Home Equity


Home Equity Loans & Line of Credit

Type

Term

Rate**

Points

APR*

Notes

Fixed Rate Loans

Up to 5 Years

4.250%**

0

4.255%**

A fixed rate loan of $25,000 at 4.250% would have 60 monthly payments of $463.24 with total repayment of $27,794.40.

A fixed rate loan of $25,000 at 4.750% would have 120 monthly payments of $262.12 with total repayment of $31,454.40.

A fixed rate loan of $25,000 at 4.875% would have 180 monthly payments of $196.07 with total repayment of $35,293.40.

A fixed rate loan of $25,000 at 5.750% would have 240 monthly payments of $175.52 with total repayment of $42,124.80.

You should consult a tax advisor regarding the deductibility of interest and any other charges. Payment example does not include taxes and insurance premiums, if applicable

Up to 10 Years

4.750%**

0

4.753%**

Up to 15 years

4.875%**

0

4.877%**

Up to 20 years

5.750%**

0

5.751%**

Line of Credit

5 or 10 Year Draw with 15 Years to Repay

Up to $175,000

1.99% for first
12 months¥,
then Prime-.25% ***

0

1.99% for first
12 months¥,
then Prime-.25% ***

Fixed Equities, Lines of Credit, and Edge Loans have no application fee or closing costs on lines up to $125,000.**** Consult with a Mortgage Originator for more details. You should consult a tax advisor regarding the deductibility of interest and any other charges.

5 or 10 Year Draw with 15 Years to Repay

$175,001 to $250,000

 Prime+.75%***

0

 Prime+.75% ***

5 or 10 Year Draw with 15 Years to Repay

$250,001 to $300,000

 Prime+1.25%***

0

 Prime+1.25%***

Equity Edge Loan
For borrowers with good credit and no/low equity in their home.

1-3 Years

6.625%**

0

6.628%**

A fixed rate loan of $10,000 at 6.625% would have 36 monthly payments of $307.06 with total repayment of $11,054.16.

A fixed rate loan of $10,000 at 6.625% would have 60 monthly payments of $196.25 with total repayment of $11,775.00.

A fixed rate loan of $10,000 at 6.625% would have 120 monthly payments of $114.19 with total repayment of $13,702.80.

You should consult a tax advisor regarding the deductibility of interest and any other charges.

4-5 Years

6.625%**

0

6.628%**

6-10 Years

6.625%**

0

6.628%**

 

*Annual Percentage Rate

 

**Rates effective as of 7/1/2017. Rates are subject to change without prior notice and apply to 1 or 2 family, owner-occupied residences. Actual interest rates and APR’s may vary based on credit history and other loan characteristics. Receive a .25% reduction on your Fixed Equity Loan or Equity Edge Loan rate when you set up automatic payments from your MHV savings or checkiing account. Your rate may vary.

***Home Equity Line of Credit rates are variable. Actual interest rates and APR’s may vary based on credit history and other loan characteristics. Rates are indexed to the Prime Rate published in the Wall Street Journal the third Friday of February, May, August and November, 1) less .25% for lines less than $175,000, 2) plus .75% for lines of $175,001 to $250,000 and 3) plus 1.25% for lines of $250,001 to $300,000, and take effect the first day of the following quarter, subject to a maximum change of +/- 3% and a maximum APR of 18%. Prime Rate is 4.25% as of 6/15/17.

****Closing costs paid by the Credit Union may be recaptured if: (1) Line/loan is closed/terminated within the first three years. (2) Equity Edge Loan is closed/terminated within the first twelve months. 

¥APR = Annual Percentage Rate. Offer valid for approved applications received on or after March 1, 2017. Promotional offer subject to change or terminate at the discretion of MHV. All loans are subject to a maximum loan to value of 80%. MHV will pay select closing costs on loan amounts up to $125,000. Closing costs may be recaptured if the loan is closed/terminated within the first three years. Offer not available for Equity Edge. Home Equity Line of Credit, maximum line amount of $175,000, promotional APR will terminate at the end of the promotional period and your variable rate will be determined by indexing the Prime Rate published in the Wall Street Journal the third Friday of February, May, August and November minus .25% and will be noted on your monthly statement. Prime Rate minus .25% is 4.00% as of 7/1/2017. Maximum rate is 18%. Advertised rate based on credit qualifications. Advertised rate based on credit qualifications and rate reflects .25% discount for automatic payments from your MHV savings or checking account. Additional terms and conditions may apply. See Branch or call for details.

 

NMLS#: 411955

FHA Loans Please Call Us for Rates

VA mortgages are also available. Please call for current rates.

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