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Home Equity Loans

Home Equity is one of your most valuable assets and one that has probably grown over years of home ownership.

Unfortunately you can’t spend your home equity. However, you can unlock its power through a credit union home equity loan.

 

Home Equity Advantages:

   Home equity loan interest is often deductible
   Your rates, terms, and fees are more favorable than other loans because of the quality of the security
   You can borrow up to 90% of your home’s current value in combination with other mortgages
   You can use your home equity loan for any purpose – home improvements, automobiles, boats, recreational vehicles, investments, vacations, etc.

Line of Credit

A Home Equity Line Of Credit provides maximum flexibility and low financing costs. Write your own loan anytime you wish and pay interest only on the amount of your credit line used.

Take up to 15 years to draw from your credit line and up to 10 years to repay the remaining balance of your loan. Loan payments will vary based on the amount of the credit line used and your current interest rate.

 

*APR (Annual Percentage Rate) – The rate and term may vary depending on your credit score and are subject to change without notice

Fixed Rate Loan

A Fixed Rate Home Equity Loan allows you to lock in a low fixed interest rate. Loan proceeds will be disbursed in full at closing, and monthly payments will begin shortly thereafter. To determine the specific effect on your personal income taxes, please consult your professional tax adviser. Loan availability and interest rates are subject to underwriting requirements.

Current Rates:

Loan Type APR
60 Month as low as 4.75%
84 Month as low as 5.00%
120 Month as low as 5.50%

Schedule an appointment online today. 

Lending is available in Baraga, Houghton, Keweenaw, and Ontonagon counties. Loan availability, terms and interest rates are subject to underwriting requirements. Rates and terms are subject to change without prior notice.

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Current Rates
Vehicle Loans APR*
New Auto - 1.99%
Used Auto - 2.99%
New Recreational - 1.99%
Used Recreational -3.49%
Home Equity Loan APR*
60 Month - 4.75%
84 Month - 5.00%
120 Month - 5.50%
Share Certificates APY*
6 Month - 0.45%
12 Month - 0.60%
24 Month - 0.90%
*Rates listed represent our best rate and is based on credit history. Rates are subject to change. Contact MTEFCU for details.