Consider a MIT Federal Credit Union Home Equity Line of Credit or Loan* to consolidate existing debt, complete a home improvement project, or finance a large purchase. With both options, you can borrow up to 90% of your home's appraised value less your primary mortgage balance (limit of $400,000.00**) at a low rate while choosing from various terms.
*All MITFCU Loans and Lines of Credit are secured against the member’s primary residence and will only take 1st or 2nd lien position on the property. Home Equity applications require income verification, real estate tax bill, property deed and mortgage and home equity statement if applicable. The credit union will pay all closing costs should applicant borrow $15,000.00 or more and the loan is not repaid within the first 24 months. If the loan is repaid within the first 24 months then the reimbursement of closing costs would apply. We do not finance property in a trust or investment property. MIT Federal Credit Union offers home equities in all states except Texas.
**The minimum loan amount is $5,000.
MIT Federal Credit Union Home Equity Lines & Loans can finance major expenses while putting money back in your pocket.