With extra money in hand, the possibilities are endless.
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In financial terms, home equity is the market value of your home minus your mortgage balance. In practical terms? That equity is your ticket to a low-cost loan that can be used for almost anything, from remodeling projects, major purchases and debt consolidation to family vacations and college costs. You can access home equity funds two ways - as a lump sum and a line of credit. Our friendly lending team can help you choose.
Rates effective as of 10/8/2024.
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Market USA Federal Credit Union is a full-service financial institution with locations in Maryland and South Carolina as well as nationwide locations through the Shared Branch Network.
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While both home equity loans and HELOCs allow homeowners to borrow against their home equity, they work differently. A home equity loan provides a lump sum of money upfront with a fixed interest rate and monthly payments. A HELOC works more like a credit card with a revolving line of credit that you can borrow from as needed, with variable interest rates and flexible repayment terms.
The interest on home equity loans may be tax-deductible if the funds are used for home improvements. Please consult your tax advisor.
You can find your due date in Online Banking by selecting your loan, then Account Details, or in the Mobile App by selecting your loan, then Show Details. Your loan due date will also be included on your statement/eStatement.
You will need verification of income, most recent mortgage statement, and proof of homeowner's insurance.
Provided we receive the required documentation in a timely manner, it typically takes two weeks, but could take longer.
Easily transfer funds through Online Banking or our Mobile App.
Earn one of the highest rates nationwide with no monthly maintenance fees.
Earn a competitive yield while enjoying access to your funds.
Find the best option for you.