Let Your Home Work for You

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Cover those college expenses with our Home Equity Line of Credit

Sending someone to college this fall? Your home’s equity is a great option to help cover those big expenses. Borrow with our Home Equity Line of Credit at a great, low-interest rate!
Draw and repay funds similar to the way you use a credit card
No closing costs, annual fees, or prepayment fees2
Easy application with quick decisions

Take advantage of low rates and flexible repayment terms:

Once your application is approved, you can access your credit line to cover back-to-college costs.
  • 1.99% fixed APR1 for 12 months then as low as Prime minus 0.25%1
  • Amounts available from $5,000 up to 80% of the equity of your home
  • Credit line available for up to 15 years
  • Draw and repay funds similar to the way you use a credit card
1APR = Annual Percentage Rate. Rates are subject to change. Minimum monthly payment equals $100. Introductory rate will be fixed for 12 months. The standard, post-introductory APR will be a fully indexed, variable rate based on Prime plus or minus a margin based on your loan-to-value ratio at account opening. Prime Rate is obtained from the Wall Street Journal and is currently 4.75%, in effect since June 16, 2022. The minimum standard APR that can apply is 3.25% and the maximum APR that can apply is your standard rate plus 6%. The maximum APR in Maryland is 18%. The standard, post introductory rate is variable and may adjust on a quarterly basis. Subject to credit approval and verification of collateral. Adequate property and flood insurance is required, if applicable. MECU membership required.

2MECU will pay the initial closing costs on “Standard” Home Equity Lines of Credit. If the line is paid off and closed within 12 months of original note date, closing costs must be reimbursed to MECU by the borrower. Closing costs vary and generally range around $850 to $1,000 on a $20,000 line of credit.