Open An Account
Opening an account online is quick and simple!
Home Equity, HELOC & Home Improvement Loans
Whether it is for an extensive home project or minor updates, check out the loans Mobility has to offer.
Special Home Equity Line of Credit Promotion
Details
Six-month intro rate of 3.99% on new HELOCs**
No closing costs
quick links
HOME EQUITY & HELOC
Details
A Home Equity Loan or Home Equity Line of Credit is a type of loan in which the borrower uses the equity of his or her home as collateral for cash to cover a range of things. The loan amount is determined by the value of the property.
Mobility Credit Union Home Equity Loan benefits include:
Use for any purpose, including minor home upgrades, debt consolidation, vacation, or education expenses
NO CLOSING COSTS!¹
Fixed-rate payments²³
Loan terms available up to 180 months
No application fee or points³
Possible tax benefits to you⁵
Interest-only payments during the draw period (either 5 or 10 years)- HELOCs³ only
Have Questions?
Details
Call us at (214) 574-2000
Text us at (214) 888-4007
Email us at info@mobilitycu.com
MCU Home Equity/HELOC FAQs
What can I use the funds from an MCU Home Equity Loan for?
You may use the funds from your MCU Home Equity Loan for any purpose, such as to pay off debt, a college education, take a vacation, or do home improvements.
What state does my property need to be located in to apply for an MCU Home Equity Loan?
Loans must be on single-family detached residential property located in Texas.
If I am using the Home Equity funds for home improvement purposes, am I required to get a contractor?
No. You do not have to get a contractor if the funds are from an MCU Home Equity Loan.
On what type of property can I get an MCU Home Equity Loan?
Loans must be on single-family detached residential property located in Texas. This would include a home, duplex or condominium.
Do I have to occupy the home I want to get the MCU Home Equity Loan?
Yes. It must be your permanent residence.
How do I determine my home’s value?
An appraisal and a current title search are required on most MCU Home Equity Loans. MCU will determine what is required and will order these for you.
What are the minimum/maximum loan amounts I can borrow?
The minimum loan amount is $15,000. The maximum loan amount is $100,000, depending on your qualifications.
Does MCU charge a loan application fee?
No, there is no fee to apply for an MCU Home Equity Loan.
Does MCU charge pre-payment penalties?
No, there are no penalties charged for making extra payments on your MCU Home Improvement Equity Loan or paying it off early.
Is Private Mortgage Insurance required on a Home Equity Loan?
No. MCU does not charge PMI on Home Equity Loans.
Do I have to get Homeowner’s Insurance on my Home Equity Loan?
Yes. You must carry Homeowner’s Insurance to cover the first and second lien amounts on the home.
Can I take the proceeds from the Home Equity Loan/HELOC as I wish?
For Home Equity Loans, the funds will be disbursed to you in a lump sum. HELOC Loan proceeds can be withdrawn as you wish with a minimum withdrawal amount of $4,000. Draw payments and repayment periods vary by the selected loan term.
Disclosures
The standard closing cost of $350 is currently being waived under our current Home Equity and HELOC promotion. Home equity loans $150,000 or greater are subject to a title policy and additional closing costs that are not included in the current promotion. Promotion subject to change without notice.
APR is the Annual Percentage Rate. The minimum Home Equity rate is 6.99%. The minimum HELOC rate is 8.75%.
HELOC Terms and Conditions are as follows:
All HELOC annual percentage rates are variable based on the Wall Street Journal Prime Rate, "the Index", published in the Money Rate section, plus a stated margin. Check rates for the current index. The APR may change on the first day of each calendar quarter, January, April, July, and October. Changes in APR can only occur if "the Index" has changed since the last rate change. The minimum is 8.75% and the maximum is 18.00%. APR is the Annual Percentage Rate.
The minimum line amount is $15,000.00.
The draw period is either five (5) or ten (10) years in length. The draw period cannot be extended. You may apply for a new HELOC, pay off the existing HELOC during the initial period, and begin a new draw period.
The draw period is an interest-only payment period. Reduction of principal is not required.
The repayment period may be either 5 or 10 years in length and the minimum payment amount is $25.00.
A single property can be secured by either a HELOC or home equity loan, not both at the same time.
You may borrow up to 80%
Each draw (advance) must be at least $4,000.00, the minimum per Texas statute. Advances may be completed by phone, in person, by written request, Home Banking, or the Automated Phone Banking System.
There is no fee for application, however, other charges may include appraisal and title policy costs if the loan is greater than $250,000.00. Fees and charges to make the loan may not exceed 2 percent of the loan amount, except for a fee or charge for an appraisal performed by a third party appraiser, a property survey performed by a state registered or licensed surveyor, a state base premium for a mortgagee policy of title insurance with endorsements, or a title examination report.
Consult your tax adviser regarding possible tax benefits.
An estimate or contract for a home improvement project must be provided.
Loans must be on single-family detached residential property located in Texas.
**6 month 3.99% intro rate promotion subject to change without notice. Terms and conditions apply.