(also known as Second Mortgages)
A home equity loan* from MICU is a tax-deductible* 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 finite sum of money for a specific length of time, and pay it back in equal monthly installments.
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 or origination fees
- Fixed rates
- Quick approval
- Flexible terms, up to 15 years
- Third party fee for appraisal and title (minimal closing costs)
Because we’re a not-for-profit, member-owned cooperative, MICU offers super low rates on home equity loans for our members.
Call us today and get what you want right now!
309.661.1166, ext 218 or 800.527.2205.
Click here to view rates.
Click here to apply.
*Service for Illinois members. Must meet current lending guidelines. Rates subject to change without notice. Fees are typically between $200-$500.
*Consult your tax advisor regarding deductibility of interest.
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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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