Home Equity Line of Credit
At MWD FCU, we know nothing grinds a project to a halt faster than a lack of funds. That’s why we offer low-rate home equity lines of credit to help boost your budget! With more cash, you can check more things off your ever-growing to-do list.
Borrow against the equity in your home for an accessible line of credit that can address today’s financial needs while securing a flexible cash source for your future.
- Borrow up to 80 percent of your home’s available equity
- Borrow up to $250,000, based on your available equity and credit qualifications
- Draw funds as you need them, up to your approved credit limit
- No processing fees
- Low payments with interest only option
- Quarterly rate adjustments based on the prime rate
- Fixed rate loan lock option
- Interest may be tax deductible
MWD FCU home equity line of credit features variable rates based on the Prime Rate (as published in the Wall Street Journal) plus a margin which as of 8/1/17 ranges from 4.25% APR to 9.75% APR for line amounts from $5,000 to $250,000.
Property insurance is required; if the collateral is determined to be in an area having special flood hazards, flood insurance will be required as well. Other restrictions may apply. Interest on your HELOC may be tax deductible. Please consult your tax adviser regarding the deductibility of interest.
Lock in all or any portion of your variable balance with a fixed rate at any time. Call (213) 217-6612 for more information about our Home Equity Line of Credit Fixed Rate Option.
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APR=Annual Percentage Rate. All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice. All Credit Union loan rates and terms are based on an evaluation of applicant credit. Your actual rate may vary. All loans are subject to approval.