Home Equity Line of Credit (HELOC)

Get a HELOC with No Closing Costs today!

With soaring home values and more equity in your home, now is the perfect time to take advantage of a simple and inexpensive way to tap into the value of your home.

Competitive Interest Rates
Your HELOC is competitively priced and is subject to change quarterly in accordance with the Wall Street Journal Prime Rate at a specified margin**. Talk to a CMCU team member about current rates.
10 Year Draw
Advances are Amortized
Annual Fee
Access Your Funds
Added Benefit
Prepare for a renovation project with CMCU.


Getting Started

  • 1


    Your first step is to fill out an application. We’ll reach out if we need additional information.
  • 2


    We’re on it! Your application is safe with our local underwriting team who have streamlined the process, providing you with faster closing times.
  • 3


    We’ll meet with you to finalize all the details and set up your line of credit in your CMCU account.
  • 4

    Use your HELOC

    This is the fun part!
    After your HELOC is approved, start accessing your funds for just about anything!


Frequently Asked Questions (FAQ)

Eligibility and Application

Great question! Joining CMCU is quick and easy. You are eligible if you live, work, worship, go to school, conduct business or volunteer in one of the counties of our field of membership. Once you open an account with us, you will open a one-time $5.00 “Share” account, making you a member of CMCU and equal owner of our credit union. If you ever decide to close your account, you will receive your $5.00 deposit back. Learn more here.
After we receive your application, we evaluate your information. Our friendly and knowledgeable personal bankers will walk you through the whole process to ensure you are comfortable with the terms of your home equity line of credit.
The credit limit you receive will depend on the amount of equity in your home, your credit history, your property location and your loan-to-value ratio (LTV). This is the relationship between your current mortgage loan balance and the value of your home.


Accessing Your Line of Credit

After the "right of rescission" period (three business days) have passed, you will be able to access your line of credit. Your personal banker can help you with any questions you may have about accessing your line of credit.
You can advance the funds through several methods:Internet Banking, Mobile App or over the Phone. Transfer funds from your HELOC account into your CMCU checking account. Then make payments as normal with your checking debit card or paper checks.
Yes! You can access your HELOC funds to pay off other balances such as credit cards. Or we can combine those other balances into your home equity line of credit which would return the other balances to zero and you would only need to make one monthly payment.



It takes approximately 30 days to close on your HELOC after your application has been submitted. This includes the time it takes to submit additional documents and the underwriting process.
You will have the opportunity to review and sign your line of credit documents. After you sign the documents, you will receive three business days to change your mind and cancel your line of credit. This three-day period is called your "right of rescission." After these three days have passed, you will be able to access funds from your new HELOC.



Your monthly payments will vary because your HELOC is based on a variable rate.
During the draw period: Your minimum monthly payment will include principal and interest and amortized over the length remaining of your HELOC terms.
During the repayment period: Your monthly payment will be a combination of principal and interest.
The interest rate for your HELOC is in accordance with the Wall Street Journal Prime Rate at a specified margin. So, if the Wall Street Journal Prime Rate fluctuates, your HELOC rate may also fluctuate on a quarterly basis. This may affect your minimum monthly payment amount.
You can make more monthly payments than you are required or you may pay an additional amount with each payment. You will not be penalized for early or additional payments.

Get Started!

Apply online

Apply Online

New Members: Complete an application online.


Current Members: Apply in Digital Banking.


Visit a local CMCU branch

Local Branch

Central Minnesota Credit Union has 21 branches to serve you as well as access to 24,000 ATMs across the United States with MoneyPass.

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Video chat with a CMCU team member

Video Banking

Talk to a CMCU team member virtually face-to-face. Learn More
Monday - Thursday: 8 AM - 5 PM
Friday: 8 AM - 6 PM
Saturday: 8 AM - 12 PM

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Call us on the phone


Contact Center
Monday - Thursday: 8 AM - 6 PM
Friday: 8 AM - 7 PM
Saturday: 8 AM - 12 PM

(888) 330-8482

Additional Loan Options

Check out some of the other consumer loan options available with CMCU:

Rec Vehicles

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Home Equity

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Credit Cards

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Not a Member? Join us today!

  •  Wide variety of products
  • 21 convenient branch locations.
  •  Online and mobile banking
  •  24,000 ATM locations nationwide
  •  Award-winning institution
  •  Low interest rates on loans
  •  High interest rates on savings
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To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.
We may also ask to see your driver’s license or other identifying documents.

The typical cost of an appraisal or full title commitment is $50-$1,500 which would be the member's expense. Annual Percentage Rate = 3.25% as of 11/9/2021. APR may vary after account is opened but will never exceed 18%APR or the maximum allowed by law. Annual fee = $40. Membership eligibility and $5 share deposit are required. Borrower must maintain adequate property insurance. On approved credit. Ask for details.

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