MECU members can apply for a HELOC on their primary residence. This open-end loan ensures instant cash for life’s unexpected surprises or opportunities that may require a loan.
Borrow up to 90% of the current appraised value of your home, less any outstanding liens. In Texas, the limit is 80% loan to value, less any outstanding liens, not to exceed 50% of your home’s value. MECU’s 15-year variable-rate HELOC is a revolving line of credit that can be drawn upon for the first 10 years. Repayment options include principal and interest repayment throughout the life of the loan or interest-only repayment for the initial 10 years and principal and interest repayment during the final five years.
The minimum initial advance is $5,000 and subsequent advances must be at least $500. In Texas, the subsequent advance is $4,000.
Our HELOC is secured by a mortgage lien and often offers tax-deductible benefits. Be sure to consult your tax advisor for details.
MECU currently offer home equity lines of credit in AZ, CA, FL, GA, IL, MA, NH, NY, PA, TX and WI. To view our full disclosure, click here.
Compare home equity line of credit rates
APRs in this table are for home equity lines of credit of $100,000 only.
| Financial Institution | APR |
|---|
| MECU | 3.25% |
| Citibank | 4.49% |
| Wells Fargo | 5.24% |
| Bank of America | 5.42% |
Competitors’ variable APRs are for Illinois only and are based on mybanktracker.com. They reflect no relationship-pricing discounts. MECU’s variable APR reflects a .50% discount for Express Advantage members (those with MECU checking and direct deposit) who make automatic loan payments from an MECU savings or checking account. All rates are effective as of May 15, 2012.