MECU's Routing number: 252076468

Baltimore's Credit Union

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Home Equity Loans and Lines of Credit

One of the smartest ways to borrow.

A MECU Home Equity Line of Credit is the ultimate in flexibility with rates lower than most credit cards. Have cash available when you need it, for almost any purpose—renovations, education, vacation, etc.

HOME EQUITY LINE OF CREDIT

  • Establish it anytime, but it's especially easy when you're refinancing or getting a new mortgage.
  • No Closing Costs or Annual Fee! †
  • Interest Rate Rebate on the interest you pay on your loan. (subject to board approval.)
  • APR will never increase more than 6% over your initial “standard” rate. (Example, if your initial standard rate is 3.25%, your rate would never exceed 9.25% -- no matter how high Prime Rate climbs. Other lenders will charge you up to 24% APR – the maximum APR permitted in Maryland.)
  • Interest may be tax deductible (consult your tax advisor.)
  • Low cost Loan Protection and Homeowner Insurance plans.
  • Loan amounts from $5,000 up to 90% of the value of your home. (appraised value minus the balance due on your home equity and any outstanding liens.)
Request your Credit Life and/or Credit Disability Insurance protection
when you apply for a MECU loan.

Apply Now! Home Equity Line of Credit Rates
Minimum Loan Amount is $10,000 Variable APR *
(as low as)		 Loan to Value Monthly Payment *
(per $1,000 borrowed)
180 Month Repayment Term
Intro Rate
Fixed for 6 Months with $10,000 advance at settlement then converts to a standard rate. 		2.000 % Up to 90% $6.44
(for 6 months)
Standard Rate
Prime minus 0.25%
(Rate Floor = 3.25%)		 3.250 % Up to 80% $7.03
Standard Rate
Prime plus 0.75%
(Rate Floor = 3.25%)		 4.000 % 81% — 90% $7.40

* APR = Annual Percentage Rate. While this page is updated regularly, rates are subject to change. Monthly payment example above is per $1,000 borrowed, with no additional advances or rate increases. Minimum monthly payment equals $100. The monthly APR will be a fully indexed, variable rate based on Prime plus or minus a margin based on your loan-to-value ratio. Prime Rate is obtained from the Wall Street Journal. Your actual rate may be higher based on your loan amount, repayment term, collateral, credit history and ability to repay. Subject to credit approval and verification of collateral. Adequate property and flood insurance is required. MECU membership required.
 Rates as of: February 1, 2012

† If line is paid off within 12 months of original note date, closing costs paid by MECU on member’s behalf must be reimbursed to MECU by borrower. Closing costs vary and generally range around $800 to $1,000 on a $50,000 loan.