Unlock your home's equity and achieve your goals.Yes, you can use a MECU Home Equity Loan to pay for home renovations and other major expenses. But, you can also use it to pay off higher-rate bills to save money.
Cover major expenses without straining your budgetA MECU Home Equity Loan is a great way to cash in on all your efforts to increase your home's value. Take advantage of low rates and flexible repayment terms to make home improvements or cover other big-ticket costs, or pay off higher-rate bills.
- Single lump-sum payout
- Fixed interest rate and payments
- Loan amounts from $5,000 up to 95% of the equity of your home (appraised value minus the balance due on your mortgage and any outstanding liens)
- Variety of repayment terms up to 15 years*
- Eligible for our popular Bonus Rewards program*
**MECU will pay the initial closing costs. If the loan is paid off and closed within 12 months of original note date, closing costs must be reimbursed to MECU by the borrower. Closing costs vary and generally range around $850 to $1,000 on a $20,000 loan. Subject to credit approval and verification of collateral. Adequate property and flood insurance is required, if appropriate.
1 See rate and payment examples