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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
- 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 two line of credit options 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 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.
- Consumer Loans
- Home Equity Loans
- Line of Credit Loans
- Mortgages
- Secured Loans
- Teacher Loans
- Vehicle Loans
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