This page uses JavaScript. Your browser either does not support JavaScript or you have it turned off. To see this page properly please use a JavaScript enabled browser.
Acknowledge

Matadors Community Credit Union may collect the following information from users of our website. To see how this information is used, click here to go to our privacy page. Information we may collect: IP address, browsing history, search history, products and services considered, geolocation data, and information about your interaction with our website, application or advertisement. If you complete an online form, we may also collect your name, e-mail address, physical address or phone number that you provide to us.

PHONE SCAM WARNING! PLEASE READ:

Over the past few days, we have received reports of fraudulent activity affecting MCCU members.  

The scam involves a phone call from a scammer spoofing a MCCU phone number (it will look like it is coming from MCCU). The scammer states they are calling to confirm debit card transactions on the member's account (they have been referencing Walmart, but it could be any merchant).  The scammer then proceeds to try to obtain online banking login credentials, PINs, and SSN information.  This activity is fraudulent!

Do not ever give out your Debit Card number, PINs or passwords!  MCCU or our Fraud Monitoring vendor may call to validate a transaction, but will never ask you to provide us your PINs, passwords or other sensitive account information as a form of verification.

If you receive a phone call such as this, please report it to us immediately at 818-993-6328!

 Matadors Community CU Go to main content
Lock ONLINE BANKING LOGIN
Lock ONLINE BANKING LOGIN
Consolidating Debt with a Home Equity Line of Credit
Consolidating Debt with a Home Equity Line of Credit4/21/2020

woman carrying boulder with debt written on it up grassy hillQ: With everything going on right now, I need to save money every month. I have high-rate credit cards that I want to get rid of. How can MCCU help me?

A: As a member of Matadors Community Credit Union, you have a few options for consolidating your debt. If you have equity in your home, you can apply for a HELOC, or a Home Equity Line Of Credit, which is an open credit line that’s secured by your home’s value. You can also consolidate debt with an unsecured loan or a lower-rate, or low intro rate, credit card.

By consolidating your high-rate credit cards and other debt into a single, lower-interest HELOC payment, you can reduce your total debt and pay it off faster.  

What is a HELOC?

A home equity line of credit is a loan secured by your home’s value. When you open a HELOC, you will have access to a line of credit when you need it. In addition to debt consolidation, you can use the funds for home renovations, tuition costs and more. You won’t pay any interest until you use the funds.

What are the advantages of a HELOC?
  • Low fixed intro rate for the first 6 months
  • Interest-only payments first 10 years – keeps your payments low!
  • Interest may be tax-deductible (check with your tax advisor)
  • No closing costs with $30,000 minimum draw
  • Protection against rising rates – your rate will never go higher than 6% above your starting rate

Find out more about MCCU’s HELOC and apply online today!



« Return to "Matadors Money Matters Blog"
Share: Share on Facebook: Consolidating Debt with a Home Equity Line of Credit Share on Twitter: Consolidating Debt with a Home Equity Line of Credit
Go to main navigation