Home Equity Loans
You’ve worked hard to build up the equity in your home… now that equity can go to work for you. Home equity loans can be used for all sorts of things. You can renovate your home and increase its value. You can replace your leaky roof. You can get a new car. You can pay for your child’s college education. The possibilities are endless!
Choose the right loan for you:
Fixed Rate Home Equity Loan
Ideal for large one-time expense such as a major home improvement project, or to consolidate high-interest credit card debt.
Advantages:
- Low interest rates!
- Lump-sum of money payable over a fixed term
- Security of a locked in rate
- Consistent monthly payment
Terms:
- Repayment in 5, 10, or 15 years
- 3.75% floor limit
- Member pays the cost of the appraisal and any associated closing costs which can be included as part of the loan
- All properties must be located in the state of Indiana and owner occupied
- The maximum loan amount is the appraised home value x 85% less the first mortgage and any other outstanding liens
- The minimum loan amount is $5,000
- No one member will be entitled to real estate loans greater than $200,000 in aggregate with Midwest Family FCU
Variable Rate Home Equity Line of Credit (HELOC)
Advantages:- Low interest rates!
- No closing costs
- Borrow money as needed up to the approved limit
- Borrow multiple times with no additional closing costs
- Easy access to funds: Advances can be made in person, via online banking (Perfect Teller), telephone teller (Sybil), or by simply calling us at (219) 763-5640
Terms:
- 10 year draw period
- 10 year repayment period after the draw period ends
- $500 minimum draw amount
- An early termination fee of $350 or 2% of the outstanding principal balance, whichever is less, will be charged if the account is paid in full and closed within the first 36 months after the contract date
- All properties must be located in the state of Indiana and owner occupied
- The maximum loan amount is the appraised home value x 85% less the first mortgage and any other outstanding liens
- The minimum loan amount is $5,000
- No one member will be entitled to real estate loans greater than $200,000 in aggregate with Midwest Family FCU