Turn your equity into reality

A HELOC is a flexible line of credit secured by your home’s equity but with a “draw” period (typically the first 10 years) which you may access from your available balance. You can draw at any time from this balance up to your available credit limit.  Interest rates on HELOCs are usually variable rates.

With a Home Equity Master Line, you have the flexibility of a Home Equity Line of Credit with the option to lock in up to (3) fixed rate, fixed payment sub-accounts under your Home Equity Master Line.  The best of both worlds! The advantage of a revolving home equity line and a fixed rate/fixed term option.

You can divide up your Home Equity Master Line into smaller portions called sub-accounts. A sub-account gives you the advantage of a fixed rate, fixed payment, and a fixed pay off schedule.

For example, let’s say you want to purchase an $8,000 kitchen countertop. You have a $20,000 credit limit on your Home Equity Master Line and no outstanding balance.  You can create an $8,000 sub-account and either lock in that amount at a fixed rate with fixed payments or allow the $8,000 to remain in your variable rate outstanding balance.

$5,000.

We allow up to three fixed rate sub-accounts.

No.  The total outstanding balance including all sub-accounts may not exceed your Home Equity Master Line credit limit.

You will receive a monthly billing statement for funds advanced on your variable Home Equity Master Line.  All funds that are locked into a fixed rate sub-account will be billed separately and appear on your monthly account statement.

The additional $200 will be applied to the principal balance for the home equity line of credit or sub-account you’ve chosen to make a payment to.

Simply go to our website at Mocse.org and click on Home Equity under the Loans tab.  You can send a secure lock request to our Loan Department for the amount you would like to establish for your sub-account.  You cannot exceed more than (3) fixed rate sub-accounts at one time.  You can also contact the credit union directly at 209-572-3600 or visit any branch location.

You should consult with your tax advisor for further information regarding deductibility of interest and charges.

Yes, you may set up a fixed rate sub-account at any time but may use ONLY the available balance.

Fees to open a Home Equity Master Line range from $241.00 to $1,118.00 based upon the collateral valuation.  Property insurance is required. Additional fees can include the following:  Lock Fee: $25.00, Annual Fee: $25.00 and Application Fee: $0.

You can access your Home Equity Master Line a number of ways.  You will have check writing capabilities, transfer access in online and mobile banking or you can contact the credit union directly.

Yes, you can transfer funds from the Master Line to pay off an existing fixed rate sub-account.