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Main Branch:
700 E. Sharon Ave.
Houghton, MI 49931

Phone: 906.482.5005
Fax: 906.482.2451

memberservices@mtefcu.org

Routing Number: 291172682

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Thursday, April 24th - 10:24 PM

Home Equity

Your 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.

Using the equity in your home offers several advantages over other financing:

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

Call today – (906) 482-5005 – and speak with a loan officer about our two convenient options:

Home Equity Lines Of Credit

For maximum flexibility and low financing costs, choose our home equity line of credit. Write your own loan anytime you wish. Pay interest only on the amount of your credit line used.

The interest rate is variable and may change quarterly on the first day of January, April, July and October. Your interest rate is tied to, and may be as low as, the prime interest rate.

Loan payments will also vary based on the amount of the credit line used and your current interest rate.

Take up to five years to use your credit line. (Extensions are available after that time.) Then, take up to 10 years to repay the remaining balance of your loan.

Fixed Rate Home Equity Loan

To lock in a low fixed interest rate, choose our fixed rate home equity loan. 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.

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