Home Equity Line of Credit

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Credit line you have access to for up to 15 years.
Draw and repay funds similar to the way you use a credit card.
Amounts available from $5,000 up to 95% of the value of your home. (Appraised value minus the balance due on your home equity and any outstanding liens.)
Perfect for recurring expenses like tuition payments or as an emergency fund to repair that unexpected leaky roof.

Home Equity Line of Credit Rates

Rates as of:

Minimum Loan Amount is $5,000	12-Month Introductory Rate FIXED APR*	Standard, Post Introductory Rate VARIABLE APR*	Monthly Payment** (per $1,000 borrowed)
Standard Home Equity Line of Credit¹ Interest-Only Payment Option Available on “Standard” HELOCs up to 80% LTV
Up to 80% Loan to Value	2.49%	Prime minus 0.25% Currently: 5.25%	$8.04
81% to 90% Loan to Value	2.49%	Prime plus 0.75% Currently: 6.25%	$8.58
91% to 95% Loan to Value	2.49%	Prime plus 1.25% Currently: 6.75%	$8.85
Investment Property Home Equity Line of Credit¹
Up to 70% Loan to Value	Intro Rate Not Available	As low as Prime plus 2.00% Currently: 7.50%	$9.27

*APR = Annual Percentage Rate. While this page is updated regularly, rates are subject to change. Minimum monthly payment equals $100. Introductory rate will be fixed for 12 months; not available on Investment Property Home Equity Lines of Credit. 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 5.50%, in effect since 12/20/18. 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.

¹Borrower responsible for closing costs on Investment Property Home Equity Lines of Credit. MECU 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.

**Monthly payment is per $1,000 borrowed at the post-introductory APR assuming no additional advances or rate increases.

Home Equity Line of Credit

Home Equity Line of Credit Rates

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