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Home Equity Loans
Your credit union offers two types of home equity loans.
- Fix Rate - best for projects or purchase for which one loan advance is planned
- Variable Rate Line of Credit - best for long or on-going projects where you could benefit from having the ability to borrow smaller amounts multiple times
Some things that a home equity loan could be used for are
- Remodel a kitchen
- Repair/replace a roof
- Put on an addition
- Add a deck
- Add a garage
- Other major purchases
Additions, remodeling and repairs not only can make your home more comfortable to live in but can also increase the value of your home. A home equity loan is a loan using the property as collateral in addition to or in place of your first mortgage.
Some of the advantages to a home equity loan include
- Interest may be tax deductable
- Line of credit - for long projects, borrow what you need when you need it
- Lower monthly payments and interest rates than other ways to fund such projects
Contact a MCFCU loan officer to discuss your options.