Home Equity

Rates

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Home Equity305/11/2012
Maximum Loan to Value	Maximum Term	Annual Percentage Rate As Low As1	Loan Limits4
80%	6 years fixed	5.49%	Min $5,000 Max $200,000
80%	5 year balloon2	5.49%	Min $5,000 Max $200,000
80%	10 years	5.99%	Min $5,000 Max $200,000
100%	6 years fixed	6.05%	Min $5,000 Max $150,000
100%	5 year balloon2	6.05%	Min $5,000 Max $150,000
100%	10 years	6.15%	Min $5,000 Max $150,000
1Actual rate is based on applicant's credit history. 2Up to 15 year amortization with a 5-year balloon. 3Rates are accurate as of specified date and are subject to change without notice. 4Closing costs ranging from $0 - $1,000 may be charged for a Home Equity loan.

Details

• No prepayment penalty
• No origination fee
• Borrow up to 100% of the equity in your home, to a maximum of $150,000 (for qualified borrowers).
• Borrow up to 80% of the equity in your home, to a maximum of $200,000 (for qualified borrowers).
• 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.
• The interest paid on the secured loan may be tax deductible. (The credit union does not give tax advice. Please consult your tax advisor.)

We look forward to assisting you with all of your home financing needs!

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Speak to a Loan Officer today to help choose the loan that is right for your situation.  With our Lenders not working on commission, and each one a Mayo employee, MEFCU is a great place to turn to for advice you can trust.

Why guess when you can trust our advice?

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	Rate	Origination Fee	Draw Period
Home Equity	Fixed	None	One time
HELOC	Variable	None	15 years
First Lien	Fixed	None	One time

Sign-Up for Rate Alert
Home Equity305/11/2012
Maximum Loan to Value	Maximum Term	Annual Percentage Rate As Low As1	Loan Limits4
80%	6 years fixed	5.49%	Min $5,000 Max $200,000
80%	5 year balloon2	5.49%	Min $5,000 Max $200,000
80%	10 years	5.99%	Min $5,000 Max $200,000
100%	6 years fixed	6.05%	Min $5,000 Max $150,000
100%	5 year balloon2	6.05%	Min $5,000 Max $150,000
100%	10 years	6.15%	Min $5,000 Max $150,000
1Actual rate is based on applicant's credit history. 2Up to 15 year amortization with a 5-year balloon. 3Rates are accurate as of specified date and are subject to change without notice. 4Closing costs ranging from $0 - $1,000 may be charged for a Home Equity loan.

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Home Equity Line of Credit Variable Rate305/11/2012
Maximum Loan to Value	Draw Period	Annual Percentage Rate1	Loan Limits2
80%	15 years	3.25%	Min $5,000 Max $150,000
1The variable loan rate is subject to change the first day of each calendar month, based on the external prime lending rate index published in "The Wall Street Journal" in effect at the close of the fifteenth day of the preceding month (i.e., July 1-31, the rate would be determined based on the June 15 prime rate). Any rate change will affect existing balances as well as future advances. The maximum rate is 16.00%. 2Minimum payment is $15 per thousand or $50 per month, whichever amount is greater. Initial advance must be at least $5,000, after that, $100. When an advance is given, the new payment amount is disclosed on the receipt. 3Closing costs ranging from $0 - $1,000 may be charged for a Home Equity loan.

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First Lien Home Equity Loan Fixed Rate205/11/2012
Maximum Loan to Value	Maximum Term	Annual Percentage Rate As Low As1	Loan Limits3
80%	10 years or 15 years w/ 10 year balloon	3.99%	Min $5,000 Max $200,000
1Actual rate is based on applicant's credit history. 2Rates are accurate as of specified date and are subject to change without notice. 3Closing costs ranging from $0 - $1,000 may be charged for a Home Equity loan.

Payment Protection

Your unexpected disability or death can affect your household's income level and change your family's standard of living in an instant. Two forms of optional coverage are available for qualified members:

    1.  Credit Life Insurance

• A voluntary form of payment protection designed to pay off an outstanding loan balance in the event a covered member dies before the loan is repaid, up to policy maximum.
• Allows your other life insurance policies to pay what you intended them to pay.
• Single and Joint coverage available.

    2.  Credit Disability Insurance

• A voluntary form of payment protection designed to make a member's monthly insured loan payment, up to the policy maximum, should they become totally disabled due to a medically determined sickness or injury and are unable to work.
• Helps prevent unforeseen circumstances from changing your financial flexibility.
• Single and Joint coverage available.

Protection that pays.

Your purchase of credit life and credit disability insurance, underwritten by CUNA Mutual Insurance Society, is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan.  Certain eligibility requirements, conditions, and exclusions may apply.  Please contact your loan representative, or refer to the Policy Agreement for a full explanation of the terms. 
CDCL-1110-AA6A

Online Application

The easiest way to start the process is to request a loan online, and our lending team will contact you with further details!  Click here to request a loan.