Are you looking to remodel your home, install a swimming pool, or buy a car? Take advantage of the value of your home with a Home Equity Loan through Merck Employees Federal Credit Union. With highly competitive loan rates, we are ready to join you on your next exciting journey!
The credit union offers a home equity line of credit, also known as a HELOC. It is a line of credit, secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans. The maximum line amount for a home equity line of credit is $400,000.
Home Equity Lines of Credit are variable rate loans indexed at the Prime Lending Rate as set forth in the Wall Street Journal. For access to the current prime rate information click here. Rates can change on January 1, April 1, July 1 and October 1 of each year.
The credit union also offers a fixed rate home equity loan, which allows you to borrow and repay a lump sum. Fixed rate home equity loans through the credit union are offered in 5, 7 or 10 year terms with a maximum of $400,000 borrowed.
Members with home equity lines of credit can conveniently and easily transfer funds from their line to their savings or checking account at Merck Employees FCU.
Have questions? Want to Talk? Click here to schedule a consultation with a loan officer.
*Please be advised that the credit union charges a $125 application fee for home equity loans (both fixed and variable rate loans).
**Primary residences only. Additional costs may apply. A fee applies anywhere a walk-thru appraisal is required. Click here for Current interest rates and terms
