Home Loans With Members Credit Union
At Members Credit Union (Members CU), we are committed to making your homeownership dreams a reality. Whether you're buying your first home, investing in property, or refinancing an existing mortgage, our flexible loan options cater to your needs with competitive rates and personalized service.
First Mortgages (In Partnership with Total Mortgage)
We’ve partnered with Total Mortgage to offer comprehensive mortgage solutions for all your needs—whether it's your first home, a vacation property, or an investment venture. Total Mortgage offers:
A wide range of loan programs designed for various financial situations
Competitive rates
Personalized guidance from application to closing
Why Choose Them?
Access to every major loan program
Personalized service from dedicated professionals
Support for ITIN (Tax ID) borrowers
Contact our mortgage partner, Audra Santos, at (203) 526-9345 for questions or assistance. Get prequalified for free by scheduling a consultation here.
Independence Mortgages (Refinancing) *
Our Independence Mortgage offers refinancing solutions exclusively for primary properties. This product is perfect for members looking to refinance balances under $500,000 with flexible repayment terms.
Borrow up to 80% of your home’s value
Loan amounts up to $500,000
Flexible terms of 10, 15, or 20 years
$500 flat closing cost
Special support for ITIN borrowers
Benefits:
No escrow for taxes or insurance — You manage your own payments for greater financial flexibility.
Potential savings of up to $250,000 over the life of the loan — With especially high savings potential for ITIN borrowers, who often face higher rates with other lenders.
Option to shorten your loan term — Reduce the length of your loan and save thousands in interest over time.
Second Mortgages (Fixed Equity Loans)*
Do you need funds for home improvements, tuition, debt consolidation, or refinancing? Our Second Mortgage options are designed to provide affordable solutions with fixed, low- interest rates.
For Primary Properties
Borrow up to 70% of your home's value
Loan amounts up to $500,000
Terms up to 20 years
Fixed low-interest rates
$500 closing cost
Benefits of a Second Mortgage:
Fixed interest rates for predictable monthly payments
Ideal for large, one-time expenses like home renovations or consolidating high-interest debts
Lower rates than personal loans or credit cards
Can help improve credit by diversifying debt types
Maintain your existing first mortgage terms while accessing extra funds
For Investment Properties
Borrow up to 70% of the property's value
Loan amounts up to $50,000
Terms up to 20 years
Fixed low-interest rates
$500 closing cost
Home Equity Line of Credit (HELOC)**
Use your home’s equity to access flexible financing with our HELOC:
For Primary Properties:
Borrow up to 70% of your home’s equity
Lines from $10,000 to $150,000
5-year draw period and 15-year repayment term
Variable rates as low as Prime Rate (capped at 10% lifetime, 4% floor)
$250 application fee with no annual fees or closing costs
Benefits of a HELOC
Flexibility — Borrow only what you need, when you need it
Interest-only payments during the draw period help manage cash flow
Variable rates potentially offer lower initial interest costs
Perfect for ongoing or recurring expenses like tuition, medical costs, or home upgrades
Ability to re-borrow funds as you pay down your balance
For Investment Properties
Borrow up to 70% of the property’s equity
Lines available up to $50,000
Same flexible terms as primary property HELOCs
Home Improvement Loans - currently suspended
While currently suspended, MCU offers home improvement loans with generous terms when available
Borrow up to 120% loan-to-value or a max of $100,000 (whichever is lower)
Requires a 680+ credit score and 10+ years of credit history
Competitive interest rates with flexible repayment terms of up to 10 years
Why Choose Members CU for Your Mortgage Needs?
Competitive interest rates tailored to your creditworthiness
Flexible terms designed for your financial situation
Special lending programs for ITIN borrowers
No discrimination—equal lending opportunities for all
Ready to Unlock the Power of Your Home?
Whether you’re dreaming of home improvements, consolidating debt, or need extra funds for life's big moments, Members Credit Union is here to help you make it happen. With competitive rates and flexible terms, your home’s equity can work for you! Call us or Text us today at (203) 622-6050 to speak with one of our friendly staff members.
