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MERITline home equity line of credit
At rates better than most retail credit cards, a home equity line of credit can finance other important purchases, like renovations, vacations, paying off high-interest credit cards - whatever you choose. A home equity line of credit can be set up easily along with your mortgage.
If you're a homeowner who's built up some solid equity in your home, flexibility in borrowing is within reach. It's easy! Set up your YNCU MERITline account, and you will have the freedom to write yourself a loan whenever the time is right.
How the home equity MERITline works for you
Your home equity MERITline can be pre-arranged for up to 75% of the appraised value of your property, depending on your mortgage situation. For example, assume your home has an appraised value of $200,000 and one outstanding mortgage of $60,000.
| Eligible amount: 75% of 200,000 | $
150,000 |
| Deduct present mortgage balance | $
60,000 |
| Available MERITline line of credit | $
90,000 |
- Borrow what you need, at the moment you need it
- Maximum repayment flexibility
- One-time legal and appraisal fees let you use equity in your home to secure funds for future needs
- Apply only once, and when approved, you can use your MERITline, anytime, for any reason
- Interest rates are always competitive and with a MERITline you don't pay interest unless you use the funds.