Your savings federally insured to at least
$250,000 and backed by the full faith
and 
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This option will work for you if you want to be able to borrow money as you need it, up to your credit limit. So if you’re planning on a home remodeling project, and need to pay the contractor now, buy cabinets next month, and the pay the painter in two months, a line of credit is the way to go.
MCU Home Equity Line of Credit features:
- No application fee or closing costs
- Low, variable rate that is tied to prime
- Terms up to 25 years
- Borrow limits:
- Minimum $10,000
- Maximum: Loan-to-value less than 85% is $1 million, greater than 85% loan-to-value is $100,000.
- Borrow only what you need, when you need it
- The line is revolving – available credit can be used over and over again as the
- balance on the home equity line is paid down
- Advance your line with a quick transfer in MCU Online Banking
- Interest payments are usually tax deductible
Low Interest-Only Payments with Lock Option
An interest-only home equity line of credit offers the freedom to finance your purchase 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. Payments then stay the same from month-to-month.
Please note MCU Home Equity Loans and Lines of Credit are only available to Illinois homeowners.
Need help? Call us at 800.662.2772