Home Improvement Loans

Mayo Employees Federal Credit Union has a flexible home improvement loan available to its members. Members do not need to show equity in their home in order to qualify for the loan. A brief description and cost estimates for the project, along with the normal loan paperwork is required. Loan amounts of $5,000 to $50,000 are secured by a mortgage lien.

Home Equity Loans

Borrow up to 100 percent of the equity in your home. Home equity loans can be used to consolidate debt, purchase a vehicle, and make home improvements or any other worthwhile purpose. Equity is the value of your home, less the existing loan balances.

Eligible properties include primary residences and vacation homes located in Arizona, Florida, Iowa, Minnesota, and Wisconsin.

The interest paid on the secured loan may be tax deductible. (The credit union does not give tax advice. Please consult your tax advisor.)

When Your Home is on the Line brochure (Federal Reserve Board)