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Home Equity Loans - Apply Online

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%
  • 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: 01/01/2019
Loan Payments Based On $9 or $12 Per Thousand Borrowed
Maximum Loan-to-Value of 90% - Minimum Line of Credit of $10,000*
$10,000 - $49,999.99 at a VARIABLE RATE of 5.00% APR**
$50,000.00 and greater at a VARIABLE RATE of 4.50% APR***
*Maximum Home Equity loan amount $150,000
**Minimum $30,000 for 180 months
*** 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: 01/01/2019
Fixed Rate TermAPR* (90% Loan to Value)
60 Months 5.00%
120 Months 6.00%
180 Months*** 6.50%

Maximum Home Equity loan amount $150,000

*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: 01/01/2019
AmountMaximum TermAPR*
$1,000 - $5,000 60 Months 8.75%
$5,000 - $10,000 84 Months 8.75%
$10,000 - $25,000 108 Months 8.75%
*Apr = Annual Percentage Rate
Please call the Credit Union for the most current rates. Rates are subject to change at any time without notice.

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Michigan Educational Credit Union,
9200 Haggerty Road Plymouth, MI 48170
Dedicated to serving the financial needs of our community since 1942.
National Credit Union Administration
This Credit Union is federally-insured by the National Credit Union Administration
We do business in accordance with the Fair Housing Law
Equal Housing Lender