Home Equity Loan
Turn your equity into opportunity with a home equity loan from MSGCU. You can renovate and revitalize your home, consolidate high-interest debts, or cover a major expense.
Put your home equity to work for you.
Without giving up your low mortgage rate, a home equity loan can help finance home improvements, consolidate high-interest debts, or cover other major expenses like education funding or medical bills. Plus, we offer market-leading fixed rates for a manageable payment– and your rate and payment remains the same for the life of the loan, while you free up monthly cashflow. Home equity loans don’t have to be complicated.
- Repayment terms of up to 15 years
- Borrow up to 90% of home's equity
- Receive your money in a lump sum
- Low closing costs
Applying for a Home Equity Loan at Michigan Schools and Government Credit Union is a quick and easy process. We can hold the closing wherever is most convenient for you, including at your home or workplace. Interest paid on the loan may be tax deductible. Consult your tax advisor for more details.
| Home Equity Loan - 2nd Lien | ||
| Type | Term | APR* as low as |
| Fixed - 80% Loan-to-Value | 1-5 Years | 6.25% |
| Fixed - 80% Loan-to-Value | 6-10 Years | 6.75% |
| Fixed - 80% Loan-to-Value | 11-15 Years | 6.99% |
| Fixed - 90% Loan-to-Value | 1-5 Years | 6.50% |
| Fixed - 90% Loan-to-Value | 6-10 Years | 6.99% |
| Fixed - 90% Loan-to-Value | 11-15 Years | 7.25% |
Example: A loan amount of $15,000 at 60 months with up to 80% Loan-to-Value and a rate as low as 6.25% (second lien) would be approximately $291.76. | ||
*Annual Percentage Rate (APR) may be higher, based on term of loan, credit score, collateral, and loan to value. Ask an MSGCU Representative for details. | ||
