Low rates prevent your payments from building up
MECU's low rates can really help keep your monthly budget under control.
| Term | Fixed APR* (as low as) | Monthly Payment** (per $1,000 borrowed) |
|---|---|---|
| Up to 80% Loan To Value | ||
| 5-year fixed rate | 5.99% | $19.33 |
| 10-year fixed rate | 6.49% | $11.35 |
| 15-year fixed rate | 6.99% | $8.98 |
*APR = Annual Percentage Rate. While this page is updated regularly, rates are subject to change. Your actual APR may be higher based on your loan amount, repayment term, collateral, credit history and ability to repay. MECU will pay the initial closing costs. If the loan is paid off and closed within 12 months of original note date, closing costs must be reimbursed to MECU by the borrower. Closing costs vary and generally range around $850 to $1,000 on a $20,000 loan. Subject to credit approval and verification of collateral. Adequate property and flood insurance is required, if appropriate. MECU membership required.
**Monthly payment is per $1,000 borrowed.
| Loan to Value | 12-Month Introductory Rate FIXED APR* | Standard, Post Introductory Rate VARIABLE APR* | Monthly Payment** (per $1,000 borrowed) |
|---|---|---|---|
| Standard Home Equity Line of Credit1 Interest-Only Payment Option Available on “Standard” HELOCs up to 80% LTV | |||
| Up to 80% LTV | 5.99% | Prime minus 0.25% Currently: 8.25%* |
$9.70 |
*APR = Annual Percentage Rate. While this page is updated regularly, rates are subject to change. Minimum monthly payment equals $100. Introductory rate will be fixed for 12 months. The standard, post-introductory APR will be a fully indexed, variable rate based on Prime plus or minus a margin based on your loan-to-value ratio at account opening. Prime Rate is obtained from the Wall Street Journal and is currently 8.50%, in effect since 07/27/2023. The minimum standard APR that can apply is 3.25% and the maximum APR that can apply is your standard rate plus 6%. The maximum APR in Maryland is 18%. The standard, post introductory rate is variable and may adjust on a quarterly basis. Subject to credit approval and verification of collateral. Adequate property and flood insurance is required, if applicable. MECU membership required.
1 MECU will pay the initial closing costs on “Standard” Home Equity Lines of Credit. If the line is paid off and closed within 12 months of original note date, closing costs must be reimbursed to MECU by the borrower. Closing costs vary and generally range around $850 to $1,000 on a $20,000 line of credit.
**Monthly payment is per $1,000 borrowed at the post-introductory APR assuming no additional advances or rate increases.
Handbook on Adjustable Rate Mortgages
| Repayment Terms | Fixed APR* (as low as) | Monthly Payment** (per $1,000 borrowed) |
|---|---|---|
| Unsecured Loan with a maximum loan amount up to $25,000 | ||
| up to 60 Months | 9.24% | $20.88 |
| 61 - 84 Months | 9.99% | $16.60 |
| 85 - 120 Months | 10.74% | $13.63 |
| 121 - 180 Months | 11.99% | $12.00 |
*APR = Annual Percentage Rate. Other terms and conditions may apply. Your maximum loan amount may be lower and your rate may be higher than stated above depending on your credit score. All borrowers on the loan must have ownership interest in the property address, occupy the property, and loan funds must be used for home improvements on the same property. A bid/material list will be required. Mobile, seasonal and secondary homes are ineligible property types. Subject to credit approval and membership eligibility.
**Monthly payment is per $1,000 borrowed at the maximum stated repayment term.
