(also known as Second Mortgages)
A home equity loan from MICU is a tax-deductible1 way to afford the things you want.
A home equity loan allows you to borrow against the difference between the current market value of your home and the principal left on your mortgage. You borrow a sum of money for a specific length of time, and pay it back in equal monthly installments.2
These fixed rate home equity loans can be used for college expenses, home remodeling projects, a new vehicle, a vacation, or more!
- No application fee
- No points
- Fixed rates
- Quick approval
- Flexible terms, up to 15 years
- Minimal closing costs
- Third party fee for appraisal and title
- Nominal origination fees
Because we’re a not-for-profit, member-owned cooperative, MICU offers super low rates on home equity loans for our members.
Appraisal fees are typically between $200-$500.
Call us today and get what you want right now!
309.661.1166, ext 4253 or 800.527.2205.
Click here to view rates.
Click here to apply.
1Consult your tax advisor regarding deductibility of interest.
2Service for Illinois members. Must meet current lending guidelines. Rates subject to change without notice.
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Membership is open to anyone who lives or works in McLean County, is related to a current MICU member, or would like to join the Mid-Illinois Dollars for Scholars Foundation.
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