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Home Improvement

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.