Home Equity Loans & Lines of Credit


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Money to make home your happy place.

Your home provides you with a safe, comfortable place to live. It can provide you with financial benefits as well. The equity you've built up can unlock low-cost loans that may be used to cover repairs, additions, big-ticket purchases, family celebrations, college tuition - and pretty much anything else you can think of.
Home Equity Loan

  • Get funds in one lump sum
  • Maximum loan size depends on your home's equity
  • Competitive, fixed interest rates
  • No prepayment penalty
  • Home Equity Loan interest may be tax-deductible; consult your financial advisor

Special HELOC Offer

Put your equity to work this summer with a 2.99%*** intro APR for 6 months.
Say "yes" to the projects on your to-do list by taking advantage of this limited time offer. Enjoy a low introductory rate plus the convenience and great service you expect from MAX.

 
Offer available on the Interest-Only HELOC and is valid through September 30, 2022. Terms and conditions subject to change.

HELOC (Interest-Only)

  • Line of credit you can access as often as you would like for any purpose
  • Access funds through special checks, digital banking tools, or at MAX branches
  • 3.5% introductory APR**; variable rate after that
  • The monthly payment is interest-only
  • No prepayment penalty
  • Initial draw period is 5 years and can be renewed annually thereafter
  • Repayment period is 15 years and runs concurrently with the draw period
  • Must have an initial draw of $10,0000 and maintain a minimum balance of at least $10,000 for the first 18 months for MAX to cover closing costs*
  • Maximum rate change of 2% after special rate period, then 1% monthly thereafter
  • The minimum annual percentage rate will be the "current" prime rate with a floor rate of 4.00%
HELOC

  • Loan funds you can access as often as you would like for any purpose
  • Access funds through special checks, digital banking tools, or at MAX branches
  • Minimum monthly payment is 1.5% of current principle balance
  • No prepayment penalty
  • Initial draw period is 5 years and can be renewed annually thereafter
  • Repayment period if 15 years and runs concurrently with the draw period
  • Must have an initial draw of $10,000 and maintain a minimum balance of at least $8,200 for the first 12 months for MAX to cover closing costs*
  • Maximum rate change of 1% per monthly cycle
  • The minimum annual percentage rate will be the "current" prime rate plus any applicable margin, with a floor rate of 4.00%

Speak to a Mortgage Specialist at 334-260-2600, Mon-Fri 8AM-5PM CST
 
* MAX will cover up to $1,000 in closing costs for HELOCs. Customers are responsible for any remaining closing costs. Certain restrictions apply.















** APR=Annual Percentage Rate. Promotional rate on interest-only HELOCs of 3.50% APR for the first 12 months of the loan. APR for all transactions and balances will be based upon your contracted rate which will be a variable rate based upon The Wall Street Journal prime rate which was 4.75% as of 6/15/2022, but will never be more than the maximum APR (Annual Percentage Rate) of 18% or less than 4.00%. This is a variable rate loan. Your loan has a balloon payment. At the end of the loan term, any balance remaining will have to be paid. Most consumers with a balloon note refinance their loan before the final balloon payment becomes due. A minimum outstanding balance of $10,000 must be maintained for the first 18 months on interest only HELOCs and $8,200 for the first 12 months on regular HELOCs to avoid closing costs. Closing costs may range from $115-$1150. This convenient line of credit is available when you need it. Home owners insurance required. For qualified borrowers, certain restrictions apply. 
 
*** APR = Annual Percentage Rate. Promotional rate on interest only HELOCs of 2.99% APR for the first 6 months of the loan.

For qualified borrowers. Certain restrictions apply. Equal Housing Lender.

MAX Credit Union is a full-service financial institution serving Central and East Alabama, including Montgomery, AL; Auburn, AL; Opelika, AL; Prattville, AL; Wetumpka, AL; Tallassee, AL; and Troy, AL.
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