Home Equity Loans
Put the Equity in Your Home to Work for You!
Looking to purchase that big ticket item? The funds you need may be right in your own backyard – or closer! Many of our satisfied members throughout Vermont have used home equity loans.
Do you have “Life Happens” events coming up? This loan is perfect for you!
MACCU is currently offering a Special Home Equity Line of Credit for 2.99% APR!
- College tuition
- Purchase a car
- Pay for car repairs
- Funeral expenses
- Vacation
- Pay off higher rate loans
- Home improvement
Borrow up to 80% of the equity in your home minus first mortgage balance.
For example: If a home is valued at $200,000 and the remaining mortgage balance is $100,000, we would lend up to $60,000. ($200,000 x 80% = $160,000 – $100,000 = $60,000)
- May be tax-deductible*
- Convenience checks provided to access your line
- Variable rates
- Minimum loan amount $10,000/Maximum $200,000
- Quick turnaround time!
Members Advantage Community Credit Union, with locations in Barre, South Burlington, Springfield, White River Junction, and Windsor, also offers Home Equity Loans:
Looking for something fixed? Try our Fixed-Rate Home Equity Loan
For people who want the security of a fixed rate and a one-time disbursement of funds.
- Borrow up to 80% of the equity in your home minus first mortgage balance
- For example: If a home is valued at $200,000 and the remaining mortgage balance is $100,000, we would lend up to $60,000. ($200,000 x 80% = $160,000 – $100,000 = $60,000)
- Rate is fixed for the life of the loan
- 5-, 10-, and 15-year terms
- Minimum loan amount $5,000/Maximum loan amount $200,000
- May be tax-deductible*
- Low closing costs
If you need more flexibility, a Home Equity Line of Credit may be a better option for you:
- Borrow up to 80% of the equity in your home minus first mortgage balance
- For example: If a home is valued at $200,000 and the remaining mortgage balance is $100,000, we would lend up to $60,000. ($200,000 x 80% = $160,000 – $100,000 = $60,000)
- 10 Year Draw period
- Minimum loan amount $5,000/Maximum loan amount $200,000
- May be tax-deductible*
- Low closing costs
- Quick Turn around – often an appraisal isn’t required
*Check with your tax advisor.
Please contact us for more information on our Home Equity Loans or visit one of our Vermont credit union locations!
*APR= Annual Percentage Rate. Rates Shown are as low as and may be different from the rate you qualify for. Rates are determined by an evaluation of your credit, the term of the loan, and the value of your home. Minimum loan amount is $10,000 and maximum loan amount is $200,000 with maximum LTV 80%. For HELOC Special, rate and margin are determined by an evaluation of your credit. Rate beginning January 2019 is Prime +0%. Your rate may differ from the one shown. Credit Union will cover up to $250 of closing costs. Closing costs can range from $250 to $675. Minimum of $10,000 must be drawn at time of closing to qualify for $250 in closing cost credit. An appraisal may be required, but in many instances is waived. New Money Only. Floor rate is 4.25%. See Credit Union for full details. NMLS# 409405