Home Equity Line of Credit
Money borrowed through a Medina County Federal Credit Union Home Equity Line of Credit can be used for any purpose, from home improvement projects to family vacations.
There are numerous benefits of a Home Equity Line of Credit:
- Home equity loans are typically 100% tax deductible
- You establish the amount when your loan is approved
- Lower interest rate than using your credit card
- Your line of credit rebuilds each time you make a payment
- Added convenience of payroll deduction
Our Home Equity Line of Credit applications are given special priority and processed quickly to give you fast response.
For more information on a Home Equity Line of Credit, call us at 1-800-367-8932 or stop by one of our branch locations. You can also apply online now.
Approval for a MCFCU Home Equity Line of Credit is subject to meeting established credit criteria. Must be an existing Member or become a Member of the Credit Union to obtain a loan. Certain terms and conditions apply. Credit is Subject to approval. Consult a tax advisor regarding the deductibility of interest. MCFCU products, services, terms and prices are subject to change. Annual Percentage Rate: Annual Percentage Rate (APR) shown was available as of Monday June 2, 2014 to well qualified applicants for variable rate lines of credit up to $250,000 secured by single-family owner occupied residential property. Your APR may be higher and will be based on the current Wall Street Journal Prime Rate, your credit qualifications, the amount of the line, loan-to-value, and property type. APRs currently range from Wall Street Journal Prime Rate, to Wall Street Journal Prime Rate plus 1.00% for a Home Equity Line of Credit. Annual Fee: There is no annual fee. Account Opening Fees: There are no fees to open a Home Equity Line of Credit. Early Termination Fees: There is no early termination fee. Property Insurance: You are required to carry property insurance on the property that secures your account. Flood insurance may be required. Your payments on this account do not include taxes or insurance. Appraisal Fees: If applicable a $250 appraisal fee may apply.
Credit is subject to approval. Rates, terms and conditions are subject to change at any time based on market conditions or other business factors. APRs may differ based on credit scores. Call or stop in to obtain product information and current rates.
Payment example is based on $25,000 variable-rate balance at current variable APR of 3.25% (assumes one initial draw of $25,000). Minimum monthly payment of 1% or $100 whichever is greater are $250. Total number of payments – 180, with a maximum 10 year drawl period. Highest payment possible at maximum interest rate of 18% is $250. APR is variable.