If you're in the market to purchase/build a home EMUCU has Mortgage Loans to help you reach your goals. Or, use the equity in your home to finance a variety of needs, with a Home Loan. Make home improvements, pay for college tuition, purchase a new car, consolidate debt or take that dream vacation. EMUCU offers competitive rates and various loan options to meet your needs.
Home Equity Line of Credit
Enjoy this adjustable rate revolving loan, where money becomes available again as the balance is paid down. Money can be accessed with an equity check or through MemberNet Online Banking. There is a 15-year-term with advances allowed the first seven years and repayment due the final eight years.
Take a look at these Home Equity Line of Credit advantages:
- Advances of $100 or more may be done by writing an equity check or online through your MemberNet account.
- Credit line from $10,000 to $750,000
- Tax Advantages. Because this loan is tied to your home, you may be able to deduct the interest you pay. Consult your tax advisor regarding deductibility.
To apply for your Home Equity Line of Credit, call 734-662-8200 or 800-968-8628, to speak to one of our home equity loan experts.
*APR may vary after the account is opened. Rates are subject to change without notice. Credit subject to approval; normal credit standards apply. Property insurance is required. A $5 membership fee applies to new members.
**Loan amount will be based on the borrower's credit worthiness and available equity. There is a 15-year term with advances allowed in the first 7 years and minimum payment due monthly. If the account is not refinanced, a balloon payment will be required at the end of the term.
Mortgage services provided by MemberFirst Mortgage LLC (NMLS #149532) and UMCU (NMLS #712343).The periodic interest rate is Prime plus a margin based on credit. There is a maximum annual percentage rate of 25% APR. For the current interest rate, click here.