Home Equity Loans
It’s great to watch your home’s value increase over the years. It’s even better to put that value to work for you!
With a Home Equity Loan or Line of Credit from MCT you can use the equity in your home to finance your goals and dreams. Use the money to upgrade your kitchen, pay for college, or consolidate debt.
Home Equity Fixed Loan
Equity Flex Loan
- Terms: 5, 10, and 15 year
- Payment frequencies: monthly, bi-weekly, and semi-monthly
- Payment methods: payroll repaid, auto transfer, or coupon
- Closing cost options
- Interest may be tax deductible**
Home Equity Line of Credit
Establish your line of credit, then borrow money as you need it—up to your available credit limit. MCT offers three different kinds of lines of credit to fit your unique needs.
Equity Options HELOC — Intro Rate Option
- 4.99% APR* introductory rate for the first 6 months, as low as Prime minus 0.50% thereafter
- Credit limits up to $200,000
- Up to 75% LTV
- Interest may be tax deductible**
Equity Options HELOC — No Closing Costs Option†
- Rates as low as Prime minus 0.50%
- Credit limits up to $200,000
- Up to 75% LTV
- $25,000 minimum initial advance required
- Interest may be tax deductible**
Equity Preferred HELOC
- 4.99% APR* introductory rate for the first 6 months, as low as Prime minus 0.75% thereafter
- Credit Limits up to $200,000
- Up to 75% LTV
- $100,000 minimum initial advance required
- Interest may be tax deductible**
* Annual Percentage Rate. HELOC rates are indexed to the Prime Rate as quoted by the Wall Street Journal as of two days prior to the beginning of the month. The Prime Rate was 3.25% as of December 29, 2008. Rates are based on applicant’s credit. Actual rate may vary. Minimum rate of 4.99%. Maximum rate of 18%. Homeowner’s insurance is required.
**Consult your tax advisor. †Accounts closed within the first two years will be required to reimburse the Credit Union the amount of closing cost paid.
MCT Federal Credit Union
P.O.Box 1250 • Rockville, Maryland 20849-1250
Problems/Questions? Call us at 301-948-9880 or 1-800-497-6290