Home Equity Line of Credit
Need money for home improvement projects or unexpected costs? Sign up for a home equity line of credit with us and it may be the last loan you ever need!
What is a Home Equity Line of Credit?
A home equity line of credit, also called a HELOC loan, is not your typical loan. A HELOC loan lets you access the equity in your home through a revolving line of credit. Simply write a check whenever you need the extra cash over the draw period. There’s no penalty for prepayment, no annual fee and no closing costs!*
*MCT pays all closing costs. If you terminate your account within 36 months of opening it, you will be required to pay an Early Closure Fee consisting of (1) a $200 base fee, plus (2) any closing fees MCT paid on your behalf.
Home Equity Line of Credit Rates
Your revolving line of credit has a variable annual percentage rate (APR) indexed to the Wall Street Journal Prime Rate, with a maximum APR of 18%. You can lock in segments of your HELOC loan within your approved credit limit at a fixed rate and term up to five times during the draw period.