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Home Equity Fixed Packet
Home Equity Variable Packet
Put Your Equity To Work For You!
With home equity financing from Michigan Educational Credit Union, you can tap into the equity you have established in your home to achieve great things — like sending your child to college, making home improvements, taking a dream vacation, consolidating your bills, financing a wedding and more.
Our home equity program features:
- Home Equity Line of Credit option with competitive, variable rate and monthly payments as low as $9.00 per thousand borrowed
- Closed-end Home Equity Loan option with low, fixed-rate
- Loan amounts of $10,000 or more
- Maximum Loan-to-Value 90%
- NO FEES
- NO CLOSING COSTS
- Interest may be tax-deductible (please consult your tax advisor)
- Ideal for any major expense
Turn Your Home Into Your Castle With A Home Improvement Loan
If you don't have enough equity established in your home yet, you may want to consider our Home Improvement Loan for your next renovation project. Our Home Improvement Loan features:
- Loan amounts of $1,000-$25,000
- Repayment terms up to nine years
- Competitive rates
- All loan checks made payable to your contractor or home improvement center
Contact the Loan Department at any MECU office for more information on any of our home loans. You can apply at one of our branch locations or click here to apply online.
| Variable Rate Home Equity Loans | |
| Effective Date: 10/01/2020 | |
| Amount | Variable APR* as low as |
| $10,000 to $49,999 | 4.50% |
| $50,000 and greater | 4.50% |
| Loan payments based on $9 or $12 per thousand borrowed Minimum Line of Credit amount $10,000 Minimum $30,000 for 180 months Maximum Home Equity loan amount $200,000 * APR = Annual Percentage Rate. Annual Percentage Rates on Variable Home Equity Loans are subject to change on a Quarterly basis. | |
| Fixed Rate Home Equity Loans | |
| Effective Date: 10/01/2020 | |
| Fixed Rate Term | APR* (90% Loan to Value) |
| 60 Months | 4.75% |
| 120 Months | 5.25% |
| 180 Months** | 5.75% |
| Payment example: $20,000 loan with a 120 month term at 6.00% APR would be $222.04/month. Maximum Home Equity loan amount $200,000 *APR = Annual Percentage Rate **Minimum $30,000 for 180 months Please call the Credit Union for the most current rates. Rates are subject to change at any time without notice. | |
| Home Improvement | ||
| Effective Date: 10/01/2020 | ||
| Amount | Maximum Term | APR* as low as |
| $1,000 - $5,000 | 60 Months | 8.75% |
| $5,000 - $10,000 | 84 Months | 8.75% |
| $10,000 - $25,000 | 108 Months | 8.75% |
| Payment example: $20,000 loan with a 108 month term at 8.75% APR would be $268.22/month. *APR = Annual Percentage Rate. Rates includes a .25% discount for direct deposit and may vary based on credit history. Rates are subject to change at any time without notice. Please call the Credit Union for the most current rates and more details. | ||