Home Equity Loans
Metro North Federal Credit Union offers home equity loans to help you get the collateral you need to cover additional expenses. Here at our credit union, we know things come up and are here to help with your financial needs. Discover how our home equity loan product can help you.
Your House Can Help You
MNFCU can help to assist in the big investment to help pay for any repairs and renovations, education or other large expenses. We offer a quick turnaround time and there aren’t any fees associated with receiving a home equity loan. Choosing to take out a loan with us can result in:
- Your interest payments being tax deductible if you consult with a tax advisor.
- Having convenient access to your home’s equity whenever you need it.
HEL vs. HELOC
Home equity loans (HEL) are the better option to choose to get money back on your home than opening a home equity line of credit (HELOC). The advantages of the two are listed below:
- A few advantages of the HEL is its fixed interest rate, fixed amount, and appears in one lump sum.
- HELOC advantages lets you borrow money as you need it and lets you spend it in different forms (credit cards or checks).
The down sides of a HELOC though is its fixed term period where you are only allowed to spend the maximum amount given, like a credit card and the interest rate can change over time.
More Than Just a Home Equity Loan
We offer other types of loans besides the home equity loan. The possibilities are endless here because we have low rates and relationship discounts for our members. MNFCU offers a variety of loans including:
Purchase Your Home Equity Loan with Metro North, Today!
Home equity loans can be a pain, but not with MNFCU. Our staff at Metro North Federal Credit Union is ready to help you get the cash back from your home. Come check out our locations at Waterford or Holly or contact us at (248) 674-0491 to start your application.
Call us at (248) 674-0491
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Contact us today | (248) 674-0491