Credit
- Flexible access to funds based on your home’s equity
- 10-year draw and repayment periods
- Draw period – imagine a piggy bank you can open anytime for 10 years and grab the cash you need. The minimum amount you can draw at any one time is $4,000.
- Repayment period – after 10 years, the piggy bank closes and you pay back the total amount you borrowed during the draw period. \
- Loan amounts from $75,000 to $250,000
- Primary residence only (1st or 2nd lien position)
Benefits of a Home Equity Line of Credit
- Flexible Borrowing – borrow only what you need, when you need it
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Make interest only payments during the draw period – meaning you don’t pay for the money you re not using. You pay just a little interest on what you take out.
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Ideal for ongoing projects, home renovations, or unpredictable expenses
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Access funds without reapplying – once your line of credit is approved, you are ready to go and can request funds at any time to deposit to an account of your choice like a MCCU Complete Checking
Home Equity Loan vs HELOC: Basic Differences
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FAQs about Home Equity Line of Credit (HELOC)
What is a HELOC?
A Home Equity Line of Credit is a revolving credit line tied to your home’s equity, similar to a credit card but often with much lower rates.
How does the draw period work?
During the draw period, you can borrow funds as needed and typically pay interest only on the amount borrowed. Think of it like a piggy bank you can open at any time for 10 years and only pay a little (interest) on the amount you take out.
How does the repayment period work?
After the draw period ends , you’ll repay both principal and interest on the outstanding balance. You’ll know exactly what you owe and can pay it off in full over time.
Why choose a HELOC over a home equity loan?
HELOCs offer flexibility for ongoing or unpredictable expenses, while home equity loans are best for one-time needs.
How do I request a draw?
Draw requests can be made in MCCU Home Banking or by using this form or in person at any Member’s Choice branch. Minimum draw amount is $4,000
Disclosures
MCCU offers a variable Annual Percentage Rate (APR) based on the Prime Rate as published in The Wall Street Journal (the “Index”) plus a margin based on creditworthiness and credit limit.As of December 11, 2025, the index value is 6.75. All loans are subject to credit approval. An increase in the Index will result in an increase in the periodic rate which will result in higher payments. Other restrictions may apply and rates are subject to change without notice. Maximum APR not to exceed 18%. Speak to a loan officer for details.
Minimum draw amount of $4,000. Maximum loan to value of 80%. Maximum credit line cannot exceed 80% of value of property. Texas residents are limited to establishing one home equity loan or home equity line of credit in a 12-month period on a single-family, owner-occupied Texas residence.