*Independence Mortgage Example is for illustrative purposes only. Your overall creditworthiness will determine the interest rate, amount and term available to you. Payment example: A $200,000, 30-year mortgage with an Annual Percentage Rate (APR) of 6.75% comes with an approx. monthly payment of $1,298 (principal and interest only) and $267,137 interest paid over life of the loan. The same loan at 4.74% APR for 20 years would carry an approx. monthly payment of $1,291, and $110,046 interest paid over the life of the loan. You can reduce your mortgage rate and term by 10 years, 2.01% and save $157,091 in interest by refinancing with MCU. Membership requirements must be met. Members Credit Union’s lien must be in first lien position. Home being financed must be your primary residence and located in Connecticut. 80% loan to value applies. Closing Cost of $500. Maximum of $500,000 loan. Rates may vary depending on each individual’s credit score. Escrow accounts not offered. Terms up to 20 years. Rates and conditions apply. Equal Housing Opportunity Lender. Federally insured by NCUA.
*Disclosures for Home Equity Loans and Independence Mortgage: Rates and terms effective January 1, 2025. Rates are subject to change without notice. View rates here. Please call for current rates and terms. The Annual Percentage Rate (APR) is a fixed rate. Application subject to credit approval. Home Equity Loans and Independence Loans are available only for Owner Occupied Primary Residences up to $500,000, and second homes up to $49,999. The property must be in Connecticut and loans are not available on cooperatives. The Combined Loan to Value Ratio (CLTV) is the amount of your home equity loan and other loans secured by your property divided by the appraised value and cannot exceed 70% as verified by a satisfactory appraisal report that will be used by Members Credit Union or 90% under certain conditions The maximum allowable CLTV varies depending on the line amount and property type and can be lower than 80% based on underwriting criteria. The Home Equity loan is not a revolving home equity line of credit, but a term loan, which will result in a mortgage on the home. There is a $500 closing fee for Home Equity Loans or Independence Mortgages. If you close your account within one year after the start date of your loan you will be required to reimburse Members Credit Union for closing costs incurred. Property insurance is required. Flood insurance may be required. Members Credit Union does not accrue for taxes and insurance which remain the responsibility of the borrower. NMLS# 465890
**Disclosure for Home Equity Lines of Credit (HELOCS): Rates effective January 1, 2025. Rates are subject to change without notice. View rates here. Please call for current rates and terms. Application subject to credit approval. HELOCs are available only for Owner Occupied Primary Residences up to $150,000, and second homes up to $49,999. The property must be in Connecticut and loans are not available on cooperatives. The Combined Loan to Value Ratio (CLTV) is the amount of your home equity loan and other loans secured by your property divided by the appraised value and cannot exceed 70% as verified by a satisfactory appraisal report that will be used by Members Credit Union. The Annual Percentage Rate (“APR”) is a variable rate and will be established based on an Index. The Index is the highest United States Prime Rate as published in the Eastern Edition of The Wall Street Journal ("Prime Rate") on the last business day before the start of each month’s billing cycle. The current Prime Rate is 7.5%. HOWEVER, THE APR CAN NEVER GO BELOW THE MINIMUM APR OF 4.00%. The interest rate can go up or down monthly based on the movement of the Index, but never below 4%, and can increase 10% over the life of the loan. The interest rate will not go above 18%. There is a 5 year draw period during which the borrower will be billed for interest only and a 15 year amortization of principal and interest. Principal can be repaid at any time during the life of the loan. There are no closing fees for HELOCS. If you close your account within twelve months after the start date of your loan you will be required to reimburse Members Credit Union for closing costs incurred. A mortgage will be placed on the property for the full amount of the line of credit. Property insurance is required. Flood insurance may be required. Members Credit Union does not accrue for taxes and insurance which remain the responsibility of the borrower. NMLS# 465890
Members Credit Union and our Loan Officers are registered with the Nationwide Mortgage Licensing System and your experts to help you choose the right way to finance your fantastic future.
Members Credit Union: NMLS # 465890
Loan Officers and NMLS #:
| Name | NMLS # |
|---|---|
| Vanessa Kuduk | 1142428 |
| Elsa Soogrim | 627333 |
| Lisette Molina | 1868888 |
| Kelly Kortner | 627332 |
| Lynn Sabatino | 627330 |
| Evelyn Montufar, Lending Assistant | 2539919 |