MCU Home Equity Line
Once your credit line
is established, you can access your home equity line anytime with MCU
Online Banking or by check.
Just like a credit card, the amount
available on the line is replenished as the line is paid down. And you'll receive
a low, variable rate that is tied to prime.
Low Interest-Only Payments with Lock Option
An interest-only home equity line of credit offers the freedom to finance
home remodeling projects or other large purchases while paying only
the interest on a monthly basis for up to ten years, keeping your
monthly payment low. At the end of your term, your balance will convert
back to a higher principal and interest payment.
If you're concerned about rising interest rates, or if you like the idea of predictable payments, MCU's Lock Option allows you to lock in a fixed rate on a portion of your balance. So, your payments stay the same month to month.
MCU Home Equity Loan
Use your home's equity to buy what you need
now. Receive your money all at once then pay it back in fixed monthly
payments that do not
fluctuate for a 5 or 10
year term.
MCU 5-Year Fixed-Rate Home Equity Balloon
If you plan on selling your home in five years or less, and need a
lower monthly payment, this option may be for you. This balloon home
equity option has fixed
monthly payments for five years, and a lump sum or "balloon" payment
due to complete the payoff of the loan. Because the loan is amortized over 20
years, the monthly payments tend to be lower than other types of home equity
plans.
This is also a good plan if you have a 5-year Adjustable Rate Mortgage on your home because in five years, both your mortgage and your home equity will come due and can be refinanced at the same time.
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