Look no further--MEFCU means affordable mortgages. Interest rates are still very low, but who knows what the future will bring? Buy or build a new home, downsize to something smaller, refinance to lower your monthly payments, or tap into your equity.
You can finance your primary residence, whether it's a single-family home, condominium or townhouse. Conventional, jumbo and adjustable rate mortgages (ARM) are available with terms based on your needs:
15-year and 30-year fixed rates or adjustable rates--see mortgage rates for more information
Conventional and jumbo loans
Prequalification available at no extra charge
Automatic payments are available
Apply now for a mortgage, or for personal assistance, call 1-800-821-7280 to speak with a mortgage loan specialist.
Borrow against the equity built up in your home with a MEFCU Home Equity Line of Credit or a fixed rate Home Equity Loan. Make home improvements, consolidate debt, pay for education expenses, buy a car, pay income tax, or use it for any other large purchases you want.
Equity is the difference between your home's market value and the amount owed on your mortgage. If the market value of your home is $250,000 and your mortgage balance is $150,000, your equity would be $100,000.
Home equity borrowing offers two major advantages compared to other loans:
Since your home secures the loan, interest rates are typically lower than what you pay on a credit card or signature loan
The interest you pay on a home equity line of credit or second mortgage is usually tax-deductible, which reduces the cost of borrowing even more by lowering your overall tax bill. (Consult your tax advisor about your specific situation)
Members have two home equity borrowing options:
Home Equity Line of Credit--borrow only what you need from a revolving line of credit at a variable interest rate
Fixed-Rate Home Equity Loan--borrow a specific dollar amount at an interest rate fixed when the loan is closed
To apply, call 1-800-821-7280 (301-634-5100 in the Washington, DC area) to speak with a Home Equity Specialist.