It’s home improvement time!
Let’s highlight our three most popular home improvement loans. Get the loan that fits your budget and your needs.
Home Improvement Loans
Most beneficial when:
This loan is most beneficial to recent homeowners with little to no equity, those looking for smaller dollar amounts for home improvements, or older individuals who may be less comfortable placing their home up as collateral. This loan does not use the home as collateral. It’s an unsecured loan.
Pros
Cons
APR = Annual Percentage Rate. (1) Credit score determines rate and maximum loan amount. Rate shown includes 0.25% automatic payment discount. All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice. Term of up to 60 months; estimated monthly payment of $20.00 per $1,000.00 borrowed. Must be a homeowner.
Pros
Cons
APR = Annual Percentage Rate. (2) Rate shown is 5-year term and includes 0.25% automatic payment discount. Other terms available. Term of up to 120 months; estimated monthly payment of $10 per $1,000 borrowed. Equal Housing Lender. All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice. If home equity loan is paid off within 3 years of origination, prepayment penalties in the amount of the original closing costs will be applied.
Home Equity Line of Credit | HELOC
Most beneficial when:
This loan is most beneficial for the more expensive home improvements where you can pay out money in installments. As you complete one repair or project, you can then take out cash for the next project. A HELOC is best when you have ongoing projects or multiple improvements over a longer period of time. In this situation, you’ll save in interest by only taking out and paying on exactly what you need as you need it.
Pros
Cons
APR = Annual Percentage Rate. (2) Equal Housing Lender. All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice. If HELOC is paid off within 3 years of origination, prepayment penalties in the amount of the original closing costs will be applied.
How much can I borrow for a Home Equity Loan or HELOC?
Money FCU lends up to 90% of your home’s appraised value, minus any outstanding balance on a first mortgage or home equity. To calculate the maximum loan amount, take your home’s appraised value, multiply it by 90% (.90), and subtract your current mortgage balance. Also, remove any other home equity loan balances, if applicable. The resulting figure is the maximum dollar amount the Credit Union lends on approval.
For example, if the home’s appraised value is $200,000.00, multiply that by 90% (.90), which equals $180,000.00, then subtract the existing mortgage balance. In this example, we’re using an outstanding balance of $130,000.00. Your maximum loan amount is $50,000.
$200,000 x .90 = $180,000
$180,000 – $130,000 = $50,000
In the above example, you can borrow up to $50,000.
The Credit Union is where I got my start and has always taken good care of me despite moving 10 different times.
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I started banking with you in 2000, almost 19 years ago. Best bank ever, I moved to CA and you made banking easy when doing electronic banking wasn’t really popular yet.
Everything, anything you guys do with me is done 200%. I KNOW that you’ve got my back. Thank you for this, and for everything you help me with. I truly appreciate it.
I commend your staff; they are always very pleasant and willing to assist my needs. Customer Service is very important to me and the credit union definitely shines in this area.
This is by far the best credit union, you guys are so good, you’re always on top of everything and you make me feel like my account is safe.
I do not say it often enough, but you have great staff! Nothing is ever a problem, they are terrific! Amy just helped me out big time and Debbie is always my #1 at the credit union.
I just wanted you to know that it is so nice to get a real person when I call in instead of an automated machine. I really appreciate it.
I just LOVE all of you there. People ask me why I use a credit union in Syracuse and I tell them you can’t beat the customer service!
Thank you for watching for fraudulent activity so diligently. Not only do you notify me when there is suspicious activity, but you are quick to help recover the money.
I’ve been in Charlotte for 7 seven years and I will not change banks because of this type of customer service.
Thank you MFCU for all the work you do and for really treating your customers like family.
I have to say it again – our credit union is absolutely the best! Hands down, no one else even comes close to the exceptional customer service and knowledge that you receive at Money FCU.
I told the car dealer I am sure that I want use Money for financing. The difference is only $7.00 per month. You have the very best customer service of any financial institution that I have worked with. Your customer service is worth every penny of the $7 per month and then some!
Each representative takes a special interest in any request made, with coordinating efforts by everyone. At a time when I was in transition, MFCU gave attention to what I needed to continue with them, now over 40 years.
I have been a member since 1987 and would NEVER, NEVER, EVER leave Money FCU under ANY circumstances!!
I wanted to let you know how much I love having Money instead of Chase! You guys have all been amazing since I have opened my account and I am so happy that I switched!!
I just love Debbie. She’s my hero!
As we are wrapping details around our third vehicle loan inside of a year or so, I just want to say thank you again. Your customer service is off the charts, and you are a pleasure to deal with.
Thank you to all of you! You girls are so wonderful! I love my credit union.
I thought I would take this opportunity to share with you what phenomenal employees you have. We couldn’t be happier to be blessed enough to have found MONEY FCU, and all that this bank encompasses.
I moved everything out of M & T Bank to you because of the service I receive. I just love you guys!
MONEY Federal Credit Union is people – a great group of people – who leave no doubt that while they are helping me, I am the most important thing going on that day.
I am not sure who is working their magic, but without it my wife and I wouldn’t be able to purchase this house we fell in love with in a neighborhood we fell in love with. I truly appreciate everything Money Federal Credit Union does for my family!
YOU ROCK!!
I have been a member since around 1992 or so and, even though I no longer work at Mutual of New York I have had nothing but excellent service from EVERYONE and I will never stray.
When you walk in the door you are always welcomed with a smile and happy greetings. Nothing is ever hard to do. When I need a loan it’s done and ready for me and I don’t even have to do anything! Just come in and sign!
You guys are the greatest. So professional and up to date with technology!
I have been banking with MFCU since I was 17 years old. I left NY and banked with other companies but I came back to MFCU. I am so happy that I did!! Your staff has always been so helpful. I just figured you would want to know that your staff is great and they deserve an extra day off :)
You guys haven’t changed a bit since I opened my account in 1987! You are all still so nice to deal with and I’m glad the changing times hasn’t hardened you into being unappreciative of your members. I now live in NJ and you are the best Credit Union I have ever had the pleasure of doing business with!
I remember when I joined the CU in 1980 and you were located in a closet upstairs, and you would write the number of members and the percentage rate on a chalk board on the wall.
I just wanted to let you know that your staff has been so helpful since the move out of the building. The staff is always quick and kind. You said that a Credit Union is much like a Bank…I would say that the Credit Union is much better than a bank. I appreciate you guys!!
I just wanted to let you know how awesome you are! I tell anyone who’ll listen about the GREAT customer service I get from the MONEY FCU. With commercial banks becoming less and less friendly and helpful and more and more costly, you guys are the best thing around!
I just went through one of the most painless processes getting a home improvement loan. I couldn’t believe how quick and smoothly everything went. I was quite impressed at the level of service. A special thank you also goes out to Debbie for her efficiency and for being so easy to work with!
I love you guys, one call and it’s done. Love, love, love you all.
I just went through the process of taking out a car loan. If it weren’t for Melissa, I wouldn’t have been able to get things done. I wasn’t sure about what to do for so many things, but Melissa did! She was always there for me, quick, soooooo much help. Lucky for me I was smart enough to join your credit union years ago.
I am so grateful to have such kind and helpful people to work with on my banking needs.
When our office moved I decided to keep my account with you because I don’t mind the 10 minute drive downtown to deal with you guys because you’re always so helpful and friendly.
I’m ready! How do I apply for a home equity, HELOC, or home improvement loan?
Great, let’s get you started!
