Mortgage Products

Home Equity Loans*

Turn the equity in your home into cash for the things you need today. Use the equity in your home to pay for a college education, home improvements, new appliances, vacation and bill consolidation. Our Home Equity Loans have no closing costs. Qualified applicants can borrow up to 90% of the home's value. Loans range from $10,000 - $500,000. Our Fixed-Rate Second Mortgages have no closing costs. They are fixed rate and with terms up to 20 years. We currently finance owner-occupied or second homes in Connecticut only.

Your interest may be tax deductible, consult your tax advisor.

Members Credit Union has partnered with Norcom Mortgage to provide a wide array of first mortgage options for our members. Norcom is a full service mortgage BANKER which allows our member’s loans to be processed, underwritten and funded in house within their company. They offer a range of products including FHA, VA, USDA, 203K Rehab loans, Jumbo, Conventional, ITIN and Non-Conforming (less than perfect credit) loans just to name a few. Your dedicated mortgage representative, Audra Santos, will assist you so you get quick approvals, competitive rates and unsurpassed service.  

Visit Norcom Mortgage to learn more or call Audra Santos at 203-526-9345.

Independence Mortgage*

Our Independence Mortgage is designed for those who would like to refinance a first mortgage with a balance under $500,000 or who currently have no mortgage or liens on their primary residence. Members Credit Union does not escrow for taxes of insurance, it remains the responsibility of the borrower. Borrow up to $500,000 for 10 to 20 years with no closing costs and a rate significantly lower than our traditional second mortgage.

Your interest may be tax deductible, consult your tax advisor.

Home Equity Line of Credit**

Establish a line of credit for up to 80% of the equity in your home. Lines of credit range from $10,000 to $250,000. The draw period is up to five years and use the funds as you need them. You pay interest only on the outstanding balance for the first five years of the loan. the balance is then amortized over 15 years for the repayment period. There is no application fee and no annual fees or closing costs. Loans have a variable rate, as low as Prime*, a 10% lifetime cap and a 4% floor.

*Disclosures for Home Equity Loans and Independence Mortgage: Rates and terms effective May 01, 2020. 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 80% 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 are no closing fees for Home Equity Loans or Independence Mortgages.  If you close your account within two (2) years 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 May 01, 2020. 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 $250,000, 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 80% 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 3.25%. 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 two (2) years 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 #:

*Prime rate as published in the Wall Street Journal in the last business day of the previous month.  Prime rate is 3.25% as of 04-01-2020.