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
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.
HOME EQUITY LINE OF CREDIT PACKET
Variable Rate Home Equity Loans
Effective Date: 07/01/2025
| Amount | Variable APR* as low as |
|---|---|
| $10,000 to $49,999 | 7.25% |
| $50,000 and greater | 6.75% |
| Loan payments based on $9 or $12 per thousand . Example, $10,000 loan, $9 per $1,000 selected, $90 monthly payment. Payment examples do not include taxes and insurance, if applicable, actual payment obligation will be greater. Minimum Line of Credit amount $10,000 Maximum Line of Credit amount $200,000 The annual percentage rate can change quarterly. The maximum ANNUAL PERCENTAGE RATE that can apply is 18.00%. The ANNUAL PERCENTAGE RATE will never increase more than two (2) percent points in one year. Under no circumstances will the rate ever be less than 4.50% per annum. Index based off of prime. Magins are -0.25% for loan amounts $49,999.99 or less and -0.75% for $50,000 to $200,000. Properties only located in the State of Michigan. Property insurance is required. | |
Fixed Rate Home Equity Loans
Effective Date: 07/01/2025
| Fixed Rate Term | APR* (90% Loan to Value) |
|---|---|
| 60 Months | 6.50% |
| 120 Months | 7.00% |
| 180 Months** | 7.50% |
| Payment example: A 60-month loan at a 6.50% APR will have 60 monthly payments of $19.57 per $1,000 borrowed.Payment examples do not include taxes and insurance, if applicable, actual payment obligation will be greater. Maximum Home Equity loan amount $200,000 *APR = Annual Percentage Rate **Minimum $30,000 for 180 months Properties only located in the State of Michigan Please call the Credit Union for the most current rates. Rates are subject to change at any time without notice. Property insurance is required. | |
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
Home Improvement
Effective Date: 07/01/2025
| Amount | Maximum Term | APR* as low as |
|---|---|---|
| $1,000 - $5,000 | 60 Months | 8.75% |
| $5,000 - $10,000 | 84 Months | 9.25% |
| $10,000 - $25,000 | 108 Months | 9.75% |
| Payment example: $20,000 loan with a 108 month term at 9.75% APR would be $278.87/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. | ||