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Home Equity Loans

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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:

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:

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: 03/01/2020
AmountVariable 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: 03/01/2020
Fixed Rate TermAPR* (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: 03/01/2020
AmountMaximum TermAPR* 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.

 

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