Take Out A Loan
15-Year HELOC (Interest Only)
A MAFCU home equity line of credit is a ready source of cash you can access simply by writing a check. This flexible financing solution offers:
- Low Variable Rates.*
- Credit lines based on 95% of the appraised value of your home minus the first mortgage.
- Interest-Only option.
- Minimum line of credit of $10,000; maximum line of $500,000.
- Free checks for convenient access to your line of credit.
- No initial draw requirement.
- Payments based on principal and interest or interest only.
- Monthly payment based on 15-year terms.
- Potential tax advantages.*
- Convenient 24-hour access to loan information through our ATMs, Free Online Banking and Free Telephone Banking services.
- No closing costs - we pay them.**
|APR||Min. Loan Amt||Max. Loan Amt|
1Rates are subject to change at any time and are inclusive of "auto pay". Loans without "auto pay" are higher by .125%. Loan must remain outstanding for at least 36 months or closing cost paid by MAFCU will be added on to the loan. Payment Options: Principal and Interest or Interest Only. Homeowners' Insurance and Flood Insurance, if applicable, is required. Your Annual Percentage Rate may vary with the market based on the Prime Rate, the minimum is Prime +0.0%. The range in margin is 0.00% to 2.00% depending on credit score. Maximum is 18%. The index is the Prime Rate and is published in the Wall Street Journal "money rates" table on the 25th day of each calendar month, or if The Wall Street Journal is not published that day, the highest Prime Rate published in The Wall Street Journal "money rates" table immediately before the 25th day of the calendar month. The Prime Rate is a pricing index and is not the lowest or best interest rate available.