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Home Equity Loans & Credit
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Eligibility & Calculator
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Eligibility & Payment Calculator - A $10,000 Minimum Home Equity Loan or Line is Required (Payments are calculated at the rate of $12 per $1,000 borrowed or $9 per $1,000 borrowed. If you have any questions please contact a MECU Loan Officer at:
734-455-9200 (Plymouth)
734-261-1050 (Livonia)
734-761-7505 (Ann Arbor)
810-494-6000 (Brighton)
248-399-5626 (Royal Oak)
586-566-5599 (Macomb)
Step 1
Estimate your home's current value. Your home's current value can be estimated by multiplying the State Equalized Value (SEV) by 2.
$
Step 2
What type of home equity loan do you want?
-- Please Select One --
1. Fixed Rate, 60 month term, 80% Loan-to-Value, 4.5% Interest Rate
2. Fixed Rate, 120 month term, 80% Loan-to-Value, 5.0% Interest Rate
3. Fixed Rate, 180 month term, 80% Loan-to-Value, 5.5% Interest Rate
4. Fixed Rate, 60 month term, 85% Loan-to-Value, 5.25% Interest Rate
5. Fixed Rate, 120 month term, 85% Loan-to-Value, 5.75% Interest Rate
6. Fixed Rate, 180 month term, 85% Loan-to-Value, 6.00% Interest Rate
7. Variable Rate, 85% Maximum Loan-to-Value, 4.75% Interest Rate from $10,000 - $49,999, $12 per $1000
8. Variable Rate, 85% Maximum Loan-to-Value, 4.5% Interest Rate from $50,000 and Up, $12 per $1000
9. Variable Rate, 85% Maximum Loan-to-Value, 4.75% Interest Rate from $10,000 - $49,999, $9 per $1000
10. Variable Rate, 85% Maximum Loan-to-Value, 4.5% Interest Rate from $50,000 and Up, $9 per $1000
Step 3
What is your current mortgage balance?
$
Step 4
Results
You may qualify for a Home Equity Loan or Home Equity Credit Line of: (A $10,000 Minimum Home Equity Line or Loan is required)
$
Your Estimated Monthly Payment would be:
$
Your Loan Interest Rate would be:
Please note: The information provided by this calculator is for illustrative purposes only.
Amounts calculated may differ from actual values due to such factors as rounding, the exact number of days, term and other factors.
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