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Home Equity... Discover Your Options
Home Equity loans are a type of loan in which you use the equity in your home as collateral. This equity can be used for a variety of purposes and you are not limited to spending the loan proceeds on your house. Below are some frequently asked questions.
Home Equity Line of Credit
Get all the benefits of a home equity loan with the convenience and flexibility of a credit line. Draw from your home equity line of credit any time you need to pay for home improvements, debt consolidation or any large purchases and repay on flexible terms. Line of credits carry a variable interest rate that is attached to the prime rate.
Home Equity Loan
Home Equity loans are a one-time installment loan where the equity in your home is used as collateral. Enjoy the predictability of a home equity loan with set monthly payments and a fixed interest rate so you can manage your budget.
How Much Can I Borrow?
MVFCU allows qualified borrowers to finance up to 90% of your home's value. The lower the LTV the lower your interest rate.
How Long Do I Have To Repay?
Home Equity loans can have repayment terms anywhere from 5 to 20 years. See our current rates below for more information regarding terms and repayment options.
How Much Are Closing Costs?
MVFCU offers a NO CLOSING COST option for members who borrow $10,000 or more and have the loan for at least 3 years. Typical closing costs are around 1% of the loan amount with a minimum of $150 for filing fees.
| HOME EQUITY LOANS | |||
|---|---|---|---|
| 70% maximum Loan to Value | |||
| Term | Payment Example Amount | APR | Payment |
| 60 months | $8,500 | as low as 6.49% | $166.27 |
| 120 months | $10,000 | as low as 6.74% | $114.77 |
| 180 months | $15,000 | as low as 7.49% | $138.97 |
| 80% maximum Loan to Value | |||
| Term | Payment Example Amount | APR | Payment |
| 60 months | $8,500 | as low as 6.99% | $168.27 |
| 120 months | $10,000 | as low as 7.24% | $117.35 |
| 180 months | $15,000 | as low as 7.99% | $143.26 |
| 90% maximum Loan to Value | |||
| Term | Payment Example Amount | APR | Payment |
| 60 months | $8,500 | as low as 7.74% | $170.28 |
| 120 months | $10,000 | as low as 7.99% | $119.96 |
| 180 months | $15,000 | as low as 8.74% | $147.62 |
| Home Solar and Renewable Energy Loan Program (80% maximum Loan to Value) | |||
| 60 months | Payment Example Amount | APR | Payment |
| 120 months | |||
| 180 months | $8,500 | as low as 6.74% | $167.27 |
| $10,000 | as low as 7.24% | $117.35 | |
| $15,000 | as low as 8.24% | $145.43 | |
| HOME EQUITY LINE OF CREDIT | ||
|---|---|---|
| LTV | APR | |
| Up to 70% | Prime - 0.50%* | 8.00% |
| 70% to 80% | Prime | 8.50% |
| 81% to 90% | Prime + 0.75% | 9.25% |
| * floor rate is 3.99% | ||