Motorola Employees Credit Union
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Adjustable Rate Mortgages (ARMs)
Fixed-Rate Mortgages
Home Equity Loan
Compare Our Home Equity Loan
Home Equity Line of Credit
Interest-Only Home Equity Line of Credit
Business Loans



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Compare Our Home Equity Loan

Ever wonder how our products compare to other ones in the market? Here's a comparison chart to help point out the ways we're a better choice.

 

MECU Home Equity Loan

Citibank Home Equity Loan

Bank of America Home Equity Loan

Loan-to-value

100%

varies

up to 80%

Terms

5, 7, and 10 years

5, 10, 15, 20, and 30 years

up to 25 years

Application fee

$0

$0

$0 on loans of $500,000 or less

Closing costs

$0

$0

$0 on loans of $500,000 or less

Points

No

No

No

Early closing fee

$500-$2,000 if closed within 12 months

varies if closed within
36 months

not allowed

Limits

$5,000-$500,000

$25,000-$500,000

$10,000-$500,000

Features current as of 03/01/10, and obtained from each company's website. This comparison assumes a 100% LTV home equity loan in Illinois, without any additional services such as direct deposit.

            Apply for a home equity loan
            Compare MECU's rates to the competition
            List of all MECU fees

Maximum Annual Percentage Rate (APR) is 18%. The credit union makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status.

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MECU Rates

Home Equity Loan
rate as low as
6.00%  APR
Home Equity Line of Credit
rate as low as
3.25%  APR
Interest-only HELOC
rate as low as
3.25%  APR
› See our rates and disclosures  


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Savings insured up to $250,000, and Individual Retirement Accounts are separately insured to $250,000, by the National Credit Union Administration, a U.S. Government agency. 
An additional $250,000 of coverage is provided by Excess Share Insurance.