If you need financing for home improvements, school tuition, loan consolidation, or any other reason, our home equity loans may be right for you. The amount of money you can borrow depends on the equity you have in your home.
80% & 90% Loan To Value Home Equity Loans
Open-End Home Equity Loan – An Open-End Home Equity Loan is a revolving line of credit secured by the equity you have built up in your home. You can borrow up to 80% or 90% of the assessed value of your home. These lines of credit are available up to 15 years at a competitive variable interest rate.The MVCU advantage:
- MVCU uses the 11th District Cost of Funds index instead of the volatile prime rate.
- MVCU’s variable rate can adjust every six month period – not like most financial institutions that change monthly.
Closed-End Home Equity Loan – A Closed-End Home Equity Loan is a one-time loan advance. You can borrow up to 80% or 90% of the assessed value of your home. These fixed rate loans can be amortized up to 10 years.
Home Equity Loans have a possible tax benefit. Consult your tax advisor to determine if your Home Equity Loan provides you with a tax benefit.
For more information on a Home Equity Loan from MVCU, visit any office or contact a loan officer today by clicking here.
MVCU NMLS ID 813187