Home Equity
Access the equity in your home with a Magyar Home Equity Loan or Line of Credit. How you use the money is up to you - we just make it easy for you to apply, and we'll get a decision back fast.
- Home improvements
- New Car
- College Tuition
- Consolidate Existing Loans
Choose what's best for you:
Home Equity Line of Credit
Ideal for homeowners looking to borrow money as they need it. With a Magyar Home Equity Line of Credit, you can access your money simply by writing a check.
Home Equity Loan
For homeowners who need to borrow a specific amount and want to pay it back over a specific time frame at a fixed interest rate.
Current Rates
APY (Annual Percentage Yield) effective and subject to change without notice.
| Term | Rate | Points | APR | P & I payment per $1,000 |
|---|---|---|---|---|
2nd Lien Home Equity Loans |
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|
20 Years |
6.250% |
0 |
6.283% |
$7.31 |
|
15 Years |
5.875% |
0 |
5.913% |
$8.37 |
|
10 Years |
5.625% |
0 |
5.677% |
$10.91 |
|
5 Years |
5.375% |
0 |
5.468% |
$19.04 |
1st Lien Home Equity Loans |
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|
20 Years |
6.000% |
0 |
6.031% |
$7.16 |
|
15 Years |
5.625% |
0 |
5.662% |
$8.24 |
|
10 Years |
5.375% |
0 |
5.424% |
$10.79 |
|
5 Years |
5.125% |
0 |
5.214% |
$18.93 |
*APR (Annual Percentage Rate) is subject to change without notice. Subject to credit approval. $10,000 minimum loan amount, $500,000 maximum loan amount. Eligible properties include 1-4 family primary residences or second homes (single family home or condos). Property insurance is required.
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Current Rate - 7.00 % |
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Interest Rate/APR - Prime Rate as published in the Wall Street Journal + 0.75 (currently 7.00%), subject to change, with a floor of 5.00%. This rate assumes no Auto Pay established. For loans with Auto Pay from a Magyar checking account and a Combined Loan To Value of 70% or less APR is Prime Rate minus 0.50%, with a floor of 4.50%. |
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Payment - Minimum monthly payment will be based on interest due during the initial 10 year draw period. |
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Term - 10 years draw period followed by a 15 year amortized repayment period |
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$25 annual maintenance fee. $400 early termination fee if the line of credit is closed within 24 months of opening. |