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Home Equity

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You work hard to pay your mortgage each month. Why not put that hard-earned equity to good use?  We have home equity loans and lines of credit (HELOC) that can be used for almost anything: home improvements, a new car, a vacation or life’s unexpected expenses.

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Special HELOC Offer:  3.24% APR fixed for the 1st 12 months, Prime + 0% thereafter. 
Home Equity Loan: As low as 2.99% APR up to 5 years. 10 and 15 year terms available. 

See bottom of the page for additional guidelines.

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Getting A Home Equity Loan or Line of Credit through MVCU is as Easy as 1-2-3!

number 1 Estimate how much home equity you have.
Typically, you should have at least 10 - 20% equity in your home in order to borrow from your equity.  For example, if your home value is $300,000 and you owe $240,000 on your mortgage -- you have 20% or $60,000 equity which you can borrow.  If you're not sure, ask us.

number 2 Choose either a Home Equity Loan or Home Equity Line of Credit.
Get a Home Equity Loan if you:

  • need a one-time specific amount of money
  • want a fixed-rate loan

Get a Home Equity Line of Credit if you:

  • want access to a revolving fund that you can use and pay down as needed
  • don't mind a variable-rate loan

number 3 Find out how much you can borrow and pay monthly. Check our competitive rates below. Call an MVCU Loan Specialist at 800-356-0067 or visit any branch location if you have any questions. [ Calculate your payment ]

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Home Equity Loans - Primary and Secondary residences only
Effective Date: Wednesday, June 20th, 2018
Home Equity Loans up to 90% LTV Fixed Rate
ProgramMaxRateMax LTVAPRMarginIndexMonthly Payment per $1,000
Up to 5 Years $500,000 2.990% 80% 2.990% - - $17.96
  $175,000 4.240% 90% 4.240% - - $18.53
10 Years $500,000 3.490% 80% 3.490% - - $9.88
  $175,000 4.990% 90% 4.990% - - $10.60
15 Years $500,000 3.990% 80% 3.990% - - $7.39
  $175,000 5.240% 90% 5.240% - - $8.03
100% LTV - please contact the mortgage department for rates and terms.

The APR is an estimate and could be higher, based on the date of closing and the number of days interest collected at consummation.  APR may change without notice.

Home Equity Lines of Credit (HELOC) - Adjustable Rate
Effective Date: Wednesday, June 20th, 2018
ProgramMaxIntro RateMax LTVAPRMarginIndex

90% LTV

$500,000 5.000% 90% 5.000% VARIES 5.00%
100% LTV - please contact the mortgage department for rates and terms.

Minimum Home Equity amount is $10,000. Maximum interest rate for Home Equity Lines of Credit is 18.00%. The maximum annual percentage rate that can apply is 18%. There is an appraisal fee for loan applications over $250,000 which can range from $305 - $580. The interest rate is based on the Wall Street Journal Prime Rate and may vary monthly. An early termination fee may apply if closed within the first 12 months. Must meet eligibility guidelines.  APR may change without notice.

Special HELOC Offer: 3.24% fixed for the 1st 12 months, Prime + 0% thereafter. Offer effective with application submitted on or after April 1, 2018. Offer may end without notice.

HELOC Special:  The APR is an estimate and could be higher, based on the date of closing and the number of days interest collected at consummation. 3.24% introductory rate is fixed for 12 months, after which the rate reverts to Prime. Prime Rate as of 3/21/18 is 4.75%. Members will be qualified at the 4.75% rate. APR may change without notice. Maximum Loan to Value of 90%. Minimum Home Equity amount is $10,000. Maximum interest rate for Home Equity Lines of Credit is 18.00%. The maximum annual percentage rate that can apply is 18%. There is an appraisal fee for loan applications of $250,000 and above, which can range from $305 - $580. The interest rate is based on the Wall Street Journal Prime Rate and may vary monthly. An early termination fee may apply if closed within the first 12 months. Must meet eligibility guidelines. APR may change without notice. Offer effective with application submitted on or after April 1, 2018. Offer may end without notice.

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