Home Equity Loan
Need cash for life’s little surprises? Get it fast.
When you need extra money, a home equity loan from MECU could be your best solution. Whether it’s an emergency home repair, home improvement, college tuition or a special purchase, you can leverage the equity in your home to provide the funds you need.
A home equity loan is secured by the equity in your home, and often offers tax-deductible benefits (be sure to consult your tax advisor for details).
Qualified members can borrow up to 90% of the current appraised value of their home less any outstanding liens. In Texas, the limit is 80% of the appraised value less any outstanding liens.
MECU offers a very attractive fixed rate, along with the flexibility of choosing a term that best fits your needs. Our home equity loan features:
MECU currently offers home equity loans in AZ, CA, FL, GA, IL, MA, NH, NY, PA, TX and WI. To view our full disclosure, click here.
Compare home equity loan rates
APRs in this table are for home equity loans of $50,000 with a 60-month term.
| Financial Institution | APR |
|---|
| MECU | 4.99% |
| Bank of America | 7.04% |
| Wells Fargo | 7.36% |
| Citibank | 7.99% |
Competitors’ fixed APRs are for Illinois only and are based on mybanktracker.com. They reflect no relationship-pricing discounts. MECU’s fixed 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.
NMLS ID: 411839