Take full advantage of your home's value.
Your efforts to pay down your mortgage and improve your home's value can really pay off. A Home Equity Line of Credit can give you convenient access to money at a low interest rate. Once your application is approved, you can access your credit line to cover any type of cost.
- Credit line available for up to 15 years1
- Draw and repay funds similar to the way you use a credit card
- Eligible for our popular Bonus Rewards program*
- Amounts available from $5,000 up to 80% of the equity of your home (appraised value minus the balance due on your mortgage and any outstanding liens)
* Certain conditions apply. Subject to annual Board approval. Not available on all loan types.
** 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. Subject to credit approval and verification of collateral. Adequate property and flood insurance is required, if appropriate.
1 See rate and payment examples
Handbook on Adjustable Rate Mortgages