Home Equity & Line of Credit Loans

With a Home Equity Loan from MTC Federal, you can use the equity in your home to finance home repairs or improvements, large purchases, education expenses or a dream vacation. With our fixed rates, you'll know what to expect today and also down the road.

We offer convenient, flexible terms and competitive interest rates along with a revolving line of credit that gives you the amount you need. And, unlike many loans, the interest you pay on a home equity loan may be tax deductible.

 Mortgage Questions and Answers

Q.  What is a Home Equity Loan?

A.  A home equity loan is a loan secured by your home.  This loan is guaranteed with the equity in your home being used as collateral.  MTC Federal offers two home equity loan options.

Option One - Home Equity:  A home equity is a fixed rate, closed-end loan.  Proceeds from the loan are disbursed in one lump sum.  This loan is paid back at a flat rate over a set period of time. Loan terms of up to 15 years are available.

Option Two - Home Equity Line of Credit (HELOC):  A HELOC is a variable rate, open-end loan.  This revolving credit line may be accessed again and again, up to the maximum credit limit.  The draw period is 10 years with a 15 year repayment term.  Payments may vary as the balance changes and the rate adjusts.

The loan that is right for you depends on how you plan to use the funds and how you want to repay the amount borrowed.  Interest paid on home loans may be tax deductible.  Please consult your tax adviser for more information.

Q.  Home much can I borrow with a home equity loan?

A.  Please use the following formula to estimate the equity available in your home:

                                                                    Your Home                                             Example

Estimated Value:                                ______________                              ______________

Multiply by 95%:                                  ______________                              ______________

Subtract First Mortgage Balance: ______________                               ______________        

 Estimated Equity Available:           ______________                               ______________

Q.  What can I do with the proceeds from a home equity loan?

A.  The sky is the limit  You may pay off debt, add a sun room, go back to college, build a garage, travel the world, renovate your kitchen, etc.

Q.  How can I aces my home equity line of credit (HELOC)?

A.  You may advance your HELOC in a variety of ways.  Transfer funds through Web-Branch, withdraw funds at your local branch or even initiate a transaction over the phone. Your MTC Federal Checking Account is a handy tool. You can transfer directly to your checking account and write checks as usual.  Please note that $250 is the minimum amount per draw.

Q.  Does MTC Federal offer purchase and refinance home loans?

A.  Yes, MTC Federal provides an array of mortgage services to meet your home buying and refinancing needs.

We are pleased to offer fixed and adjustable rate mortgages for:

• Primary Residences 
• Second/Vacation Homes
• Investment Properties 

 We offer:

• Terms from 15 to 40 years
• 100% financing available
• First time home buyer programs
• No private Mortgage Insurance (PMI) Loans
• Manufactured Housing Loans
• Affordable financing for borrowers with credit concerns

Q.  What is the REAP Program?

A.  REAP is the Real Estate Advantage Program.  You may participate in this program as a benefit of your MTC Federal Membership.  You can earn cash rebates on real estate transactions (buying and/or selling) anywhere in the United States.  In addition you are provided with the highest quality of professional real estate assistance available.  There is never a cost or obligation to you.