Your savings federally insured to at least
$250,000 and backed by the full faith
and 
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Use your home's equity to buy what you need now. With an MCU Home Equity Loan,
you’ll 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 Home Equity Loan features:
- No application fee or closing costs
- Low, fixed rate that does not change
- Fixed payments
- 5 or 10 year terms available
- Borrowing limits:
- Minimum $5,000
- Maximum: Loan-to-value greater than 85% is $1 million, less than 85% loan-to-value is $100,000.
- View balance and payment history in MCU Online Banking
- Interest payments are usually tax deductible
5-Year Balloon Option
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.
Please note MCU Home Equity Loans and Lines of Credit are only available to Illinois homeowners.
Need help? Call us at 800.662.2772