With a low, variable rate home equity loan from MDCU, the choice is yours! Interest rates on home equity loans are usually substantially lower than the rates on other types of loans. In addition, the interest you pay may be tax deductible for even greater savings over other types of loans. Consult your tax advisor regarding deductions while reviewing your options.
Flexibility
With a home equity loan from MDCU, you have a loan that can be used for many worthwhile purposes. Our members have used these low home equity rates to purchase cars, remodel their homes, pay for college tuition, consolidate high interest loans and much much more!
Benefits of our Home Equity Line of Credit Loan:
• Your payment will NOT change if the interest rate increases. • Your rate can only increase 2.00% a year, or it can decrease 2.00% a year and has a maximum rate of 12.00% APR*. • Pay off your high interest credit cards at one low rate. • Access your line of credit for up to 10 years for worthwhile purposes like home improvements, tuition expenses or debt consolidation.
Contact one of our loan officers at (276) 632-1679 or (540) 483-0018 or (800) 475-6328 to apply today.
*APR - Annual Percentage Rate. This Variable Home Equity Line of Credit will adjust annually and may change after you open the account. The maximum APR that can be applied is 12%. The minimum APR that can be applied after the first year of the loan is 3.75%.The Home Equity Rate is based on the week ending treasury security adjusted to a constant maturity of one year published on the Federal Reserve Statistical Release on the third Monday of each month. Our rate is determined by adding 2.00% and rounding up to the next .25%. Rates are subject to change. To lookup treasury constant maturities, click here to visit the website.
