LOAN SERVICES Home Equity Loans
HOME EQUITY LINE-OF-CREDIT
The convenience of anytime access and continuing source of funds can be used for debt consolidation, home improvements, education costs, wedding expenses, vacation plans and most any other purpose.
Features:
- Borrow up to $250,000 (up to 80% current home LTV*)
- 10 year draw period
- Revolving credit line available (up to 20-year repayment)
- Minimum monthly payment based on principal & interest due for the current balance
- No pre-payment penalties
- No annual fees with active balance or yearly advance
- Convenient access to your money—Online Banking or check
- Interest may be tax-deductible**.
| LOAN AMOUNT | MAX LTV | TERM | APPLICATION FEE | |
|---|---|---|---|---|
Borrow up to $250,000 | up to 80% | Rates As Low As: | REDUCED TO $199 | |
Application Fee REDUCED!- Maximum Loan-to-Value is 80%, based on qualification
- APR=Annual Percentage Rate
- Apply for a Home Equity Loan Online
- Home Equity Loan Application – Fillable
- Loan Calculator
*Up to 80% Loan-to-Value financing based on qualification. Processing fee is non-refundable. Loan applications subject to METRO’s lending guidelines. Final rate is based on credit score and Loan-to-Value financing (LTV). The Home Equity Line-of-Credit annual percentage rate is based on Prime Rates plus an added margin. The rate is subject to change January 1st and July 1st each year. The prime rate is currently 8.00% as published in the Wall Street Journal as of September 19, 2024. Minimum monthly payment is $100. Property values are based on the lesser of the current appraised value or a Freddie Mac Home Value Explorer (HVE®) with a condition report. Independent appraisals not accepted. Consult your tax advisor regarding tax-deductible interest. Rates subject to change. Savings account is required for credit union membership.
HOME EQUITY FIXED RATE
Get the money you need in a convenient, single payout to cover debt consolidation, home improvements, medical expenses or most any other purpose.
Features:
- Loans up to $250,000 (up to 80% current home LTV*)
- Fixed terms of 5, 8, or 10 years
- No annual fees
- Fixed-rate monthly payments
- No early payment penalties
- Interest may be tax-deductible**.
| LOAN AMOUNT | TERM | MAX LTV | RATES AS LOW AS | APPLICATION FEE |
|---|---|---|---|---|
| Borrow up to $250,000 Minimum Disbursement $5,000 | 5 years | up to 80% | $400 |
- APR=Annual Percentage Rate
- Apply Online
- Home Equity Loan Application – Fillable
- Loan Calculator
*Processing fee is non-refundable. Loan applications subject to METRO’s lending guidelines. Final rate is based on credit history and loan-to-value financing. Property values are based on the lesser of the current appraised value or a Freddie Mac Home Value Explorer (HVE®) with a condition report. Independent appraisals not accepted. **Consult your tax adviser regarding tax-deductible interest.