Home Equity Loan
You've paid down your mortgage. Now it's time for those efforts to be rewarded. You can use your home's value to finish off a room, go on a trip, pay for college, or buy something special.
You paid for your dream home. Now let your home pay for your dreams.
- Home Equity Loans offer competitive fixed rates
- Rates and payments remain the same for the life of the loan
- Repayment terms of up to 15 years
- Borrow up to 90% of home's equity
- Receive your money in a lump sum
- No application fee and no closing cost option
Applying for a Home Equity Loan at Michigan Schools and Government Credit Union is a quick and easy process. We can hold the closing wherever is most convenient for you, including at your home or workplace. Another advantage is that interest paid on the loan may be tax deductible. Consult your tax advisor for more details.
| Home Equity Loan - 1st Lien | ||
| Type | Term | APR* as low as |
| Fixed - 80% Loan-to-Value | 1-5 Years | 6.00% |
| Fixed - 90% Loan-to-Value | 1-5 Years | 6.25% |
Example: A loan amount of $15,000 at 60 months with up to 80% Loan-to-Value and a rate as low as 6.00% (first lien) would be approximately $289.97. | ||
*Annual Percentage Rate. Rates may vary, based on term, and loan to value. Contact MSGCU for details. | ||
| Home Equity Loan - 2nd Lien | ||
| Type | Term | APR* as low as |
| Fixed - 80% Loan-to-Value | 1-5 Years | 6.75% |
| Fixed - 80% Loan-to-Value | 6-10 Years | 7.75% |
| Fixed - 80% Loan-to-Value | 11-15 Years | 8.75% |
| Fixed - 90% Loan-to-Value | 1-5 Years | 7.00% |
| Fixed - 90% Loan-to-Value | 6-10 Years | 8.00% |
Example: A loan amount of $15,000 at 120 months with up to 80% Loan-to-Value and a rate as low as 7.75% (second lien) would be approximately $180.02. | ||
*Annual Percentage Rate. Rates may vary, based on term, and loan to value. Contact MSGCU for details. | ||
