Home Equity - Merrimack Valley CU

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Home / Borrow / Home Equity
home equity, line of credit, heloc,

I was able to turn my house into my dream home!

Apply Now

home equity, line of credit, heloc,

I was able to turn my house into my dream home!

Apply Now

Home Equity Loans/Lines

Tap into your home's equity with a Loan or Line of Credit

Home Equity Loan, AKA Second Mortgage

When you need a specific amount of money for a one time project or purchase, such as kitchen renovation or to pay off student loans.

  • Borrow a specific amount of money
  • Fixed rate
  • Borrow up to 90% LTV
  • Fixed monthly payment
  • Finance up to $250,000
  • Financing term 3-15 years
  • Close from the comfort of your own home with DocuSign

Home Equity Line of Credit, AKA HELOC

When you need access to additional funds but you’re not sure how much or how often, like home renovations.

  • Borrow only what you need when you need it
  • Adjustable rate based on the Prime Rate
  • Borrow up to 90% LTV
  • Monthly payment may vary based on amount borrowed
  • Finance up to $500,000
  • No appraisal fee for loans under $250,000
  • Close from the comfort of your own home with DocuSign

Apply Now

Check Your Rate

Home Equity Loans - Primary and Secondary residences only
Effective Date: Thursday, June 30th, 2022
Home Equity Loans up to 90% LTV Fixed Rate
ProgramMaxRateMax LTVAPR as low asMarginIndexMonthly Payment per $1,000
Up to 5 Years $250,000 4.490% 80% 4.490% - - $18.64
  $250,000 5.490% 90% 5.490% - - $19.10
10 Years $250,000 4.750% 80% 4.750% - - $10.49
  $250,000 5.750% 90% 5.750% - - $10.98
15 Years $250,000 4.990% 80% 4.990% - - $7.90
  $250,000 5.990% 90% 5.990% - - $8.43

For a 1st Lien: Payments do not include taxes and insurance, actual payment obligation will be higher. The APR is an estimate and could be higher, based on the date of closing and the number of days interest collected at consummation.  APR may change without notice. Minimum loan amount is $10,000. There WILL be an appraisal fee for applications $250,000 and over which can range from $485 - $780.

Home Equity Lines of Credit (HELOC) - Adjustable Rate
Effective Date: Thursday, June 30th, 2022
ProgramMaxIntro RateMax LTVAPR as low asMarginIndex
90% LTV $250,000 4.750% 90% 4.750% VARIES 4.75%

Minimum Home Equity amount is $10,000. Maximum interest rate for Home Equity Lines of Credit is 18.00%. The maximum annual percentage rate that can apply is 18%. There is an appraisal fee for loan applications over $250,000 which can range from $485 - $780. The interest rate is based on the Wall Street Journal Prime Rate and may vary monthly. An early termination fee may apply if closed within the first 12 months. Must meet eligibility guidelines.  APR may change without notice.

Calculate Your Payment

2.490%
2.490%
Your monthly payment is only...
354.86 for 5 years
Apply Now

Using your HELOC is as simple as 1-2-3

Online & Mobile Banking

Funds can be advanced from your HELOC and transferred directly to your checking or savings account.

Visit Your Local Branch

Our branch teams are ready to assist!  You have a few ways to receive the funds:

  • Receiving a certified check
  • Making a deposit into your share account
  • Receiving a cash withdrawal

Call Member Support

Our Member Support team can transfer funds from your HELOC to your checking or savings account after they verify your identity.  Call 800-356-0067.

An Easy Way to Make Your Payment

Online Banking makes payments easy!

  • Use the Transfers Widget on Online banking or in the app
  • Make regular payments, extra payments, or principal only payments
  • Put your payments on Auto Pilot! Just change the frequency from “one time” to “monthly” and your payment will be made automatically!
  • Add an external account for payments in Online & Mobile Banking

Set up your Transfers today!

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